SC attaches Sahara group's Aamby Valley project worth Rs 39,000 crore

Sahara group's Aamby Valley project worth Rs 39,000 crore, orders SCSubrata Roy. Pic/AFP

In yet another setback for the Sahara group, the Supreme Court ordered attachment of the Group's property worth Rs 39,000 crore at Aamby Valley in Pune.

A Supreme Court bench on January 12 had rejected a plea by the counsel for Subrata Roy and the Sahara group to extend time beyond February 6 for him to deposit Rs 600 crore. The court also said it would send Subrata Roy back to jail should the group fail to deposit the amount.

Aamby ValleyAamby Valley gates which were sealed last year in March 2016.

Roy and two other directors, Ravi Shankar Dubey and Ashok Roy Choudhary were arrested for the failure of Sahara group's two companies - Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) - to comply with the court's August 31, 2012 order.

The top court had that day directed SIRECL and SHICL to return investors money they had collected through OFCDs (Optionally Fully Convertible Debentures) in 2008 and 2009.

Sahara group's Aamby Valley project worth Rs 39,000 crore, orders SCSahara logo. Pic/AFP

The apex court, on March 26, 2014, had said Sahara Group would deposit Rs.10,000 crore as part payment of investors' Rs.24,000 crore that its two companies collected as a condition for the release of Roy, Dubey and Choudhary.

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