Sahara SEBI Case: Aamby valley auction fails, two buyers offer to buy properties

New Delhi [India], Jul 12 : The Securities and Exchange Board of India (SEBI) on Thursday informed the Supreme Court that the auction of Sahara's Aamby valley property has once again failed, as they did not receive any bid for it.

However, two companies - Sai Rydam Realtors, Prime Downtown Real Estate - are willing to buy the land owned by Sahara at Vasai in Mumbai, the SEBI added.

The two companies have been asked to deposit a total of Rs. 982 crores to buy Sahara's three-acre land.

The two buyers deposited around Rs 100 crores today. They have been asked to deposit Rs 200 crores by July 24 and another Rs 200 crores 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 Rs 24,000-crore 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.