Mahindra, Pirmal show interest in Sahara’s Aamby Valley
The Official Liquidator of the Bombay High Court has told the Supreme Court Mahindra Lifespace Developer and Pirmal Group have shown interest in purchasing the properties of Sahara’s Aamby Valley in Pune district valued at Rs 340 billion. The liquidator…

The Official Liquidator of the Bombay High Court has told the Supreme Court Mahindra Lifespace Developer and Pirmal Group have shown interest in purchasing the properties of Sahara’s Aamby Valley in Pune district valued at Rs 340 billion.

The liquidator sought permission from the top court to sell the properties in parts as the auction process, initiated in October last year and in January this year, had failed with no bidder coming forward.

A special bench comprising Chief Justice Dipak Misra and justices Ranjan Gogoi and A K Sikri allowed the liquidator to sell all movable and immovable properties in Aamby Valley in parts in consultation with the two receivers with the guidance of the judge of the Bombay High Court.

Senior advocate Arvind Datar, appearing for market regulator Securities and Exchange Board of India (SEBI) said that the Sahara group owed Rs 115.70 billion to the investors, a fact strongly refuted by senior counsel Vikas Singh, representing Sahara Chief Subrata Roy and others.

Singh said that the verification of investors should be done and the Sahara Group has digitised the entire records of investors after spending Rs 500 million.

The court also made the Sahara group’s utility firms, which look after  water supplies, electricity and other maintenance works in Aamby Valley spread over an area of around 43 square kilometres, as agents of the receivers and directed them to ensure that valuation of the properties to be auctioned did not fail.

The apex court granted permission for survey of the properties and appointment of an architect for valuation of parts of Aamby Valley that include an international school, golf course, aerodrome and water sports areas which are to be sold separately.

The court had also warned Sahara Group Chief Subrata Roy, facing contempt proceedings, that it may send him to jail again, following SEBI’s submission that there was confusion with regard to the title or ownership of some properties in Aamby Valley.

The Sahara Group had earlier sought 18 months to repay around Rs 90 billion balance of the principal amount of Rs 240 billion.

(ends)

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