Bombay High Court’s OL Now Possess Aamby Valley Project Auction as Supreme Court Ordered

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Bombay High Court’s OL Now Possess Aamby Valley Project Auction: On Thrusday, Supreme Court has given a verdict regarding the auction of Sahara’s Luxurious Aamby Valley Project. Supreme Court has decided and directed Maharashtra Police to hand over possession of Sahara’s luxurious Aamby Valley project to the official liquidator (OL) of the Bombay High Court within 48 hours.

As Sahara Group, lead by Subrata Roy was obstructing the auction of the luxurious Aamby valley project, SC has warned that any further attempt to create “impediments” in the auction could land the contemnors in jail. This was given as an order but not as a request. A bench led by chief justice Dipak Misra directed the OL to go ahead with the auction process under the direct supervision of the Bombay HC company judge.

Bombay High Court’s OL Now Posses Control Over Aamby Valley Project Auction

Supreme Court also added that, the OL shall also take “guidance” from HC judge justice AS Oka and both the judges shall “work in harmony” so that the auctioning process goes on smoothly. “If any impediment is caused in the auctioning process by anyone, he shall be liable to contempt of this court and sent to jail,” the bench said.

Calling it an “orchestrated attempt” by Sahara, senior counsel Arvind Datar, appearing for Sebi, argued that the letter was written on September 28, six days before the auction process was to be completed.

He will function under the Company Law Board judge and a High Court judge. Sebi will then attempt to auction it again. The Saharas owe Rs 37,000 crore along with the principal and interest to the market regulator to be paid back to investors in two schemes.

Both these schemes were held illegal by the Securities Appellate Tribunal (SAT). This was later upheld by the top court.

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