Sahara case: Supreme Court refuses to stay Aamby Valley auction

On July 25, the apex court had asked Roy to deposit Rs 1,500 crore in the Sebi-Sahara account, for repaying depositors, by September 7.

By: Express Web Desk | New Delhi | Updated: August 10, 2017 4:53 pm
Subrata Roy, Supreme Court , Aamby Valley project, Aamby Valley auction, indian express news, business news, sahara, sahara news Subrata Roy

The Supreme Court on Thursday declined to stay the auction of Aamby Valley, a day after Subrata Roy moved the apex court. The apex court had earlier ordered auction of Sahara’s Rs 34,000-crore Aamby Valley property.

A bench of justices Dipak Misra, Ranjan Gogoi and A K Sikri said, “The prayer of the contemnor (Roy) is hereby rejected.”

Senior counsel Mukul Rohtagi and Kapil Sibal, representing Sahara, requested the court to put the auction process on hold until September. The bench, however, said that it will pass orders at an appropriate time.

On Wednesday, Sahara’s counsel informed the court that it had an alternate plan to repay its investors in the SEBI case.

On July 25, the apex court had asked Roy to deposit Rs 1,500 crore in the Sebi-Sahara account, for repaying depositors, by September 7.

The court had simultaneously approved the draft sale notice and terms to dispose of the property prepared by the official liquidator of the Bombay High Court.

“The official liquidator shall publish the sale notice as given by him and the notice shall be published on August 14. The steps which are required to be taken for the publication of the sale notice, are allowed,” the court had said.

Roy, who has spent almost two years in jail, has been on parole since May 6 last year. The parole was granted the first time to enable him to attend the funeral of his mother. It has been extended since then.

With PTI inputs

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