SC allows SEBI to sell Sahara property

The Supreme Court on Tuesday asked market regulator SEBI to initiate the selling of Sahara’s 86 Indian properties to generate the required bail money for Subrata Roy Sahara’s release from the Tihar jail. The proceeds from the sale will be used to refund millions of investors in its illegal bonds. 

A three-judge bench headed by Chief Justice Tirath Singh Thakur and also comprising Justices Arjan Kumar Sikri and Anil R Dave, asked SEBI to initiate the sale of the property in India to ensure Roy release from Tihar jail. The apex court however, said the Ambivalii property of Sahara would not be sold by SEBI. 

Sahara’s Subrata Roy was arrested in March 2014 after the company failed to comply with a court order to refund money raised from millions of small investors by selling them bonds later ruled to be illegal. The country’s top court in June last year said the group needed to repay the entire 360 billion rupees, the court says it owes investors in illegal bonds. 

Sahara as the former main sponsor of the national cricket team, has major hotels overseas including the Plaza in New York and the Grosvenor House in London, besides vast real estate assets in India itself.  SC has also asked SEBI not to sell Sahara properties if the bids are below 90 per cent of the circle rate.