Sahara Group Shall Sell Their Four Domestic Properties: Supreme Court

On December 2, the Supreme Court granted permission to the Sahara Group to sell four of their domestic properties that is expected to obtain rupees 2,710 crore to the Company. It is also likely to assist the Company to pay Securities and Exchange Board of India (SEBI) enough amount that will enable to release their Chief Subrata Roy who is imprisoned. The case was considered by special bench chaired by Justice T S Thakur including Justice Anil R Dave and Justice A K Sikri who permitted the Company to sell their properties located in Jodhpur, Vasai in Mumbai, Pune and Chauma in Gurgaon. The consent was obtained by the Company after satisfying the transactions were carried out as per the order dated June 4 which restricted the Company from selling the assets for an amount which is lesser than the approximated value by the Group in a statement submitted in the Supreme Court.

According to the order, the properties were not to be sold at an amount much less than the circle rate. The Counsel for the Company submitted before the Court that the transactions regarding the properties will become absolute by May, 2015. In the period in between, theĀ  company expects that the purchasers will deposit the cheques that are post dated in the account of SEBI Sahara refund with a promise that the amount will be paid on due dates. The Company also submitted three demand drafts in addition to cheque for an amount of rupees 184.5 crore, installment payment of the assets to the SEBI counsel. The Sahara contained nine domestic assets, and from this, the property in Ahmedabad was sold for rupees 411.82 crore that was transferred to the account of SEBI.

The Sahara Group is waiting for the clearance to advance a loan of rupees 3,600 crore to pay off the liabilities due in Bank of China. The Bank had given loan to the Company to purchase stakes in various hotels abroad. The Court necessitated the Company to deposit cash of 5000 crore and another 5000 crore in the form of bank guarantee as security to get bail for the Chief and two other directors from jail. These authorities of the Company were imprisoned on 4th March, 2014.