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SC allows SEBI to sell Sahara properties

Apex court on Tuesday allowed SEBI to go ahead with the sale of Sahara properties whose unencumbered title deeds are in its possession

Policy Pulse
Publish Date: Mar 29 2016 5:34PM | Updated Date: Mar 29 2016 5:34PM

SC allows SEBI to sell Sahara properties

 Apex court on Tuesday allowed SEBI to go ahead with the sale of Sahara properties whose unencumbered title deeds are in its possession.

 
Decision is being taken to recover investors' money that Sahara Group's two firms had collected from public through optionally fully convertible debentures.
 
A bench headed by Chief Justice T.S. Thakur said SEBI 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.
 
Market regulator will appoint an agency to come out with mechanism for the sale of properties which are stated to be worth Rs.40,000 crore.
 
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.
 
The decision came after the court found Sahara group did not mobilise Rs.10,000 crore - a condition set by the court to secure the release of group chairman Subrata Roy.