Aamby Valley Auction To Continue. All You Need To Know About This Sahara Property
Subrata Roy Sahara's Aamby Valley property will be sold, piece by piece, since the company has failed to deposit Rs 750 crore in the refund account created to pay back the Securities and Exchange Board of India (Sebi), the Supreme Court held on May 16. Shares of group companies that run the property could also be sold if auction process does not yield result and desperate measures have to be adopted.
The beleaguered company has to pay an additional Rs 6,500 crore to the market regulator that will be used to refund investors who put money in the company’s scheme that were termed illegal by the apex court. His total liability towards investors’ is estimated at Rs 14,000 crore.
The top court had on April 19 allowed the Sahara Group to choose any parcel of its properties in the Aamby Valley city project, sell them by May 15, and deposit the proceeds in refund account — a task the company failed to complete. The apex court had said told Sahara that they had time till May 16 to sell the properties by themselves or these would be auctioned. The auction will now begin from June 2.
It was in August last year that the Bombay High Court (HC) had ordered that the property be auctioned for a reserve price of Rs 37,392 crore, following the Sahara Chief's inability to deposit Rs 5,000 crore. In November, the apex court had granted liberty to two Bombay HC judges to adopt procedures to facilitate the auctioning of the properties and directed the liquidator not to allow any obstruction in the process.
Here is all you need to know about the luxury township:
- Created for "the love of life", the Aamby Valley township is "designed to offer superior living spaces, and is "nestled amidst scenic surroundings of the mighty Sahyadris, and spans over 10,000 acres". The company website claims that Aamby Valley City "offers everything one needs for premium living".
- We are speaking of ultra-luxury here. According to the company website, Aamby Valley is the only gated township with a private airport. On the other hand, there is a golf course spread over 250 acres. Love fine dining? The city offers you plush restaurants and "state-of-the-art recreational facilities".
- The city has three man-made lakes and 11 other water bodies. The planners promise you that 91 per cent of the land will be kept as open spaces.
- The city has its own power plant, "generating 500MW of power to adequately fulfill energy demands" and its own school — International School Aamby — to teach "lessons of life". There is also Aamby Valley City's hospital, to give you a "healing touch", a health club to assist you to lead an "active life in a healthy city".
- The city offers a three-tier "non-intrusive" security system. The elevated "perimeter walls with powered fences, electronic remote surveillance and a patrolling security force"certainly make it a safe city to live in. Further, individual villas, chalets and residences are safeguarded through sensors, alarms and a watchful mobile force of security personnel.
- In 2012, the group had informed the court that the property was worth Rs 39,000 crore. While its current valuation is estimated to be Rs 43,000 crore, the company now says the property is worth much more. "The market valuation of Aamby Valley is above Rs 1 lakh crore. Auctioning under distress will give the bidder undue favour/benefit," a Business Standard report quoted Sahara lawyer Gautam Awasthi as saying.