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SC reject Sahara’s plea for lifting attachment, stopping auction of Aamby Valley

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New Delhi, Sep 11 (IANS) The Supreme Court on Monday rejected a plea by Sahara Group urging it to lift attachment of its Aamby Vally project and permit it to enter into agreement with Royal Partners Investment Fund for selling it 26 per cent stakes in it for $1.6 billion.

Seeking the lifting of attachment and halt to the court ordered auction of Aamby Valley, Sahara told the bench of Chief Justice Dipak Misra, Justice Ranjan Gogoi and Justice A.K.Sikri that it has already sold its two hotels in New York.

However, the court said that if Sahara group was able to fructify deal with the Royal Partners Investment Fund and deposit the amount with the court, then it would pass appropriate orders to that effect.

On April 16, the top court had asked the Bombay High Court’s official liquidator to evaluate and auction the Aamby Valley property of the Sahara Group. In his report on its worth, the liquidator had said that its market value is Rs 37, 390 crore and the fair value is Rs 43,000 crore.

Senior counsel Kapil Sibal, appearing for Sahara, said that in lieu of $1.6 billion, the de Royal Partners Investment Fund would get 26 per cent stake in Aamby Valley.

Declining to entertain the plea by Sahara group’s two companies – Sahara India Real Estate Corporation Ltd and Sahara Housing Finance Corporation Ltd, the court in order said: “However, if the applicant enters into any negotiations and Royal Partners Investment Fund deposits the amount before this Court, appropriate order shall be passed on the next date of hearing.”

The court also directed Subrata Roy to present in the court on next date of hearing.

The court rejected Sahara’s plea even though Sibal told the court that since last hearing of the matter, the group has deposited about Rs 530 crore and sought time till November 11 to pay the balance of Rs 966 crore.

Urging the court to consider their plea for 60 days time to deposit Rs 966 crore for which Sahara had given the advance cheques, Sibal said that of Rs 24,000 crore that Sahara had to deposit in SEBI-Sahara Refund Account, they have already deposited Rs 16,000 crore. He said in last one year, Sahara has deposited Rs 4,000 crore.

He told the bench to contrast this with those who after taking 40-80,000 crore from the bank were seeking their restructuring.

The court, in the last hearing of the matter on July 25, had directed Sahara group to deposit Rs 1500 crore by September 11.

The two Sahara companies had raised Rs 24,000 crore through optionally fully convertible debentures in 2007-2008 and the top court by its August 31, 2012, order had directed Sahara to refund this amount with 15 per cent interest.

–IANS
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Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok

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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.

The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.

Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.

Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.

For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.

During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.

Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.

Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .

Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.

In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.

During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.

In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.

He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.

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