Mahindra, Piramal Eye Sahara’s Aamby Valley
Mahindra, Primal show interest in buying Sahara’s Aamby Valley
The Mahindra Group and the Piramal Group expressed interest in buying the Sahara Group’s Aamby Valley project that is under liquidation initiated by the top court to recover investors’ funds from the Subrata Roy-led conglomerate.
The parties are doing due diligence, Darius Khambatta, the lawyer for the official liquidator, informed the Supreme Court today. They have expressed interest in buying the whole or parcels of the property, he said. The Supreme Court allowed the sale of Aamby Valley in parcels after the official liquidator told the top court that selling the whole property will be difficult.
The court in October 2017 appointed the official receiver of the Bombay High Court to help the official liquidator in the auction of Aamby Valley. The decision stems from a 2012 order that asked two Sahara companies to refund Rs 24,000 crore, along with 15 percent interest, to more than two crore small investors who had bought optionally-fully convertible debentures between 2008 and 2011. The SEBI had ruled the fundraise illegal.
A bench headed by Chief Justice of India Justice Dipak Misra had earlier warned the Sahara Group that it may be held liable for contempt and its chief Subrata Roy may be sent back to jail again if its obstructs the auction process.
Roy was sent to jail on March 4, 2014 for failing to pay Rs 10,000 crore. The court then asked him to raise half the amount in cash and the rest in bank securities to secure his release. After Roy’s mother died in May 2016, the apex court granted him parole. The interim arrangement has since continued.