It was not that long ago when Sahara India Pariwar was one of the most trusted corporate pariwar of India, but things have changed drastically over the course of last few years. As a result of the same, the customers have lost their trust in Sahara India Pariwar as well as all the products from the group. As per SEBI, Sahara India Pariwar owes Rs. 37, 000 crores to its investors and its founder Sri Subrata Roy Sahara has been in custody since 4 March 2014. Sahara India Pariwar has failed on many occasions to repay the debt, and hence the company is at its all time low.
To recover this huge amount the company has been given many chances and it has failed almost on every single occasion. All the credit for the same goes to SEBI only. According to sources now Sahara’s Aamby Valley is all set to be auctioned June which is estimated to be a worth of Rs 43,000 crore. The Honorable Supreme Court of India has earlier ordered to auction Aamby Valley after Mr. Roy failed to deposit the sum of Rs 5092.64 crore with SEBI.
The Supreme Court has ordered to auction the Aamby Valley in order to recover the money of its investors, and the official liquidator of Sahara Group’s Aamby Valley is all set to be auctioned in June.
There are Two Claimants of the Fund
- The Securities and Exchange Board of India and
- The Income-tax department of India.
However, the Sahara group has claimed that this auction can’t be carried out because they have already submitted a post-dated cheque of Rs 1500 crore on demand of Honorable Supreme Court.
The SEBI has already received the report on Aamby Valley through the liquidator of Bombay High Court. The value assigned to this property is 43, 000 crore but the market value of the property is estimated much more than the value assigned. With all these ongoing hassles between SEBI and Sahara Group, the route for the auction seems far-fetched, and without the intervention of Supreme Court, it is unlikely to be carried out. A clear picture would only come out after next Supreme Court hearing which is scheduled to be on June 19th.
According to an email of Sahara’s official spokesperson, The Honorable Supreme Court has ordered against the auction of Aamby Valley. It was because Sahara was able to produce a Post dated cheque of Rs 1500 crore to the Supreme Court, and any decision will be taken after Honorable Court’s next hearing, but SEBI has not yet responded to this email. As a result, this whole auction thing is in a state of confusion.
Sahara India Pariwar anyhow has to repay the money of investors in order to bail them out of this huge money debt otherwise this Aamby Valley is most likely to be set on auction after next Supreme Court’s hearing.