The Supreme Court on March twenty nine allowed the Securities and Exchange Board of Republic of India (Sebi) to line up a mechanism to sell eighty six of the Sahara group’s properties for sick a part of its dues to investors in an exceedingly case of nonlegal bonds. The dues have currently multiplied to Rs forty,000-crore. Sahara cluster chief Subrata Roy had been inactive in reference to this case 2 years past and also the court had set Rs ten,000-crore bail for his unleash. The sale of the eighty six properties are to be dole out beneath the direction of former SC choose BN Agarwal, starting next week.
The Sahara cluster had submitted title deeds for properties value Rs twenty,000 large integer to Sebi, excluding Aamby vale town and foreign properties. The court has asked Sebi to not sell the properties at a worth but ninety per cent of the prevailing circle rates.
The list of properties up available includes Pomgaon and Kumheri villages beneath Aamby vale, value Rs eleven,000 crore, and assets value Rs 423 large integer in Faridabad (Haryana), Rs 370 large integer in Noida, Rs 307 large integer in Muzaffarnagar (Uttar Pradesh), and Rs 213 large integer in Haridwar (Uttarakhand). The list additionally includes 186 acres of land in metropolis and Gurgaon, 106 acres close to Lokhandwala and 196 acres in Vasai (both in Mumbai), and fifty six acres in Malegaon (Nashik).
While passing the order, the court same Sebi would rent bureau that might produce a mechanism for the sale of the properties and also the cluster would be told regarding the steps taken within the sales method.
The move has opened a replacement avenue to recover dues within the illegitimate bonds case within which Roy and 2 administrators of Sahara Housing and Sahara property were sent to Tihar Jail on March four, 2014, once the companies reportedly didn’t raise Rs twenty four,000 large integer with interest to a few large integer investors.