NEW DELHI: The Supreme Court on Thursday appointed a receiver to manage Sahara 's Aamby Valley properties while directing its fresh auction after the earlier attempt failed and warned that it would send Sahara Group chief Subrata Roy behind bars if he created any obstacles in the process.Appointment of a receiver means the Sahara Group would have no control over the prized property. Instead of monthly exercise of fixing the instalment to be paid by the Sahara Group, the apex court had decided to go the whole hog to fetch over Rs 9,000 crore which was still to be paid by the company to market regulator SEBI. Senior advocate Arvind Datar, appearing for SEBI , told the bench that global auctioning of Sahara's Aamby Valley had failed and no bidder came forward to take over the asset. He sought the SC permission to start fresh auction of the property from December 1 and assured that the process would be completed within eight weeks. "You are out of the property and it has been attached.

Source: Times of India November 23, 2017 20:34 UTC