Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

SEBI Moves Contempt Plea Against Sahara For Obstructing Aamby Valley Auction

SEBI further said that Sahara was breaching the Supreme Court’s order to cooperate with Aamby Valley auction proceedings.

News18.com

Updated:October 10, 2017, 11:35 AM IST
facebookTwitter Pocket whatsapp
SEBI Moves Contempt Plea Against Sahara For Obstructing Aamby Valley Auction
File photo of SEBI.

New Delhi: The Securities and Exchange Board of India (SEBI) has moved another contempt plea against Sahara group, alleging that the company is obstructing the auction of Aamby Valley.

SEBI further said that Sahara was breaching the Supreme Court’s order to cooperate with auction proceedings.

Earlier, only two potential bidders were believed to have shown initial interest for embattled Sahara group's super luxurious Aamby Valley resort town, which has been put up for a Supreme Court ordered auction by the official liquidator at a reserve price of Rs 37,392 crore.

Multiple real estate consultants have argued that it would be almost impossible for any single real estate player in India to buy such a huge property, a hill resort town in Maharashtra where a number of high profile celebrities are said to have invested, as the sector is going through a severe cash crunch and it is difficult for them to even arrange loans from banks.

Sahara, which pegs the project's market valuation at over Rs 1 lakh crore, had earlier said the liquidator has initiated only first two steps of the auction by issuing advertisement for interested bidders and verifying their KYC (Know Your Clients) and the sale would be withdrawn if Rs 1,500 crore is deposited before the next date of hearing in the Supreme Court.

The Supreme Court on September 11, however, refused to stay Aamby Valley auction, even as the group said Mauritius-based investor, Royale Partners Investment Fund has agreed to provide a loan of USD 1.6 billion (over Rs 10,000 crore) against security of 26 percent shares of its Aamby Valley project.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Aditya Nair
Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
Narayana Hruda 360.20 1.22
Bharti Airtel 490.90 -4.55
United Spirits 656.40 14.00
Bajaj Finance 4,213.05 1.14
Gati 69.40 0.73
Top Gainers
Company Price Change %Gain
HDFC 2,432.40 1.53
Bajaj Finance 4,213.05 1.14
Sun Pharma 452.65 0.96
HDFC Bank 1,222.85 0.82
TCS 2,184.05 0.71
Top Losers
Company Price Change %Gain
Bharti Airtel 490.90 -4.55
Tata Steel 446.25 -3.49
Tata Motors 176.10 -3.37
Reliance 1,471.35 -2.34
Maruti Suzuki 6,996.95 -2.05

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results