Aamby Valley Resort sealed over non-payment of dues

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Pune, Mar. 1 (ANI): 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. (ANI)

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