The Supreme Court’s direction came after it was informed by the official liquidator of the difficulties in selling the township as a whole. Photo: MintNew Delhi: The Supreme Court on Wednesday allowed Sahara Group to sell its Aamby Valley township, spread over 6,700 acres in Pune district, in parts through a court-appointed liquidator. The apex court on 23 November had appointed a receiver to ensure that the Aamby Valley auction proceeds smoothly over allegations that a previous attempt to sell the property was obstructed. Sebi moved the apex court in August 2014 to recover Rs36,000 crore to refund investors who purchased securities from two group firms. On 25 July, the court directed the official liquidator of the Bombay high court to initiate the first two steps of the process to auction Aamby Valley.

Source: Mint February 07, 2018 15:11 UTC