Snehal khanna Blog

The Bombay High Court on Monday put up the beleaguered Sahara Groups Aamby Valley for auction LATEST NEWS :  In a major setback to the Subrata Roy-owned Sahara Group, the Bombay High Court on Monday put up its prestigious Aamby Valley property in Maharashtra for a public auction. The Official Liquidator (OL) for the Aamby Valley City in Lonavala has put up a reserve price of Rs 37,392 crore, as part of efforts to partially recover the pending dues to various lenders. The development came three days after the Supreme Court declined to entertain the Sahara Group's plea to postpone auction of the prime hill station property nestled in the lush green Western Ghats in Pune district. Bombay High Court OL Vinod Sharma issued notices in prominent media on Monday for the public auction of "sale/lease" on an "as-is-where-is-whatever-there is' of the Aamby Valley City, around 90 km from here. In view of the huge quantum of properties to be dispo...

Court gives 10 working days for repatriation of 75 mn pounds towards payment to Sebi Latest news : The Sahara group today told the Supreme Court that it has sold its interests in London's Grosvenor House hotel to GH Equity UK. Sahara counsel Kapil Sibal told the bench of Dipak Misra and Ranjan Gogoi that the sale has been completed and sought permission of the court to transfer funds from the deal to the Sebi-Sahara refund account. While Sibal did not disclose the exact amount of the consideration, he said about 75 million pounds was being brought to India and suggested that the transaction also involved refinancing of funds connected to its interests in the Plaza and Dream Downtown Hotels in New York. According to the court's order in April, Sahara was to deposit Rs 1,500 crore by June 15 and a further Rs 522 crore by July 15. A post-dated cheque for Rs 1,500 crore given by the group was dishonoured. Following this, the group was able to arranged a remittance ...

It is perhaps easy to miss the coincidence of two developments taking place in quick succession this week, but their significance in national politics should not be underestimated. Nor should there be any celebrations over an early resolution to the problems that those developments are seeking to address. On Monday, the Supreme Court ordered the auction of the  Aamby Valley  property of the Sahara supremo, Subrata Roy, to help recover from him dues that market regulator, the Securities and Exchange Board of India, estimates to be over Rs 47,000 crore, including interest. Of this amount, the group has so far paid back Rs 11,477 crore. A day later, the United Kingdom (UK) authorities started extradition proceedings against Vijay Mallya, who allegedly owes over Rs 9,000 crore to banks in India and has been staying away from India for the last 13 months. After the UK Secretary of State certified that extradition proceedings can begin, the London police arrested Mallya and ...