Apex Court attaches Sahara's Aamby Valley property for recovery of dues
Published: Feb 08, 2017
By TIOLCORP News Service
NEW DELHI , FEB 08, 2017: THE Supreme Court has directed the attachment of flagship property of Sahara Group to recover the dues. According to Sahara's submissions in court, payments amounting to Rs 11,000 crore have already been made to the Securities and Exchange Board of India (Sebi). The market regulator contends that Rs14,000 crore (excluding interest) is pending from the company.
On 12th January, 2017, the Supreme Court, after referring to the earlier order dated 28th November, 2016, dismissed the application for extension of time to deposit Rs.600 crores. Earlier, Mr. Kapil Sibal, senior counsel appearing for the Sahara Group had requested the Court for the permission to to transfer 35 million pounds equivalent to Rs. 285 crores lying in Saharas account in London bank. The Court granted the permission and the order was complied with.
However, the question arose for consideration was with regard to payment of entire principal sum. Mr. Sibal, senior counsel had given a road map stating, inter alia , that the principal amount shall be cleared by end of July, 2019. But this was contested by the counsels representing SEBI and the Union of India who insisted on attachment of the properties of Sahara Group. On hearing this, the Supreme Court directed Sahara Group to file a list of properties that can be put to public auction. It was also directed by the Supreme Court that the properties suggested for public auction shall be free from any encumbrance.
But Mr. Pratap Venugopal, counsel appearing for SEBI, and Mr. Naphade, Amicus Curiae stated that Sahara Group owns a property situated at Aamby Valley City, Pune, Maharashtra, which would be sufficient for realization of the whole amount. Mr. Venugopal, insisted that the property should be attached so that the contemnors shall make all endeavour to deposit the amount with SEBI. The submission was seriously opposed by Mr. Sibal, but the bench headed by Justice Dipak Misra was convinced with the argument of the counsels representing SEBI and agreed to attach the property situated at Aamby Valley City, Pune, Maharashtra.
With this order, the plush property of Sahara Group spread over 4000 hectares passes onto the hands of the Court.
