The Supreme Court on Wednesday said that the process to auction Sahara Group’s prime Aamby Valley property in Maharashtra would continue as the group failed to deposit Rs 750 crore by May 15.
A bench led by Chief Justice Dipak Misra while continuing the auction process also allowed Sebi to go ahead with the valuation of shareholding of the Sahara group firms which own the luxurious project. However, no formal orders were passed in this regard.
Senior lawyer Avind Datar, appearing for Sebi, suggested the apex court to consider sale of shares of the companies instead of their assets as the entire landmass of the luxury project failed to draw any takers so far.
Senior advocate Vikas Singh, representing the Sahara group, informed the Bench that they have failed to sell a parcel of the Aamby Valley and thus could not deposit the money by May 15.
Last month, the Sahara Group was allowed to sell a part of its flagship property and deposit the sale proceeds into the Sebi-Sahara account by May 15. FE