Subroto Rai’s Shaara group again in the news today when Supreme Court allowed a fresh auction of the Sahara Group’s Aamby Valley city project in Pune district on Thursday. It has been a long legal battle between Sahara group and SEBI for The Sahara Group has been Sebi, over a case involving a Rs 24,000-crore refund to investors. Now the fresh auction process of the Sahara’s Aamby Valley property will be starting from December 1 and take around eight weeks to complete. Supreme court also appointed the Bombay High Court’s official receiver to take care of the luxury resort town in Pune till the auction is completed.
In October, SEBI told to the apex court that Sahara Group is obstructing the process of auctioning on its Aamby Valley property in Pune due to which the auction was failed at that time. The property of Aamby Valley is described by the liquidator as an “ultra-exclusive chartered city.”
Sahara group includes hospital, school, timber chalets, modern villas, golf course, and airport in the Aamby Valley. The Bombay High Court’s liquidator published earlier this year, an auction notice inviting prospective bidders for the integrated luxury hill city township near Lonavala in Pune district which is spread over 6,761.6 acres.