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Takeover of Sahara’s Aamby Valley properties to begin tomorrow

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Aamby-vaaley

[vc_row][vc_column][vc_column_text]The Bombay High Court receiver, appointed by the Supreme Court to take over the management of Sahara Group’s Aamby Valley luxury township near Pune, has told the property’s CEO Vivek Kumar that the process of taking ‘symbolic possession of Aamby Valley City’ would begin Monday, Dec 11.

In a communique sent on Friday, Dec 8, the receiver asked Kumar to be present at the properties ‘on the date and time mentioned in the schedule’ with all relevant documents and also ‘to intimate concerned persons at the sites about the said visit’.

The Supreme Court, on Nov 23 last, had ordered the official receiver at the Bombay High Court to take over the management of affairs of Aamby Valley, to ensure that the auction of the property proceeds smoothly. There had been allegations that a previous attempt to sell the property was obstructed. There was also fear of encroachment and the possibility of not finding any bidder for it, according to media reports.

The bench of Chief Justice Dipak Misra and judges Ranjan Gogoi and A K Sikri said: “The duty of the receiver is to see the valuation is not reduced and the property is maintained.”

The takeover by court receiver will end control and possession of the Sahara group over the Rs 37,000-crore property, spread across 43 sq km off Lonavla, on the Mumbai-Pune Highway.

Earlier this year, the Court had ordered the township’s auction after Sahara failed to pay the Securities and Exchange Board of India (SEBI) the amount fixed by the court’s 2012 order. SC had originally ordered Sahara India Real Estate and Sahara Housing Invest Corp to refund Rs 24,029 crore raised from 29.6 million investors, along with an interest of 15 per cent. Sahara repaid only Rs 5,120 crore and claimed the rest was refunded to the investors directly. The court did not buy this argument and sent group chief Subrata Roy to Delhi’s Tihar jail in 2014.

Roy was released on parole in 2016 and some amount was paid in instalments. With delay, however, interest on the due accumulated and the dues mounted to over Rs 40,000 crore. The court ordered the auction of Aamby Valley as the final option to end the proceedings that have dragged on for seven years.[/vc_column_text][/vc_column][/vc_row][vc_row css=”.vc_custom_1512906641297{margin-bottom: 20px !important;border-bottom-width: 20px !important;padding-top: 20px !important;padding-bottom: 20px !important;background-color: #a2b1bf !important;}”][vc_column][vc_column_text]Outward No. of 2017. Bank of India Building, 2nd Floor,

(G.C.P.)J1879(1,25,000112007)

Mahatma Gandhi Marg,

Tel. No.22670219 (Office) Fort, Mumbai – 400 023

From : D. R. Shetty, Date :8th December, 2017

COURT RECEIVER, HIGH COURT, BOMBAY

To,

Mr. Vivek Kumar

C.E.O., AambyValley City

Hotel Sahara Star,

Opp. Domestic Airport,

VileParle

(East)

Mumbai 400 057.

Sub. :Compliance of the order dated 23/11/2017 passed by Hon’ble Supreme Court in the matter of Securities And Exchange Board of India V/s Subrata Roy Sahara & Ors.

Ref. :order dated 23rd November, 2017 in Conmt. Petition (c) Nos. 18201822/2017 in Conmt. Pet. (c) Nos. 412 and 413/2012 in C.A. Nos. 9813 and 9833/2011

Sir,

Apropos of the subject referred above, I am directed to inform you that as per above referred order, Court Receiver, High Court, Bombay is appointed as official Receiver in respect of Aamby Valley City. In compliance of this order, Court Receiver, High Court, Bombay has fixed an appointment to take symbolic possession of Aamby Valley City at Lonavala and properties belonging to Aamby Valley Limited at Village Dabhedabhekar, Tal. Mahabaleshwar, Sambhukhed, Tal. Mann, and Yerphale, Tal.Patan, Dist. Satara as per the schedule given below.

Therefore, you are requested to remain present on the date and time mentioned in the schedule given below with your officers along with documents of title, revenue records, survey record, approved maps, licenses, contracts, agency agreements, seal and stamp of your office and other necessary documents. You are also requested that the extra sets of copies of all these documents be brought on site. You are further requested to intimate concerned persons at the sites about the said visit.

Yours faithfully,

Sd/COURT

RECEIVER.

Schedule

Description of properties Date of

visit/appointment

1 Aamby Valley City, Taluka – Mulshi, Lonavala, Dist. Pune – 11/12/2017 at 9.30 a.m.

2 Aamby Valley Limited property, Gat No.76 at village Yerphale, Tal. Patan, Dist. Satara – 12/12/2017 at 9.00 a.m.

3 Aamby Valley Limited Property, Gat No.334, 287, 298, 321A,321B, 321C, 338 and 320 at Village Sambhukhed, Tal. Mann, Dist, Satara – 12/12/2017 at 2.00 p.m.

4 Aamby Valley Limited Property, Gat No. 2/66, 10/74 Village Dabhedabhekar, Tal. Mahabaleshwar, Dist. Satara – 13/12/2017 at 10.00 a.m

Encl.:Copy of order dated 23.11.2017 of Hon’ble Supreme Court.[/vc_column_text][/vc_column][/vc_row]

India News

On completing nine years in office, Prime Minister Narendra Modi says he’ll continue to improve lives

The BJP has planned a special contact campaign across the country.

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On completing nine years in office, Prime Minister Narendra Modi says he'll continue to improve lives

Prime Minister Narendra Modi on Tuesday said his government, which completed nine years in office on May 30, will continue to take decisions to improve the lives of people like it had over the last nine years.

In a tweet, the PM said he was filled with humility and gratitude on the ninth anniversary of his government. He said he would continue to work harder towards the vision of a developed India.

The BJP has planned a special contact campaign across the country. The party said in a statement the country had seen unprecedented growth and development in every sector with the mantra of Nation First over the past nine years. It was due to the efforts of the government that the world was saying the 21st century belongs to India.

Comments on the tweet have not stopped coming in. One user said PM Modi’s vision had made India the fifth largest economy in the world. Many infrastructure projects had been pushed, toilet, gas and water connections were on the priority list of the Modi government. Article 370 had been revoked in Jammu & Kashmir and women had been empowered during the time.

Not to to be outdone, a critic of the government noted the Modi government had gifted India the highest unemployment rate, the highest cost of living and the highest debt. The user said women’s empowerment was hypocrisy as women wrestlers were being treated like criminals for protesting against the wrestling body chief, who continues to enjoy support of the Modi government.

But overall, the mood has been congratulatory with the odd critique here and there. On May 28, Prime Minister Modi inaugurated the new Parliament building while the Opposition boycotted it. He described the new Parliament as a temple of democracy, felicitated some workers involved in its construction.

The real test of the Modi government will come next year when the country will vote in the next Lok Sabha.

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India News

Please don’t go: Go Air ready to pay Rs 1 lakh more to pilots, Rs 50,000 more to first officers in retention effort

This retention allowance will be effective June 1. The offer will also be extended to those who had left the airline and willing to return, if they rescind their resignations before June 15.

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Please don't go: Go Air ready to pay Rs 1 lakh to pilots, Rs 50,000 to first officers in retention effort

Go Air, which filed for bankruptcy earlier this month, is taking the retention allowance route to prevent its employees from leaving en masse. It has announced an increase in salary of Rs 1 lakh a month for captains and half that for first officers to retain employees.

This retention allowance will be effective June 1. The offer will also be extended to those who had left the airline and willing to return, if they rescind their resignations before June 15.

Not just this, the company, which had undergone a rebranding exercise from Go Air to Go First a few years ago, will also offer a longevity bonus to staff who had served longer with the airline. Reports said Go Air Pilots get approx Rs 5,30,000 a month, which is much less when compared to pilots of Spice Jet, who draw Rs 7,50,000 a month since a double hike in their salaries in recent months.

With a month’s deadline from the airline industry regulator on revival plan submission, Go Air is pulling out all stops to present a working face. In its email sent to employees, the airline said it had put together a plan for progress and if everything goes as per plan, then it would not be too long before it would return to the skies that and would return to being regular on salary payments.

Staff from Go Air have plenty of options elsewhere since there has been a shortage of airline staff after the Coronavirus pandemic globally. For instance in India, India’s largest carrier IndiGo is looking to hire 5,000 workers in 2024 and Air India, under the ownership of the Tata Group, plans has some 4,200 cabin crew jobs and needs 900 pilots this year.      

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India News

How dare you disturb my sleep: Retired BSF man shoots at UP sanitation worker for playing Swachhta song, arrested

The accused has identified as Tauheed Ali, 48, a resident of Kanchan Park, Ghaziabad is a retired Border Security Force personnel, was later arrested by the police.

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How dare you disturb my sleep: Retired BSF man shoots at UP sanitation worker for playing Swachhta song, arrested

In an eerie turn of events, a man in Uttar Pradesh’s Ghaziabad allegedly shoots two sanitation workers over the disturbance of his sleep by the Swacchta song being played in their waste collection vehicle.

The incident took place on Sunday morning when the accused came out complaining disturbance from the song and fired several round on the cleaning staff.

The accused has identified as Tauheed Ali, 48, a resident of Kanchan Park, Ghaziabad is a retired Border Security Force personnel, was later arrested by the police.

An FIR under section 307(attempt to murder) of the Indian Penal Code (IPC) has been registered against Ali.

The victim have been identified as Rohit Kumar and co-driver Raj Kumar.

As per the police, the incident took place at around 7:30 am when a waste collection vehicle was passing by Ali’s house and the vehicle had two cleaning staff driver Rohit Kumar and Raj Kumar.  

Rohit said, Ali had earlier requested him to turn the song when the vehicle passes by his house.

Rohit said, when the vehicle was passing Ali’s house, he objected to it and after several attempts to explain him that turning off the jingle would prevent other residents from informing about the vehicle, he did not understood and  started abusing him and Raj.

He added, Ali then went inside his house and came back with a revolver in his hands to fire two rounds on them, on which they fled from the scene leaving the vehicle.

Assitant Commissioner of Police Rajneesh Kumar Upadhyaya said Ali used his licensed revolver and informed that the police will recommend to revoke his arms license.

ACP Upadhyaya said Ali to be a retired BSF man and he claimed disturbance from the song played by waste collection vehicle.

Swacchta song is a jingle usually played in every waste collection vehicle, it helps to alert the neighborhood to come out of their homes and throw garbage into it.

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