New Delhi, 3 April-2014(AIR): Sahara Group has expresses its inability before Supreme Court to immediately…
NEW DELHI: The Supreme Court (SC) on Tuesday gave markets’ regulator Securities and Exchange Board of India (Sebi) a go-ahead to sell Sahara’s properties to secure the bail amount payable by Subrata Roy.
Roy is liable to pay Rs 10,000 crore to get out of jail. He’s failed to do so, which has ensured he has remained behind bars for the last two years.
Sebi has received a go-ahead to sell 86 Sahara properties, which, according to the company, are worth Rs 40,000 crore.
However, the apex court has instructed Sebi not to sell the properties if the bids are under 90% of the circle rate, according to PTI.
Sebi is also liable to seek a go-ahead from the Court if the sales bids are below 90% of the aforementioned rate.
The next hearing of the case has been scheduled for April 27, an ANI alert said.
Subrata Roy was also instructed to pay Rs 36,000 crore fleeced from small investors by way of a ponzi scheme. He was asked to pay the Rs 36,000 crore back in nine instalments over 18 months.
Recently, Sahara Group got interim relief when it got time till June to avoid any foreclosure auction of its two marquee hotel properties in the US by mortgage holders Reuben Brothers that extended a $900 million loan (nearly Rs 5,987.5 crore) refinance facility to the embattled Indian group.