Sell all the Sahara properties, the Supreme Court tells SEBI
New Delhi: As a final blow to the Sahara group, the Supreme Court on Tuesday directed the Securities and Exchange Board of India (SEBI) to start selling the properties of Sahara to repay millions of the investors.
The Court also asked to use proceeds of the sale for the bail of Sahara chief Subroto Roy who is in the jail since March, 2014 for not refunding Rs 36000 crore to Sahara investors. He was asked to furnish an amount of Rs ten thousand crore to secure his bail which he could not.
Sahara, in fact, had submitted a list of eighty odd properties worth Rs 40,000 crore but pleaded that they were not getting buyers for the same. The prime properties of Sahara included Amby valley township, spread over 1700 acre near Mumbai-Pune Highway, the Plaza in New York, Grosvenor House in London, several real estate assets in various cities of India besides, share in Formula one race and four aircrafts.
The Apex Court had also directed not to sell any property on less than 90 per cent value of the circle rate and that will only be done with prior permission of the Court.