Sahara's Aamby Valley auction continues

The process for the auction of Sahara's Aamby Valley project in Maharashtra will continue as the group failed to deposit Rs. 750 crore in the SEBI-Sahara Refund Account. After the official liquidator said that the Sahara Group has not deposited Rs. 750 crore in the refund account, the order by a bench of Chief Justice DipakMisra, Justice RanjanGogoi and Justice A.K. Sikri came in. The bench on April 19 had said that the group has to sell its property till May 15. Also, if it fails to do so, the Bombay High Court's official liquidator will proceed with the proposed auction. The Aamby Valley property spread over 8,900 acres, had no takers for the purchase of the entire real estate project and was to be sold by splitting it into saleable parcels of land. The official liquidator have quoted in the report thatthe procedure for auctioning the Aamby Valley property has commenced and bids will be invited from May 21 to 31 whereas the auction will begin from June 2.