Blow to Sahara: SC rejects plea to put on hold Aamby Valley auction

Sahara Group had earlier sought 18 months' time to repay around Rs 9,000 crore balance amount

The Supreme Court on Thursday refused to accept Sahara chief Subrata Roy's plea to put on hold the auction process of the group's project Aamby Valley in Pune district of Maharashtra.

A bench of justices Dipak Misra, Ranjan Gogoi and A K Sikri said, "The prayer of the contemnor (Roy) is hereby rejected."

During the hearing, senior advocate Kapil Sibal, appearing for Roy, said that the auction process should be put on hold till September so that his client could arrange Rs 1,500 crore to be deposited into Sebi-Sahara account.

The bench, however, said that it will pass orders at an appropriate time.

Roy