India / Business
Supreme Court shocks Sahara: Aamby Valley to be auctioned

Supreme Court of India warned Sahara Group in March to deposit Rs 300 crores to refund to all its investors. After Sahara Group failed to do so, Supreme Court today ordered the auction of Sahara's Aamby Valley property which is said to have been worth Rs 34000 crores as per Sahara. "Indulgence shown by the court have been misused," said the apex court bench, referring to several parole leaves granted Roy to attend rituals after his mother passed away.

 

 

 

Supreme Court hinted this in March to auction the Aamby Valley if the company failed to deposit Rs 5,000 crore of the Rs 14,000 crore outstanding by April 17. Supreme Court revealed that there is no other option left if Sahara fails to deposit the money. Sahara has so far deposited over Rs 11,000 crore, of which Rs 6,000 crore was paid after the apex court sent Roy and two directors to jail on March 4, 2014.