India Markets open in 42 mins

No Buyers For Sahara’s Aamby Valley Properties, SEBI Tells Supreme Court

The Smarter way to get your business news - Subscribe to BloombergQuint on WhatsApp

The auction of Sahara Group’s Aamby Valley properties in Maharashtra has failed to receive any bids from buyers, market regulator SEBI informed the Supreme Court today.

“There has been no response to auction notice for Sahara’s prime Aamby Valley properties,” the counsel for the Securities and Exchange Board of India said. A bench headed by Chief Justice of India Dipak Misra then formally ended the auction process, allowing the Sahara group getting to retain the property.

The Supreme Court in April last year ordered the auction of the Sahara group’s flagship property as the Subrata Roy-led company failed to deposit Rs 5,092 crore with the SEBI as escrow to avoid the auction of Aamby Valley.

Separately, two real estate firms Sai Rydam Realtors Pvt. Ltd. and Regards Dream Downtown Realtors jointly approached the apex court to buy Sahara’s Vasai land parcel. The court accepted a demand draft of Rs 99 crore from the buyers and ordered them to deposit Rs 200 crore in the SEBI-Sahara account by Aug. 15 and the remaining Rs 682 crore by Sept. 12.

In this ongoing SEBI-Sahara case, the Supreme Court in April 2012, had ordered two Sahara companies to refund Rs 24,000 crore, along with 15 percent interest, to more than two crore small investors who had invested in their optionally-fully convertible debentures between 2008 and 2011. SEBI had ruled the fundraise illegal.

The Smarter way to get your business news - Subscribe to BloombergQuint on WhatsApp

. Read more on Law & Policy by BloombergQuint.