Sale of Sahara property has to be completed on or before May 15: Supreme Court

Supreme Court on Thursday said that the sale of Sahara property has to be completed on or before May 15 and proceeds deposited in SEBI-Sahara refund account.

The court also allowed Sahara Group to sell properties in any parcel of its choice at the Aamby Valley City Project in Maharashtra.

The court further added that if Sahara Group fails to sell the Aamby Valley property, then Bombay HC official liquidator will proceed with the proposed auction.

Earlier the SC allowed the Official Liquidator of the Bombay High Court permission to split the Sahara group's prized Aamby Valley property into “saleable parcels” and put it up for sale.

SC also took strong objection to Sahara Group allegedly obstructing the auction of Aamby Valley and warned that anybody trying to impede it in future would be held guilty of contempt and sent to jail.

Market regulator Securities and Exchange Board of India (SEBI) had moved a contempt plea against Sahara, claiming that the group obstructed the auction by writing a letter to Pune’s SP (Rural) raising the issue of law and order at the prime property.

On August 10, 2017, the apex court had rejected Sahara chief Subrata Roy’s plea to put on hold the auction process.