Sahara Group-Owned Aamby Valley Resort Sealed For Non-Payment Of Dues

01/03/2016 5:00 PM IST | Updated 15/07/2016 8:26 AM IST
NEW! HIGHLIGHT AND SHARE
Highlight text to share via Facebook and Twitter
Hindustan Times via Getty Images
NEW DELHI, INDIA - MARCH 4: Sahara Chairman Subrata Roy arrives at the Supreme Court on March 4, 2014 in New Delhi, India. An attacker, Manoj Sharma, claiming to be a lawyer from Gwalior, Madhya Pradesh managed to get close to Roy in the crowd and threw black ink on him. He was later detained and led away. Subrata Roy, head of the Sahara India conglomerate was accused by India’s regulatory body SEBI of raising nearly 200 billion rupees ($3.2 billion) through bonds that were later found to be illegal. (Photo by Arun Sharma/Hindustan Times via Getty Images)

PUNE -- The government on Tuesday sealed the Sahara Group-owned Aamby Valley Resort for the non-payment of dues.

The Lonavala-based property was sealed by the Mulshi Taluka Tahsildar for non-payment of non-agricultural tax of Rs. 4.82 crore.

The Sahara Group has been pumping in cash from small savers to fund the Aamby Valley resort project. Recently, it was found that nearly Rs. 15 billion had been pumped into the project to keep it afloat.

The investments were being made even as some investors in its credit cooperatives complained that Sahara had struggled to pay out their matured time deposits.

According to Aamby Valley's 2014 annual report, the Sahara Credit Cooperative had shares worth Rs 1,039 crore in Aamby Valley.

Like Us On Facebook |
Follow Us On Twitter |
Contact HuffPost India

Also On HuffPost:

Oscars 2016 Red Carpet


More On This Topic