Those stalling Aamby Valley auction would be jailed: SC

Source: The Hitavada      Date: 13 Oct 2017 09:03:35


 

NEW DELHI,

THE Supreme Court on Thursday took strong exception to the Sahara Group allegedly obstructing the auctioning process of Aamby Valley and warned that anybody indulging in such an act would be held liable for contempt and “sent to jail”.
The apex court was irked when SEBI claimed that the group had allegedly obstructed the process by writing a letter to the Pune police raising the issue of law and order at the prime property.


Taking note of SEBI’s allegation in this regard, a bench headed by Justice Dipak Misra said the group should not have entered into a communication with Pune’s Superintendent of the Police (Rural) on the issue since the auction has been ordered by the top court. “If any impediment is caused in the auctioning process by anyone, he shall be liable of contempt of this court and sent to jail,” the bench, also comprising Justices Ranjan Gogoi and A K Sikri, said. The punishment for contempt is up to six months of simple imprisonment.


Later however, the apex court clarified that it was not initiating any contempt action at this stage. Regarding SEBI’s allegation that the police has taken custody of the property due to which no bidder was willing to take part in the auction process, the bench directed the Director General of Police, Maharashtra, to see that the property is handed over to the Bombay High Court’s official liquidator within 48 hours.


“You go ahead with the auction,” the bench said. Senior advocate Arvind Datar, appearing for Securities and Exchange Board of India (SEBI), told the bench that the September 28 communication, addressed by the group to the Pune police regarding law and order situation at Aamby valley, has stalled the ongoing auction process.