Restraint on Sale and Transfer of Properties of Sahara Group lifted and matter referred to three-Judge Bench

Supreme Court:  In the matter relating to Sahara group of companies, the bench of T.S. Thakur and Dr. A.K. Sikri, JJ declined the prayer for modification of the conditions for granting interim bail to the four directors and the prayer for shifting them to a guest house for further detention, on account that they had tried to adopt dilatory tactics and avoided to comply with the orders passed by the Court. However, the order passed by the Court regarding the restraint on sale and transfer of moveable and immoveable properties was modified to the extent that the maturity value of the fixed deposits, bonds and securities held by Sahara Group is to be deposited to the designated SEBI bank account and the immovable properties are to be sold to any party not related to the Sahara group, at price not less than the circle rates fixed for the area in which such properties are situated. Also, the Court referred the further proceedings to a three-Judge bench to be constituted by the Chief Justice of India keeping in view the importance of issues of the case and the fact that a three-judge bench order was sought to be enforced in the matter. (SEBI v. Sahara India Real Estate Corporation, I.A. NOs. 101-103, decided on 4 June, 2014)

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