Skip to main content

Bombay HC liquidator starts auction process

By
Bombay HC liquidator starts auction process
The process to sell the Sahara group´s Aamby Valley began on Friday with the official liquidator of the Bombay High Court (HC) inviting bids for the property.Last week, the Supreme Court (SC) asked the official liquidator of the Bombay HC to take over and manage Aamby Valley.
It said the auction must begin on December 1 (Friday) and has to be completed within eight weeks.The HC liquidator came out with newspaper advertisements on the sale on Friday.An earlier attempt to auction the property had failed, as no bidder had come forward to bid for it
In fact, the Securities and Exchange Board of India (Sebi) told the Supreme Court that Sahara chief Subrata Roy and other directors of the company tried to obstruct the sale.The properties for sale comprise the 6,761.64acre township named ´Aamby Valley City Development´ in Lonavala in Pune district of Maharashtra and includes 1,409 acres surrounding the township and 321 acres in neighbouring Satara district.
The Sahara group has been embroiled inaprolonged legal battle with the Sebi overacase involvinga ~24,000crore refund to investors.On February 6, the Supreme Court ordered authorities to attach Aamby Valley to recover dues from Sahara.The property is worth more than Rs 39,000 crore.
The court extended Roy´s parole after the company deposited Rs 600 crore with the Sebi. Sahara acknowledged it owed Rs 14,000 crore as principal money to the Sebi, but the top court denied its offer to clear the dues by July 2019.
On August 9, Sahara´s counsel Kapil Sibal requested the Supreme Court to stay the auction, saying the company would pay dues worth Rs1,500 crore.The court, however, said it did not believe Sahara would pay up, and that it would pass an “appropriate order” if the amount was paid by September 7.

The Business Standard, New Delhi, 2nd December 2017

Comments

Post a Comment

Popular posts from this blog

RBI deputy governor cautions fintech platform lenders on privacy concerns during loan recovery

By
  India's digital lending infrastructure has made the loan sanctioning system online. Yet, loan recovery still needs a “feet on the street” approach, Swaminathan J, deputy governor of the Reserve Bank of India, said at a media event on Tuesday, September 2, according to news agency ANI.According to the ANI report, the deputy governor flagged that fintech operators in the digital lending segment are giving out loans to customers with poor credit profiles and later using aggressive recovery tactics.“While loan sanctioning and disbursement have become increasingly digital, effective collection and recovery still require a 'feet on the street' and empathetic approach. Many fintech platforms operate on a business model that involves extending small-value loans to customers often with poor credit profiles,” Swaminathan J said.   Fintech platforms' business models The central bank deputy governor highlighted that many fintech platforms' business models involve providing sm
Post a Comment
Read more

Credit card spending growth declines on RBI gaze, stress build-up

By
  Credit card spends have further slowed down to 16.6 per cent in the current financial year (FY25), following the Reserve Bank of India’s tightening of unsecured lending norms and rising delinquencies, and increased stress in the portfolio.Typically, during the festival season (September–December), credit card spends peak as several credit card-issuing banks offer discounts and cashbacks on e-commerce and other platforms. This is a reversal of trend in the past three financial years stretching to FY21 due to RBI’s restrictions.In the previous financial year (FY24), credit card spends rose by 27.8 per cent, but were low compared to FY23 which surged by 47.5 per cent. In FY22, the spending increased 54.1 per cent, according to data compiled by Macquarie Research.ICICI Bank recorded 4.4 per cent gross credit losses in its FY24 credit card portfolio as against 3.2 per cent year-on-year. SBI Cards’ credit losses in the segment stood at 7.4 per cent in FY24 and 6.2 per cent in FY23, the rep
Post a Comment
Read more

India can't rely on wealthy to drive growth: Ex-RBI Dy Guv Viral Acharya

By
  India can’t rely on wealthy individuals to drive growth and expect the overall economy to improve, Viral Acharya, former deputy governor of the Reserve Bank of India (RBI) said on Monday.Acharya, who is the C V Starr Professor of Economics in the Department of Finance at New York University’s Stern School of Business (NYU-Stern), said after the Covid-19 pandemic, rural consumption and investments have weakened.We can’t be pumping our growth through the rich and expect that the economy as a whole will do better,” he said while speaking at an event organised by Elara Capital here.f there has to be a trickle-down, it should have actually happened by now,” Acharya said, adding that when the rich keep getting wealthier and wealthier, they have a savings problem.   “The bank account keeps getting bigger, hence they look for financial assets to invest in. India is closed, so our money can't go outside India that easily. So, it has to chase the limited financial assets in the country and
Post a Comment
Read more