big setback to sahara group aamby valley city auction begins from today,Reserve price start with Rs 37,392 crores
New Delhi: Today there is news of big setbacks for Sahara Group. Today 3 days after the Supreme Court directive, the Bombay High Court has issued an order to start the auction of Sahara Group’s Amby Valley Project. The official liquidator of this luxurious Ambi Valley Project, located in Lonavla, kept the reserve price at Rs 37,392 crore. With this, the Auction Process of Amby Valley City, Sahara Group’s most ambitious project, has begun today.
For this, the reserve price has been kept at Rs 37.392 crore. Under the Supreme Court order, Bombay High Court official liquidator has published auction notice today. Between Mumbai and Pune, bidding has been made from potential bidders for Centralized Hill City Township, spread over 6,76,211 acres area near Lonavla.
Sahara urges to stop the auction process
Meanwhile, Sahara’s counsel Gautam Awasthi has informed that Sahara Group has been requested to the Supreme Court to approve the agreement with Victor Coning UK Limited, named Royal Partners Investment Fund. It is for inviting investment in the Ambi Valley project. He said that with this proposal, Sahara has also requested to stop the auction process of Ambli Valley.
Supreme Court gives Sahara the last chance
After listening to the statements of senior counsel Kapil Sibal, who has been advocating for Sahara in the case, the Supreme Court has given Sahara another chance to deposit Rs 1500 crore in front of the court. It has to be submitted before next date. According to Awasthi, according to the judge, if 1500 crores are deposited, then the auction order will be withdrawn.
Sahara’s lawyers told the Supreme Court that hotels have been sold in New York and the money will soon come to Sahara’s account. After that, according to the court directive, 1500 crores will be deposited in the SEBI-Sahara Refund account till September 7.
Mauritius firm shows interest in investing in Amb Valley
Mauritius’s Royal Partners Investment Fund has offered an investment of more than Rs 10,700 crore in the Amby Valley Project of Sahara Group. Last week, the firm has sent a proposal to Sahara. However, Sahara Group has evaluated its project for Rs 1 lakh crore.
