The Supreme Court has warned the Sahara Group that its Amby Valley property worth 39,000 crore rupees in Pune will be auctioned, if the company fails to deposit 5092 crore rupees with the Securities and Exchange Board of India (SEBI) by 17th of April.
A bench headed by Justice Dipak Misra also yesterday directed the international real estate firm, which had shown willingness to buy Sahara’s stake in New York-based Plaza Hotel to deposit 750 crore rupees in the SEBI-Sahara refund account instead of the apex court registry to show its bonafide.
The top court had earlier directed attachment of Sahara Group’s prime property for realisation of money to be paid to its investors.
In 2014, Sahara Group chief Subrata Roy was taken in custody after the conglomerate failed to comply with the court’s directions.
Aamby Valley is Sahara’s flagship project consisting of luxury resorts, man-made lakes and an airport. It is spread over 4,000 hectares in Maharashtra.