Sahara Auction

The Supreme Court on Thursday was told 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.

The top court, by its August 31, 2012, order directed Sahara to refund this amount along with 15 per cent interest.

If the Sahara Group fails to sell its property by May 15, the Bombay High Court's liquidator will proceed with the proposed auctioning process

There were no takers for the purchase of the entire township, said the official liquidator of Sahara's project.

The Supreme Court on Thursday directed official Receiver of the Bombay High Court to help the Liquidator in getting the Sahara Group's Aamby Valley property auctioned.

The top court was irked when SEBI claimed that the group had allegedly obstructed the process by writing a letter to the Pune police raising the issue of law and order at the prime property.

The capital market regulator in its petition said that the Aamby Valley Limited has been declared lock out just a few days before the auction.

The integrated hill city township spread over 6,761.6 acres is valued at about Rs 38,000 crore.

The court said that entertaining post-dated cheques dated November 11 would "tantamount to travesty of justice".

The statement came on a day when the Supreme Court directed the official liquidator to go ahead with the scheduled auction of Aamby Valley property in Maharashtra

Spread over 8,900 acres, Aamby Valley is Sahara's flagship project comprising luxury resorts and an airport and valued at around Rs 38,000 crore.

Earlier this month, Supreme Court ordered the liquidator to start the auction process for Sahara group's Aamby Valley resort town.

Sahara group's Aamby Valley resort town includes timber chalets, modern villas, golf course, hospital, school and airport, among other amenities.

The Supreme Court in April had ordered auction of Aamby Valley township after Sahara failed to deposit dues towards refund to investors.

In view of the huge quantum of properties to be disposed, the auction would be conducted in two phases spread over two days, the Official Liquidator said.

The Supreme Court on Thursday was told 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.

The top court, by its August 31, 2012, order directed Sahara to refund this amount along with 15 per cent interest.

If the Sahara Group fails to sell its property by May 15, the Bombay High Court's liquidator will proceed with the proposed auctioning process

There were no takers for the purchase of the entire township, said the official liquidator of Sahara's project.

The Supreme Court on Thursday directed official Receiver of the Bombay High Court to help the Liquidator in getting the Sahara Group's Aamby Valley property auctioned.

The top court was irked when SEBI claimed that the group had allegedly obstructed the process by writing a letter to the Pune police raising the issue of law and order at the prime property.

The capital market regulator in its petition said that the Aamby Valley Limited has been declared lock out just a few days before the auction.

The integrated hill city township spread over 6,761.6 acres is valued at about Rs 38,000 crore.

The court said that entertaining post-dated cheques dated November 11 would "tantamount to travesty of justice".

The statement came on a day when the Supreme Court directed the official liquidator to go ahead with the scheduled auction of Aamby Valley property in Maharashtra

Spread over 8,900 acres, Aamby Valley is Sahara's flagship project comprising luxury resorts and an airport and valued at around Rs 38,000 crore.

Earlier this month, Supreme Court ordered the liquidator to start the auction process for Sahara group's Aamby Valley resort town.

Sahara group's Aamby Valley resort town includes timber chalets, modern villas, golf course, hospital, school and airport, among other amenities.

The Supreme Court in April had ordered auction of Aamby Valley township after Sahara failed to deposit dues towards refund to investors.

In view of the huge quantum of properties to be disposed, the auction would be conducted in two phases spread over two days, the Official Liquidator said.