Maharashtra government seals Aamby valley resort

March 01, 2016 14:17

JUST IN: Aamby valley resort, owned by Sahara, sealed by Maharashtra government over non-payment of dues.

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

Aamby Valley was recently in the news after an Indian regulator found that nearly Rs 15 billion had been pumped into the project to keep it afloat.

What it also found was that the company was consistently funnelling money from small savers and was invested into one of the largest projects of the Group through two of its credit cooperatives.

This was done by way of investments in preference shares.

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