The Supreme Court has appointed a receiver to manage Sahara's Aamby Valley properties, while directing its fresh auction after an attempt made earlier failed. It issued a warning that it would send Sahara Group chief Subrata Roy behind bars if he created any obstacles in the process. The appointment means that the Sahara Group would have control over the prized property. Bench consisting of chief justice Dipak Misra and Justices Ranjan Gogoi and AK Sikri have entrusted the task to official receiver of the Bombay High Court to manage the properties after allegations were made that Subrata Roy jeopardised the global auction of the asset by interfering in the process and some encroacher might take possession of the property which has been attached by SC.
The Aamby Valley is Sahara's most valuable property comprising luxury resorts, man-made lakes, and an airport. Spread over 10,000 hectares near Pune, Maharashtra, it is a brilliantly planned city with world-class infrastructure and facilities. Sahara had valued the property at £3.4 billion in January 2012, however, the liquidator pegged its worth at £4.3 billion.
The SC had on July 25 given green signal to official liquidator, appointed by it, to initiate proceedings for its auctioning by inviting bidders. Instead of monthly exercise of fixing the instalment to be paid by the Sahara Group, the apex court had decided to go the whole hog to fetch over £900 million which was still to be paid by the company to SEBI.
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