The Bombay High Court’s official liquidator in his report has told the Supreme Court that the auction of Sahara group’s flagship project Aamby Valley in Maharashtra has failed as there were no bidders in response to the notice inviting tenders. This was told to the bench comprising Chief Justice Dipak Misra, Justice Ranjan Gogoi and Justice A.K.Sikri that there were no bidders in pursuance to its notice inviting bids.
With the auction of Sahara’s Aambay valley off the table, the court on Thursday discharged Bombay High Court’s official liquidator who was asked to sell the Aamby valley. The apex court had on April 16, 2017, asked the official liquidator to evaluate and auction the Aamby Valley property of the Sahara group to recover the money it has to pay to market regulator Sebi for returning to the investors from whom two group companies had raised it in 2007 and 2008.
Meanwhile, the court has permitted Sahara to sell its Vasai property to Sai Rydam and Prime Downtown Real Estate Developers for Rs 982.80 crore.
Sahara companies’ Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) had raised Rs 24,000 crore through optionally fully convertible debentures. The top court, by its August 31, 2012, order had directed Sahara to refund this amount along with 15 per cent interest. The group has already given a part of the money to SEBI, that is parked in the SEBI-Sahara Refund Account.