SC allows Sahara to sell four properties

SC allows Sahara to sell four properties

The Supreme Court on Tuesday permitted the Sahara Group to go ahead with the sale of four of its domestic properties, likely to fetch Rs 2,710 crore, in its efforts to raise Rs 10,000 crore for the release of its jailed chief Subrato Roy.

Roy, along with two directors, has been jailed since March 4 this year for their inability to refund over Rs 20,000 crore to the Sebi.

A three-judge bench presided over by Justice T S Thakur allowed the group to sell properties in Jodhpur, Pune, Chauma in Gurgaon and Vasai in Mumbai after it was satisfied that the transactions were in accordance with its June 4 order.

This court order had stated that sales should not be for a price lower than the estimated value or the circle rates fixed for the area.

Senior advocate Rajiv Dhawan, appearing for the group submitted the transactions for these properties would be completed by May 2015 and in the meantime, the purchasers would deposit post-dated cheques in the name of Sebi-Sahara refund account with undertakings that those would be honoured on due dates.

The group also handed over a cheque and demand drafts to the tune of Rs 184.5 crore, already generated as part payment for its assets in Jodhpur, Chauma and Vasai to Sebi counsel.

Narendra Modi or Rahul Gandhi? Who will win the battle royale of the Lok Sabha Elections 2019


Get real-time news updates, views and analysis on Lok Sabha Elections 2019 on Deccanherald.com/news/lok-sabha-elections-2019 


Like us on Facebook or follow us on Twitter and Instagram with #DHPoliticalTheatre for live updates on the Indian general elections 2019.

Liked the story?

  • 0

    Happy
  • 0

    Amused
  • 0

    Sad
  • 0

    Frustrated
  • 0

    Angry