Business Other News 18 Apr 2017 Supreme Court of Ind ...

Supreme Court of India appoints liquidator for Sahara

DECCAN CHRONICLE.
Published Apr 18, 2017, 6:04 am IST
Updated Apr 18, 2017, 6:10 am IST
Supreme Court on Monday appointed official liquidator of the Bombay High Court to auction the Aamby Valley project.
Subrata Roy
 Subrata Roy

New Delhi: With Sahara failing to deposit Rs 5,100 crores, the Supreme Court on Monday appointed official liquidator of the Bombay High Court to auction the Aamby Valley project near Pune in Maharashtra valued at Rs 34,000 crores to realise the dues from Sahara chief Subrata Roy, who is now on parole. On February 28, the Court while attaching the Aamby Valley project near Pune had permitted Sebi to sell some of the properties and directed Sahara to deposit about Rs 5,100 cr on or before April 17.

During the resumed hearing a three-judge Bench of Justices Dipak Misra, Ranjan Gogoi and A.K. Sikri refused to accept the arguments of senior counsel Salman Khurshid that time was needed till May 24 to deposit the amount. The court asked the official liquidator to submit a report by April 27 indicating the value of the properties and how he is going to sell them.

 

Meanwhile, taking a serious view of the US-based company M.G. Capital Holdings not complying with the earlier order to deposit Rs 750 cores, the court asked the power of attorney holder Prakash Swami to deposit Rs 10 crores as costs and asked him not to leave the country and to be present in the court on April 27.

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