March 29, 2016
NEW DELHI: The Supreme Court on Tuesday asked the market regulator Securities
and Exchange Board of India (SEBI) to initiate sale of the 86 unencumbered
properties of the Group to facilitate release of Sahara boss Subrata Roy Sahara
from jail.
The apex court directed the SEBI to appoint an expert agency for valuation of the
86 properties, which excludes Aamby Valley and overseas properties of the
company. The sale must not go below 90 percent of the existing circle rates, the
court said. Sahara had given the court a list of 86 properties it claims are worth
Rs 40,000 cr.
Market experts say since circle rates are generally much lower than market rates,
the sale is likely to go through. The next hearing will be on April 27.
Roy has been in jail since March 2014 for failing to refund investors' money. The
court had asked to deposit Rs 5,000 in cash and Rs 5,000 as bank guarantee for
bail. While the court wants the company to pay Rs 36,000 cr to the investors,
Sahara claims it has paid 95 per cent of the refund and had sent truck loads of
documents in proof to the SEBI.
