Supreme Court puts Aamby Valley for sale: Sahara says agreement signed for USD 1.6 billion loan on Valley project

BT Online   New Delhi     Last Updated: September 12, 2017  | 10:00 IST
Supreme Court puts Aamby Valley for sale: Sahara says agreement signed for USD 1.6 billion loan on Valley project

Hours after the Supreme Court rejected Subrata Roy's plea seeking more time to pay the remaining amount and gave the go-ahead for the auction of group's Rs 37,392 crore Aamby Valley properties, Sahara group lawyer Gautam Awasthy said that a Dubai investment fund has agreed to provide a loan of USD 1.6 billion against security of 26 per cent shares of its Aamby Valley project.
The statement came after the apex court refused to give Sahara Chief two more months to deposit Rs 966.80 crore of the remaining Rs 1,500 crore.
Earlier in July, the highest court had asked the Sahara chief to deposit Rs 1,500 crore in the SEBI-Sahara account by September 7 and said it may only then deliberate upon his plea seeking 18 months more for making the full repayment of the outstanding amount to be refunded to the investors.

However, Subrata deposited only Rs 533.20 crore in the Sebi-Sahara account and wanted to pay the remaining Rs 966.80 crore through cheques dated November 11.  
Sahara group counsel Gautam Awasthy issued a statement saying that Royale Partners Investment Fund Limited of Dubai, headed by HE Sultan Al Ahbabi has entered into an agreement with Sahara to provide loan of USD 1.6 Billion. 

"They (the fund) have committed through a mutual agreement and the agreement was submitted in the last hearing of the court on August 10, 2017. The same was raised in today's hearing as well," he further said.
The apex court on Monday rejected Sahara's plea for more time to pay the remaining amount and directed the auction process to be carried out in Mumbai as per the direction and schedule approved by the court.
The Supreme Court also asked the authorities to carry out the auction on October 10-11 and during the auction the Registrar General of the Bombay High Court, designated as a Supreme Court appointee, shall remain personally present to oversee it.
The Sahara Group had earlier sought 18 months time to repay around Rs 9,000 crore balance amount of the principal amount of Rs 24,000 crore. During last hearing in July, the Court had observed that it had given Roy enough opportunities in the past to pay up but he was only paying in fraction.
The apex court suggested that he could sell his Aamby Valley property and pay up the money. Justice Ranjan Gogoi reportedly said that, "The principal amount he has to pay is Rs 9,000 crore. At this rate of Rs 400-500 crore, it will take a lifetime. Sell Aamby Valley. Finish it."

(With inputs from PTI)



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