NEW DELHI: Making a last ditch effort to save Aamby Valley from going under the hammer, Sahara chief Subrata Roy approached the Supreme Court on Wednesday pleading for a stay on global auctioning of his asset, which is worth more than Rs 40,000 crore.The SC had on July 25 given green signal to the liquidator, appointed by it, to initiate auctioning of Aamby Valley assets. Instead of the monthly exercise of fixing the instalment to be paid by Sahara, the court had decided to go the whole hog to fetch Rs 9,000 crore that is still to be paid by the corporate house to market regulator Sebi. In 2012, Sahara valued the property at Rs 34,000 crore but the liquidator has pegged its worth at Rs 43,000 crore.Senior advocates Kapil Sibal and Mukul Rohatgi, appearing for Sahara group, mentioned the case before Justice Dipak Misra for an urgent hearing and contended that the group had prepared a plan for payment due on its companies. Justice Misra assured them that he would consult with other judges on the bench and take a decision regarding listing of the application filed by Roy . The auction process is to start from next week.

Source: Times of India August 10, 2017 01:41 UTC