SC to hear Sahara-SEBI case today

Aamby Valley

The Supreme Court on Thursday asked the Maharashtra DGP to hand over Sahara's flagship project Amby Valley to the Bombay High Court official liquidator for auction after market regulator Sebi (Securities and Exchange Board of India) blamed the company for the failure of the first round of bidding for the project.

Group chief Subrata Roy, who spent around two years in jail for failing to submit the dues, is now out on parole.In a letter addressed to the Superintendent of Police Pune (Rural) with copies marked to Additional chief secretary, the group had claimed that the Supreme Court order had brought its business to a standstill as no real estate transaction was happening and that it was forced to issue a lockout notice. A Bench of chief justice Dipak Misra, Ranjan Gogoi and AK Sikri directed the liquidator to conduct the auction process afresh under the guidance of the companies judge in Mumbai and a judge of the Bombay High Court.

Later however, the apex court clarified that it was not initiating any contempt action at this stage.

On Sebi's allegation that the police had taken custody of the property due to which no bidder was willing to take part in the auction process, the bench asked the Director General of Police, Maharashtra, to ensure that the property was handed over to the liquidator within 48 hours. Senior counsel Arvind P. Datar for Sebi said the police had taken possession of the property and auction could not take place on October 3, as there were no buyers.

Senior advocate Mukul Rohatgi, representing the Sahara group, countered the submission and said the custody of the property has not been handed over to the poilice and "completly wrong statements are being made to prejudice the court".

"No bidder has come".

Aamby Valley property auction process was to start from Tuesday but SEBI said Sahara Group has been "obstructing" it by allegedly suspending day-to-day business activities in the project.

The bench said Justice Oka and the company judge shall work in harmony so that the auctioning process goes on smoothly. The Supreme Court had said that the sale would be withdrawn if Sahar managed to deposit Rs1,500 crore before the next date of hearing. Sebi will then attempt to auction it again.

Roy, who has spent nearly two years in jail, has been on parole since May 6 last year.

Related News:

  • Stock Brushing a Recent High: Tetra Tech, Inc. (NASDAQ:TTEK)

    SHOEMAKER LESLIE L sold $771,140 worth of Tetra Tech , Inc. (NASDAQ:TTEK) on Wednesday, January 25 with "Buy" rating. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock.

    Quantbot Technologies LP Invests $684000 in Affiliated Managers Group, Inc. (AMG)

    Over the past week, Affiliated Managers Group, Inc. (NYSE:AMG) has declined 5.60% since October 10, 2016 and is downtrending. Equities analysts forecast that Affiliated Managers Group, Inc. will post $14.61 earnings per share for the current year.

    Lloyds to buy Zurich's United Kingdom workplace pensions and savings business

    The Zurich tie-up is expected to partially close early next year, with full completion to follow once regulators give it approval.
  • Analyst cuts his forecast of 2017 Apple iPhone X production by 10%

    Analyst cuts his forecast of 2017 Apple iPhone X production by 10%

    The smartphone also comes with a vertical-dual camera system, which includes larger and faster sensors. Not terribly long ago, a financial newswire said that Apple's yield for the iPhone X was 10% .

    American Water Works Company, I (AWK) Trades at New 52-Week High

    The United Kingdom-based Royal Bank Of Scotland Group Plc has invested 3.93% in the stock. 81,707 are held by Centurylink. Shares of American Water Works Company Inc (NYSE:AWK) traded down 0.26% during midday trading on Friday, reaching $77.53.

    Sociedad Quimica y Minera de Chile SA (SQM) Price And Consensus

    A month ago, they told us to expect earnings of US$0.39 per share while three months ago their EPS consensus estimate was US$0.32. BMO Capital Markets maintained Sociedad Quimica y Minera de Chile (ADR) (NYSE: SQM ) on Thursday, August 24 with "Hold" rating.
  • [Download APK] Google starts rolling out Play Store v8.3.42

    [Download APK] Google starts rolling out Play Store v8.3.42

    We are still looking to see if there is actually something visually interesting. So now the update has bumped up the the latest Play store version to 8.3.42.

    Real Goods Solar, Inc. (RGSE)- Bullish Movers Gaining Investors Attention

    The simple moving average is a mathematical calculation that takes the average price (mean) for a given amount of time. Knowing when to ride the surge rather than stay on the sidelines, can be a hard decision even for veteran investors.

    Ford Motor Company (NYSE:F) Undervalued by 1.2%

    Following the completion of the purchase, the director now owns 3,120 shares in the company, valued at approximately $102,710.40. With all of these companies being brought down, General Motors Company may be a diamond in the rough. 10 reported 14,460 shares.
  • Cantor Fitzgerald Maintains Rating And Lowers Price Target On Ardelyx, Inc. (ARDX)

    Cantor Fitzgerald Maintains Rating And Lowers Price Target On Ardelyx, Inc. (ARDX)

    The Manufacturers Life Insurance Company increased its position in shares of Ardelyx by 18.5% in the second quarter. Kcg Holdings, Inc. augmented its holdings by buying 4,302 shares an increase of 42.9% as of 06/30/2017.
    Rand Paul Says Trump's Obamacare Order 'Has The Potential To Be Amazing'

    Rand Paul Says Trump's Obamacare Order 'Has The Potential To Be Amazing'

    And while Paul admitted he doesn't know specifics, he said he's discussed his ideas with Trump and believes they'll be addressed. Paul has been advocating for the plans in the White House, with Congress and across Kentucky.
    Keep an Eyeball on P/FCF Ratio: Activision Blizzard, Inc. (NASDAQ:ATVI)

    Keep an Eyeball on P/FCF Ratio: Activision Blizzard, Inc. (NASDAQ:ATVI)

    Credit Suisse maintained Activision Blizzard, Inc. (NASDAQ: ATVI ) on Friday, September 23 with "Overweight" rating. Physicians Financial Services Inc. increased its position in Activision Blizzard by 21.7% in the third quarter.


Most liked

Florida reports 1st locally acquired Zika case of year in Manatee County
Officials say there's no evidence of ongoing, active transmission along Florida's Gulf coast, or anywhere in the state. A locally transmitted case of Zika has been found in Manatee County, the Florida Department of Health said Thursday.

Supreme Court to look into plea on app-based cab services
Jaising is amicus to the court in a case relating to grant of compensation to rape victims under the Nirbhaya scheme. This is a very wide grey zone - and one that the petition might help find answers to.

Spot Check on Stock With Abnormal Activity Infinity Pharmaceuticals, Inc. (NASDAQ:INFI)
Infinity Pharmaceuticals has a 12 month low of $0.84 and a 12 month high of $3.84. (NASDAQ: INFI ) for 90,720 shares. ILLEGAL ACTIVITY NOTICE: "Infinity Pharmaceuticals, Inc". 15 funds opened positions while 12 raised stakes.

Boyfriend indicted on murder charges in death of Wilde Lake teacher
Wallen's sister reported her missing on the evening of Labor Day, Monday, Sept. 4. An autopsy revealed that she was shot in the back of her head.

Wall Street slips as bank results fail to excite
The biggest drag, however, was from the consumer discretionary sector, which fell 0.57 per cent, weighed down by media stocks. The three indexes still managed to eke out new intraday highs in the session on gains in technology and industrial stocks.

Poland's Magda Linette out of Tianjin Open
However, she has been in decent form in China and was a 7-5 6-3 victor against Magda Linette in the second round in Tianjin. Voegele collected four aces and took advantage of four double faults to dismiss Putintseva in 1 hour, 37 minutes.

DICE: Star Wars Battlefront 2 Loot Boxes were incomplete in the beta
And even though they don't always make comments, it's mainly because "we don't feel we can add anything useful to the discussion". There has been a lot of social media activity surrounding the loot crate issue, with EA employees receiving countless complaints.

(CBPO) With Shares Trading unchanged at $97.15 China Biologic Agrees to Acquire…
Aviva Pcl reported 104,583 shares. (NASDAQ:CBPO), its shares were trading at $97.45 a retreat of $-2.46, on the trading floor. Wall Street is only getting more bullish on the stock, with 4 of analysts who cover DISCK having a buy-equivalent rating.

'Several' people injured in shooting at Swedish marketplace
Trelleborg has been placed on lockdown by armed cops with reports that at least four people suffered gunshot wounds. Forensics team and a canine unit have also been dispatched to the scene of the incident.

Bristol-Myers Squibb Company (BMY), CA, Inc. (CA)
Salzhauer Michael increased Pinnacle Finl Partners Inc (NASDAQ:PNFP) stake by 11,429 shares to 38,429 valued at $2.41M in 2017Q2. After $0.19 actual EPS reported by Oclaro Inc for the previous quarter, Wall Street now forecasts -15.79% negative EPS growth.

GSA Capital Partners LLP Invests $552000 in Ulta Beauty Inc
Kensico Capital Management Corp holds 17.15% of its portfolio in Constellation Brands, Inc. for 5.76 million shares. Cleveland Research has downgraded Ulta Beauty (NASDAQ:ULTA) from Buy to Neutral in a report released on 10/12/2017.

Gautam Bambawale named India's Ambassador to China
Gautam Bambawale, an Indian foreign service officer of the 1984 batch is now India's high commissioner to Pakistan. In the position, he was responsible for relations with Japan, China and South Korea amongst other countries.

Compass Point Downgrades Rating On American Express Company (AXP)
Leavell Management has invested 0.05% in American Express Company (NYSE:AXP). 7,564 are owned by First Heartland Consultants. Shares of TransUnion (NYSE:TRU) traded up 0.22% in the last session while performance was up 49.86% in the last five days.

Tracking Shares of Hdfc Bank Ltd (HDB) — Market Focus
After $1.47 actual EPS reported by American Express Company for the previous quarter, Wall Street now forecasts 0.00% EPS growth. The expected HDB's profit could reach $688.43M giving the stock 30.86 P/E in the case that $0.77 earnings per share is reported.

SunTrust Banks, Inc. Reiterates "Buy" Rating for McDonald's Corporation (MCD)
Finally, Mycio Wealth Partners LLC increased its stake in shares of McDonald's Corporation by 19.6% during the 1st quarter. Lloyd Dean has seen steady activity on the sell side, and on September 30, 2017, executed an option to sell 371 shares.