Zee Media Bureau
New Delhi: Market regulator Securities and Exchange Board of India (SEBI) on Wednesday informed the Supreme Court that it was ready to sell 67 properties of Sahara group.
The regulator also informed the court that the sale process would begin next month.
SEBI to SC: 67 properties of Sahara are up for sale, process to start next week.
— ANI (@ANI_news) April 27, 2016
In the month of March, the Supreme Court had asked SEBI to initiate the process of selling 87 "unencumbered" properties of Sahara group, whose title deeds are with the market regulator, to generate the bail money for release of its chief Subrata Roy who has been in jail for two years now.
During the hearing, a three-judge bench headed by Chief Justice T S Thakur had also asked the regulator not to sell any of the properties of the beleaguered group below 90 per cent of the circle rates.
Roy was sent to the national capital's high-security Tihar Jail on March 4, 2014 and has been lodged there since then as a legal tussle continues over collection of money by two Sahara firms from an estimated three crore investors.
According to SEBI's lawyer Arvind Datar, the amount to be paid to investors by Sahara Group was around Rs 24,000 crore and along with interest, it became Rs 34,000-35,000 crore.
With Agency Inputs