Days after the Supreme Court rejected Sahara’s plea, the Bombay High court on Monday put the group’s Aamby Valley property in Pune district of Maharashtra for public auction.
The official liquidator of the Bombay High Court published an auction notice inviting prospective bidders for the integrated hill city township spread over 6,76,211 acres near Lonavala, located between Mumbai and Pune.
The property is valued at Rs 34,000 crore and the auction will begin at a reserve price of Rs 37.392 crore.
During the hearing in Supreme Court, senior advocate Kapil Sibal had said that the auction process of Aamby Valley should be postponed at least till September 16 to enable Subrata Roy to arrange the money.
However, senior advocate Arvind Datar, representing the SEBI, opposed the proposal of the Sahara chief saying that every time a process starts, the group came up with some objection in order to delay the process.
The apex court had on July 25 asked the embattled Sahara chief to deposit Rs 1,500 crore in the SEBI-Sahara account by September 7 and said that it might then deliberate upon his plea seeking 18 months more time for making complete repayment.
The court had simultaneously approved the draft sale notice and terms to dispose of the property prepared by the official liquidator of the Bombay High Court.
Roy, who has spent almost two years in jail, has been on parole since May 6 last year. The parole was granted the first time to enable him to attend the funeral of his mother. It has been extended since then.