Sebi-Sahara case: SC allows auction of saleable property of Aamby Valley; Mahindra, Piramal groups show interest

Mahindra and Piramal Groups may buy a portion of beleaguered Subrata Roy's Sahara Aamby Valley project in Pune, which is under the liquidation process initiated by the Supreme Court. The apex court on Wednesday told the official liquidator and receiver of the Sebi-Sahara case that the saleable property of Aamby Valley should be auctioned till April 19.

Darius Khambatta, the lawyer for the official liquidator, told the Supreme Court that the two business groups, Mahindra and Piramal, have shown interest in buying a certain portion of the property, reported PTI. The SC in November had ordered a fresh auction of the luxury resort town, Aamby Valley. A bench comprising Chief Justice Dipak Misra and Justices Ranjan Gogoi and AK Sikri had also asked the official liquidator of the Bombay high court to take the help of the receiver and ensure the Aamby Valley properties were properly auctioned.

In April 2017, the Supreme Court had ordered to initiate the auction for the property in October, after two companies of the group, Sahara India Real Estate and Sahara Housing Invest Corp, failed to refund Rs 24,029 crore raised from over 29.6 million investors along with an interest of 15 per cent. In October, Sebi approached the apex court seeking contempt proceedings against the Sahara Group for obstructing the auction process by allegedly suspending day-to-day business activities in the project.

ULTRA-LUXURIOUS PROJECT

1. The official liquidator has described Aamby Valley an "ultra-exclusive chartered city" that includes timber chalets, modern villas, golf course, hospital, school and airport, among other amenities.
2. Aamby Valley boasts three manmade lakes and 11 Water Bodies; it also has a private airport.
3. There's waterdrome for amphibian aircraft, and 18 hole floodlit Golf Course spread over 256 acres.
4. Individual villas, chalets and residences, fine dining restaurants, state-of-the-art recreational facilities.
5. International School Aamby (ISA), a premier residential school with boarding facilities, and a hospital called The Healing Touch.
6. Health club with gymanisum, swimming pool, sauna and steam, and facilities for water sports.
7. 12,000 sq ft Town Plaza with branded stores, movie hall, food courts, grocery stores.
8. Aamby Valley claims to have an open area of 10,000 acres.