Control of Aamby Valley stays with the Sahara Group, Real Estate News, ET RealEstate
MUMBAI: The control of Sahara Group‘s real estate assets including the Aamby Valley City, in the neighbourhood of Lonavala near Mumbai and Pune, is with the group and is operating at full potential, the group said.
Sahara group founder Subrata Roy, 75, passed away in Mumbai on Tuesday.
Aamby Valley, spread across more than 10,000 acres in western Maharashtra, is a premium gated city with luxury villas, an 18-hole Golf course, and over 90% of landscaped open spaces.
The Sahara Group has been entangled in a long-drawn court battle with the Securities & Exchange Board of India (Sebi) with regards to a case involving Optionally Fully Convertible Bonds (OFCBs) that were issued by the group to raise ₹25,000 crore.
The Supreme Court had ordered the auction of Aamby Valley to recover the money and refund deposits to investors. However, efforts to liquidate the asset met with no success owing to title issues.
The liquidator submitted its report to the court receiver and following which the court directed removal of attachment of the asset for recovering dues. The matter is currently sub-judice in the Bombay High Court.
“Sahara is a professionally managed organisation with robust systems and processes in place. As far as Sahara Group’s Pan India real estate assets are concerned, they are fully in control of the organisation,” the group said in response to an ET query on Wednesday. “As far as Aamby Valley is concerned, it is totally in our possession and operating with full potential.”
According to the Sahara Group, the Supreme Court had withdrawn the receiver from Aamby Valley in 2018 itself and given back the operations to Sahara.