Sahara's properties at Jodhpur, Chomu, Pune and Vasai near Mumbai are expected to fetch about Rs2,700 crore
The Supreme Court on Tuesday allowed Subrata Roy-led Sahara group to sell four of its domestic properties that are likely to fetch about Rs2,700 crore. This includes Sahara's properties at Jodhpur, Chomu, Pune and Vasai near Mumbai.
The apex court also directed Sahara group to handover the proceeds from the sale to market regulator Securities and Exchange Board of India (SEBI) to facilitate bail for Roy.
Earlier, Sahara had told a bench headed by Justice TS Thakur that it could not sell its two hotels in London and another in New York as Bank of China, which has charge on these, has put hurdles.
When SEBI objected to deduction from the loan amount on Sahara's overseas properties for paying to Bank of China, the apex court asked SEBI to seek more details from Roy-led group on the loan agreement.
Last week, the SC had asked SEBI to suggest an asset management agency that could arrange better deals for the Sahara properties up for sale.
Sahara chief Roy has been imprisoned in Tihar Jail since 4th March on Court orders and his bail requires Rs10,000 crore, including Rs5,000 crore in cash and the rest in bank guarantees.
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