SEBI to auction Sahara's property to raise rupees 10,000 crore

Published on: 28 April 2016 5:25 AM GMT
SEBI to auction Saharas property to raise rupees 10,000 crore
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New Delhi: Securities Exchange Board of India has decided to auction the the assets of Sahara, in order to raise Rs 10,000 crore which the Supreme Court has asked the group to pay to get its chief, Subrata Roy out of jail.

SEBI has decided to auction 60 assets of the Sahara group in order to raise the amount asked by the SC to free Roy.

What Supreme Court ordered?

  • The The Supreme Court on Wednesday asked jailed Sahara chief Subrata Roy to make a full and faithful disclosure of all his assets by May 11.
  • SC has linked Subrata Roy’s freedom to the outcome of the market regulator's efforts to sell 60 properties of the group.
  • The court has also directed Roy to disclose details of all his assets both at home and abroad to the court in a sealed cover.

The auction:

  • Roy has been in jail for over two years now, after the group failed to meet the Supreme Court's 2012 order to pay more than Rs 30,000 crore to the SEBI to be returned to investors.
  • The bench of Chief Justice TS Thakur, Justices A R Dave and A K Sikri, had on March 28 directed SEBI to start selling Rs 40,000 crore worth of properties
  • Appearing before the bench, SEBI's counsel senior advocate Arvind Dattar said HDFC Realty and SBI Cap would e-auction the properties for Sebi and the process would start next week.
  • The court said the group's properties would be put on block if Roy defaulted in payment, this time.

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