Impediments in Aamby valley auction would invite contempt, jail: SC

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The top court directed the auction of Aamby valley to recover money that Sahara’s group has to pay the marker regulator Securities and Exchange Board of India (SEBI) for returning investors money that its two companies SIRECL and SHICL had raised from investors in 2007 and 2008.

The top court by its August 31, 2012 order had asked Sahara group’s two companies – Sahara India Real Estate Corp Ltd. (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) – to return investors Rs 17,400 crore, along with 15 per cent interest.

Sahara group has already given a part of the money to SEBI that is being parked in SEBI-Sahara Refund Account.

IANS

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