Sahara can auction parts of Aamby Valley

NEW DELHI: The Supreme Court on Thursday allowed the Sahara Group to auction parts of its flagship Aamby Valley project in Maharashtra.

The process will be monitored by court-appointed receiver and liquidator who were given the mandate to auction the project to raise money to pay the group’s dues, now worth over Rs 7,000 crore sans interest.

The company has to deposit the money with markets regulator Securities and Exchange Board of India, to be distributed to depositors of two of its schemes that have been declared illegal.


A three-judge bench led by Chief Justice Dipak Misra had earlier asked the receiver to auction off everything. The auction process was to commence on May 21and end on May 31. But the bench, comprising also Justices Ranjan Gogoi and AK Sikri, now allowed the company to step in and see if it can sell any part of the project and deposit some more money with the court.

Should the Sahara Group fail, the auction process under the receiver will go through.