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.
The court has however cautioned Sebi not to sell Sahara properties if the bids are below 90 percent of the circle rate. Next hearing in the matter has been scheduled for April 27.
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.