SEBI-Sahara: Supreme Court directs sale of Amby Valley

The Sahara group might be soon be bereft of a major money-making gold mine. A Supreme Court Bench of Justices Dipak Misra, Ranjan Gogoi and AK Sikri today directed that the Sahara group’s premier property, Amby Valley, will be auctioned..The order came after Senior Advocate Salman Khurshid submitted before the Court that efforts to pony up the cash were underway. He also mentioned that the money would be arranged by May 24, following sale of Sahara’s stake in the New York Plaza Hotel and London’s Grosvenor’s House..Justice Misra then retailated by saying,.“If you have sold the properties, where is the money?”.Justice Sikri noted that the properties were probably not sold, but an agreement to sell must be in effect. To this, a visibly shaken Khurshid replied,.“Agreement to sell internationally is not a joke.”.The Court, however, proceeded to direct that the Amby Valley property be auctioned. On the suggestion of Amicus Curiae Shekhar Naphade, the official liquidator of the Bombay High Court has been appointed to oversee the entire exercise. Chairman of Sahara Group Subrata Roy and his team are expected to hand over the relevant documents within two days, following Naphade’s claims that “there [was] a serious doubt as to the ownership of the properties.”.In January, the new Bench hearing the case had refused to grant any extension to the corporate honcho for the deposit of 600 crore that was mandated by the court’s previous order, ending what Justice Misra called “indulgence” being granted to the Sahara head..Read Order: