Amby Valley project: SEBI moves petition in SC against Sahara

New Delhi, Oct 10: The Market regulator, Securities and Exchange Board of India (SEBI), moved a contempt petition in the Supreme Court on Tuesday against the business conglomerate, Sahara, for its alleged obstruction in the auction of Amby Valley project. A bench of the Apex Court, headed by Chief Justice (CJI) Dipak Misra was hearing the Sahara SEBI case. The apex court had earlier directed to start the auctioning of Amby Valley project as, the Sahara failed to repay money to its investors. The SEBI had told the apex court that Sahara had not paid to all the investors their money, to which the Sahara claimed, they had almost paid more than 75 per cent money to the investors. The SEBI had alleged that its Chief and Chairman, Subrat Roy Sahara, allegedly failed to comply with the 2012 apex court order directing him to return investors money more than Rs 20,000 crore with 15 per cent rate of interest that his two companies -- Sahara India Real Estate Corporation Ltd and the Sahara Housing Finance Corporation Limited -- had raised through optionally fully convertible debentures (OFCD) in 2007 and 2008. Sahara, once one of India's most high-profile firms, had in the past made several failed attempts to raise the bail money using its prized overseas hotels that include the Plaza in New York and Grosvenor House in London. The apex court had on September 11 refused to stay the auctioning of Amby Valley project. UNI