Market regulator Securities and Exchange Board of India (Sebi) filed a contempt petition in the Supreme Court on Tuesday against Sahara Group chairman Subrata Roy and senior executives for allegedly obstructing the auction of the business conglomerate’s Aamby Valley project near Pune.
The petition alleges that the Aamby Valley “had adopted subterfuge methods to avoid auction of the property”. Also, it accuses the company of declaring “a lockout” of the commercial premises six days ahead of the proposed auction. The Sahara Group’s Aamby Valley city was put up for auction this August 14 keeping with the top court’s order for its sale to recover money owed to investors. The reserve price was fixed at Rs 37,392 crore for the property straddling the lush Sahyadri mountain range close to Lonavala, a popular hill station near Pune.