The Supreme Court on Tuesday allowed market regulator SEBI to go ahead with the sale of Sahara properties whose unencumbered title deeds are in its possession.
The step is being taken to recover investors' money that Sahara Group's two companies had collected from public through optionally fully convertible debentures.
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.
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.
"Sahara group has already submitted a list of properties owned by it. The total value of properties as per Sahara's estimate is around Rs.40,000 crore," a person in the know told IANS preferring anonymity.
He said the apex court has not fixed any deadline for the sale of properties.
"Now the modalities for the sale of properties have to be drawn up," he said.
