Yesterday, Sahara’s had moved an application before the Hon’ble Supreme Court seeking permission for entering into an agreement with M/s. Victor Koenig UK Limited with the nominee M/s Royale Partners Investment Fund Limited for inviting an investment of US $ 1.67 billion into its Aamby Valley project. With the aforesaid proposal the Sahara’s had also prayed for stopping the auction process. After hearing counsels for SEBI, Amicus Curie and Sh. Kapil Sibbal senior advocate for Sahara’s the Supreme Court has opened a window for Sahara’s by permitting them to enter into the negotiations and deposits the amount before this court and that is Rs.1500 Crores to be deposited before the next date. In last date it was said by Hon’ble Judge that if Rs.1500 Crores is deposited then auction order will be withdrawn. With regard to staying/recall of the auction process the Hon’ble Supreme Court merely stated that appropriate orders shall be passed on the next date of hearing.
In fact the learned lawyer of SEBI Shri Datar stated yesterday that they could not find the M/s Royal Partners Investment Fund Limited company the reason which we have found of this confusion is a typo error in the spelling of the concerned company wherein the spelling of Royale was mentioned as ‘Royal’ instead of ‘Royale’.
(Advocate for Sahara’s)
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