Sahara case: Supreme Court declines to stay auction of Aamby Valley

NEW DELHI: The Supreme Court has declined to stay the auction of Sahara’s properties despite the group claiming to have sold its two New York hotels and that it would generate $1.67 billion against 26% equity in its Aamby Valley property near Pune to pay its dues to Sebi.

The auction notices are to be published globally on August 14.

A three-judge bench comprising justices Dipak Misra, Ranjan Gogoi and AK Sikri rejected Sahara’s plea. Senior advocate Arvind P Datar appeared for Sebi, assisted by the regulator’s standing counsel Pratap Venugopal. Misra will become chief justice of India on August 28, succeeding JS Khehar.


Sahara, through senior advocate Kapil Sibal, said it would pay another Rs 1,500 crore by the next court hearing set for September 11. “We have sold off the two New York hotels,” he said.

He also claimed the group was in the process of signing a temporary agreement infusing 26% equity into Aamby Valley from Royal Partners Investment Fund.