Ambiguity in Aamby Valley

Many Sahara investors pinned their hopes on the group's iconic luxury city, Aamby Valley. But, apparently, a difference in the valuation of land in the city led to panic among investors. During one of his passionate pleas in court, Sahara chief Subrata Roy said the Securities and Exchange Board of India (Sebi) had valued the nearby forest land at Rs 45 lakh an acre, whereas the land within the city was worth Rs 8 crore an acre. According to him, Sebi's valuation created panic that spread like "wildfire" and Sahara had to refund investors in cash. The court, however, did not buy the panic theory. Now, with Sahara under pressure to raise Rs 20,000 crore to return to holders of a controversial optionally fully-convertible debenture scheme, whether an acre in Aamby Valley is worth Rs 8 crore or Rs 45 lakh or somewhere in between will determine the length of the chief's stay in Tihar.'