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The official receiver of Bombay High Court has been directed by the Supreme Court to help the liquidator in getting the property of Sahara Aamby Valley auctioned.
The bench of Chief Justice Dipak Misra and Justices Ranjan Gogoi and A K Sikri said that:
"We want the property to be auctioned. Till then, we will appoint the receiver of the Bombay High Court to help in auctioning, till it is complete,"
The Sahara group has managed to repay around Rs. 9000 crore, in order to pay the balance of principal amount of Rs. 24000 crore the Aamby valley has to be auctioned. The Apex court also said that anyone who will create the obstructions in the process of auction will be liable for Contempt of court. The remarks were made when SEBI contented that Sahara group was creating obstructions. The Sahara officials wrote a letter to the Pune Police by raising the question of law and order at prime property trying to stall the procedure. After taking the note of the obstructions created by Sahara group, the court said that the group cannot involve the Pune Superintendent of police in this matter as the rule of not interfering has ordered by the Apex court. The police has taken the property in custody because of which no bidder was willing to participate in auction. SEBI claimed that the action of writing a letter to the police was a wilful act by Sahara Group by interfering in the administration of justice. The Top court said that the action of Sahara amounts to contempt.
The apex had rejected the request made by the Sahara chief Subrata Roy to put on hold the auction process and said that ‘the auction process would proceed as per schedule’.
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