Top court allows Bombay HC to proceed with Sahara's Aamby Valley auction

ANI | Updated: Nov 23, 2017 19:11 IST

New Delhi [India], November 23 (ANI): The Supreme Court on Thursday gave a green signal to the Bombay High Court for auctioning of Sahara Group's Aamby Valley property and directed it to initiate the same by December 01.

However, the official liquidator of the Bombay High Court told the top court that obstructions were being created by the Sahara group in auctioning of the property.

Earlier, the Securities and Exchange Board of India (SEBI), too, made the same complaint to the apex court in October and sought contempt proceedings against the Group for obstructing the auctioning process, initiated on court's direction.

Sahara chief Subrata Roy has been in troubled waters for a while now after the group failed to return Rs. 24,000 crore to their investors by August 31, 2012, as directed by the court.

Roy, who is out on parole, has already spent two years in jail regarding the matter and the group is yet to return Rs 9,000 crore to the investors. (ANI)