Liquidator withdrawn; Aamby Valley operations given back to Sahara

Source: The Hitavada      Date: 16 Jul 2018 14:05:49



New Delhi,

THE Supreme Court through its order released recently, has while giving the operation of Aamby Valley City back to Sahara and has also withdrawn the Receiver and Official Liquidator from city owned by Sahara India Pariwar.

The court has also directed that all documents and papers pertaining to Aamby Valley to be given back to Sahara. Spread on more than 10,600 acres, Aamby Valley City is independent India’s first hill city, which is developed and owned by Sahara. The court has on July 13, released the order of July 12, hearing of Sahara-SEBI case. Advocate Vikas Singh appearing for Sahara, stated, that Sahara has always mentioned in the court that Saharas has already refunded to its investors. The amount Sahara has been depositing in Sahara–SEBI account is the second time payment against a same, single liability. With this, SEBI has now about Rs 20,000 crore of Sahara. Let SEBI meanwhile start verification of investors. Once verification is done Sahara would get back the said amount with interest. He stated when the Court has directed SEBI for verification, why SEBI is not starting the verification process?

On the request of Sahara regarding the withdrawing personal police security on its directors, SEBI objected and said that they are under parole and hence security should be there. Reacting to SEBI’s argument bench said, “be practical and when Sahara has deposited Rs 20,000 crore, do you think that they will run away for few thousand crores?”

During the hearing, it was also discussed that Sahara has three times assets compared to its liabilities. Sahara’s lawyer Advocate Vikas Singh mentioned the fact is correct and whatever has been announced in it’s recent advertisement is absolutely correct. As on December 31, 2014 Sahara groups total liability of Rs 62,104 crore, while assets were Rs 1,77,229 crore, and the ratio of the figures are not much different today.

Sahara’s Lawyer Gautam Awathi said that few months back the Supreme Court had said that if Sahara deposits Rs 750 crore, the court might consider the matter of giving Aamby Valley and its full control back to Sahara. The Sahara Group informed that the two firms Sai Rydam Realtors Macintosh Private Limited and Prime Down Town Real Estate Private Limited are willing to purchase its property at Vasai near Mumbai at around Rs 1,000 crore which would be deposited in the SEBI-Sahara account. Considering the same, court has withdrawn Receiver and Official Liquidator from Aamby Valley and given back the operations to Sahara. The bench then asked the two firms to deposit a demand draft of Rs 99 crore and gave a time-line for depositing the remaining amount.

It asked the two firms to deposit a sum of Rs 200 crore in the SEBI-Sahara Account by July 24, and another sum of Rs 200 crore by August 16. The balance amount shall be deposited by September 12, while cautioning them that any default would amount to contempt and the deposited amount would be forfeited.

In the meanwhile all the efforts of auctioning of Aamby Valley by the Official Liquidator has attracted no response from any buyer. Commenting on the same Sahara’s lawyer Gautam Awasthi said that ‘this validates the real estate market experts’ claims that no one organisation can purchase this one of the largest projects of the world.’