SC Refuses To Stay Auction Of Subrata Roy's Aamby Valley

Supreme Court today declined to stay the auction of Aamby Valley, Sahara Group’s posh property.
During the hearing before a bench headed by justice Dipak Misra senior advocate Kapil Sibal, appearing for Roy, said that the auction process should be put on hold till September so that his client could arrange the Rs 1,500 crore to be deposited into Sebi-Sahara account.

After SC's refusal to stay auction, the auction notice for Aamby Valley will now be released on August 14.
Sahara on August 9 requested the Supreme Court to put on hold the auction process to sell the group's Rs 34,000-crore worth Aamby Valley property by the official liquidator of the Bombay High Court.

On July 25, the bench had asked the official liquidator of the Bombay High Court to proceed with the publication of sale notice with regard to auctioning of Sahara's prime property at Aamby Valley. The bench had fixed the matter for further hearing on 11 September.

After the plea was mentioned by senior advocates Kapil Sibal and Mukul Rohatgi who appeared for the group, a bench, headed by Justice Dipak Misra said he would consult justices Ranjan Gogoi and A K Sikri and then fix a hearing date. The hearing was today.

The apex court had on July 25 asked the embattled Sahara chief to deposit Rs 1,500 crore in the SEBI-Sahara account by September 7 and said that it might then deliberate upon his plea seeking 18 months more time for making complete repayment.

The court had simultaneously approved the draft sale notice and terms to dispose of the property prepared by the official liquidator of the Bombay High Court. The official liquidator shall publish the sale notice as given by him and the notice shall be published on August 14.