Supreme Court on Tuesday directed the Securities and Exchange Board of India to initiate sale of the 86 unencumbered properties of the Sahara Group worth about Rs 40,000 crore. The Supree Court said that properties would not be sold at a price that is less than 90% of the prevailing circle rates. The court had put conditions like depositing Rs. 5000 crore in cash and a bank guarantee of equal amount and tough terms including payment of the entire Rs 36000 crore including interest. The money will be paid back to the investors of Sahara.
Roy is in jail since March 4, 2014 with two other directors of Sahara companies Ravi Shankar Dubey and Ashok Roy Choudhary will be taken into custody. The entire process will be carried out under the supervision of former Supreme Court judge Justice B N Agarwala. The proceeds from the sale of the above-mentioned 86 properties could be used for securing bail for Roy, and next hearing in the matter has been scheduled for April 27.in India. Sahara will be kept informed about the steps being taken for the sale of its properties.
Sahara was sponsor of India National Cricket Team, has major hotels overseas including the Plaza in New York and the Grosvenor house in London, besides vast real estate assets in India.
Supreme Court asks SEBI to sell Sahara property to realise amount payable by Subrata Roy for his release from jail pic.twitter.com/wBkm0QkueB
— Doordarshan News (@DDNewsLive) March 29, 2016