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Sahara's Aamby Valley Up For Auction At Over Rs 37,000 Crore Reserve Price

The Supreme Court in April had ordered auction of Aamby Valley township after Sahara failed to deposit dues towards refund to investors.
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Aamby Valley City Development is spread over 6,761 acres
Aamby Valley City Development is spread over 6,761 acres

Highlights

  1. The Supreme Court had last week rejected Sahara's plea
  2. Aamby Valley City Development is spread over 6,761 acres
  3. The city has several amenities such as golf course, airport
The Bombay High Court on Monday put Sahara's luxurious Aamby Valley property, near Pune, up for auction. According to notices issued in newspapers, the official liquidator of Bombay High Court has set a reserve price of Rs 37,392 crore for sale/lease of properties of the Aamby Valley City in Lonavala. The Supreme Court in April had ordered auction of Aamby Valley township after Sahara failed to deposit dues towards refund to investors. Last week, the Supreme Court had rejected Sahara's plea to put the Aamby Valley auction on hold.

The Supreme Court had last month directed the Bombay High Court liquidator to start the process of selling Sahara's Aamby Valley property. During the July 25 hearing, Sahara's chief lawyer had opposed auctioning process and sought time of 18 months to pay the balance of around Rs. 9,000 crore towards principal.

"The Official Liquidator hereby invites the Prospective Bidder(s) to submit their KYC Form and on qualification, invites bids from Intending Bidder(s) along with an amount of Fifteen Percent (15 per cent) of the Reserve Price as Earnest Money to be paid through RTGS or NEFT for the sale of the Aamby Valley City through Auction I or Auction II," the notice said.

According to the liquidator's notice, Aamby Valley City Development is spread over 6,761 "undulating acres of verdant expanse, is nested amidst picturesque environs of the great Sahyadri Mountain range". The city has several amenities such as golf course, airport, hospital, adventure sports, retail, entertainment, international school and hospitality.

aambay valley

The Supreme Court had last month also extended Sahara chief Subrata Roy's parole to October 10. Mr Roy was arrested in March 2014 for the failure of two Sahara group companies - Sahara India Real Estate Corporation Ltd and (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) - to comply with the court's 2012 order to return Rs. 24,000 crore to their investors. Sahara had been ordered to deposit the funds as part of a court order that it refund the sum with interest raised from millions of small investors in a bond selling scheme which was later deemed illegal by market regulator Sebi (Securities and Exchange Board of India).

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