Subrata Roy case: SC asks Sebi to sell Sahara properties to realise bail amount

SC has asked Sebi to sell Sahara property to realise the amount payable by its chief Subrata Roy for his release from jail.

Zee Media Bureau

New Delhi: The Supreme Court on Tuesday asked Capital market regulator Securities and Exchange Board of India (Sebi) to sell Sahara Group's 86 properties to realise the amount payable by its chief Subrata Roy for his release from jail.

A bench headed by Chief Justice T.S. Thakur said that the market regulator would appoint an agency to decide the mechanism for the sale of Sahara properties, and that these would not be sold at a price that is less than 90 percent of the prevailing circle rates.

The SEBI will appoint an agency to work out the mechanism for the sale of properties which are stated to be worth Rs 40,000 crore.

The entire process would be undertaken under the supervision of former Supreme Court judge B.N. Agarwala and Sahara would be kept informed about the steps being taken for the sale of its properties.

Next hearing in the matter has been scheduled for April 27.

Last month Sahara's counsel and senior advocate Kapil Sibal said the Group was in negotiation to sell its Mumbai hotel – Sahara Star, company's 42 percent share in Formula 1 and four aircraft.

Further, the Group said negotiations were underway to sell three overseas hotels, Grosvenor House Hotel in London, the New York Plaza and Dream New York hotels.

The counsel said Grosvenor House Hotel is being negotiated with the State of Qatar which will fetch around Rs 2,300 crore.

Further, the Group has convinced a Russian Bank to re-finance its two hotels in the United States.

Sahara also sought permission to sell its properties in Bangalore.

The group has to arrange Rs 36,000 crore for making the payment in the SEBI-Sahara account for refunding the money to its investors.

For the interim bail of 67-year-old Roy, the court had put conditions like depositing Rs 5,000 crore in cash and a bank guarantee of equal amount and tough terms including payment of the entire Rs 36,000 crore including interest. The money will be paid back to the investors of Sahara.

Roy is in jail since March 4, 2014 with two other directors of Sahara companies -- Ravi Shankar Dubey and Ashok Roy Choudhary.

With Agency Inputs