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Sahara's Aamby Valley asset to be attached to recover SEBI dues

Shobhit Kalra

Shobhit KalraBy Shobhit Kalra

Published on 6 Feb 2017 2:17 PM GMT

Saharas Aamby Valley asset to be attached to recover SEBI dues
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Sahara chief parole extended following undertaking given to SC
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New Delhi: The Supreme Court on Monday ordered the attachment of Sahara group's Aamby Valley, located near Pune in Maharashtra.

The property, which is estimated to be worth Rs 39,000 crore, will be attached to secure the sum of money the Subrata Roy owned group is due to pay to the Securities and Exchange Board of India (SEBI).

The apex court bench, comprising of Justice Dipak Mishra, Justice Tarun Gogoi and Justice AK Sikri, also ordered the Sahara group to produce a list of properties 'without any encumbrance' so that they can be put for a public auction to collect the original sum due to SEBI, that is over Rs 14,000 crore.

Also Read: Huge amount of explosives, ammunition found inside Red Fort well

According to SEBI counsel Pratap Venugopal, the total dues along with interest have gone past Rs 47,000 crore, of which the group has so far remitted only Rs 11,477 crore.

The bench also extended the parole of Subrata Roy till February 27, which is the next date of hearing in the case. The parole was extended after the group's counsel remitted Rs 600 crore in combination of bank drafts and online transfers into SEBI-Sahara account on Monday.

Shobhit Kalra

Shobhit Kalra

Writer has 10 years of experience in digital media. Presently working as Chief Sub Editor at newstrack.com. An avid reader and always willing to learn new things and techniques.

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