Sahara matter: Official Receiver of Bombay HC to oversee Aamby Valley auction

Supreme Court: Appointing the Official Receiver of the Bombay High Court as the receiver for the auction of the Aamby Valley Property, the 3-Judge Bench of Dipak Misra, CJ and Ranjan Gogoi and Dr. AK Sikri, JJ ordered auction of the property after SEBI sought for the direction of the Court in the light of the possible encroachment of the area in question.

The Bench said that the High Court was at liberty to adopt the procedure which will facilitate the auction and the mode of auction as suggested by the Official Liquidator shall be considered by the Company Judge in consultation with Justice A.S. Oka. It was directed that the Official Receiver has to see that the property is properly maintained and no encroachment takes place so that valuation does not reduce and auction takes place in peaceful manner.

The Court also said that the Receiver was at liberty to take instructions from the Company Judge and Justice A.S. Oka.

Earlier, the Court had rebuked Sahara Chief Subrata Roy for employing dilatory tactics and had said:

“He, who thinks or for that matter harbours the notion that he can play with law, is under wrong impression.”

The Court will now take up the matter in the first week of February 2018. [SEBI v. Subrata Roy Sahara, 2017 SCC OnLine SC 1354, order dated 23.11.2017]

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