The auction of Sahara's Aamby valley property has once again failed to attract buyers. The Securities and Exchange Board of India (SEBI) told the Supreme Court that only two companies - Sai Rydam Realtors and Prime Downtown Real Estate - are willing to buy the land owned by Sahara at Vasai in Mumbai. The two companies have been asked to deposit a total of £98.2 million to buy Sahara's three-acre land. The two buyers deposited around £10 million on the auction day. They have been asked to deposit £20 million by July 24 and another £20 million by August 15. The remaining amount has to be deposited by September 12. The court has finalised September 12 for the next hearing in the matter.
Earlier in February, the top court allowed the official liquidator and receiver in the SEBI-Sahara case to auction the saleable property of Aamby Valley till April 19 in order to complete the auction process. The Sahara Group has been embroiled in a lengthy court battle with the SEBI, over a case involving £2.40 billion refund to investors. In October last year, the SEBI moved the top court, seeking contempt proceedings against the Sahara Group for allegedly obstructing the process of auctioning its Aamby Valley property in Pune, initiated on court's direction.
