Sahara directed to sell properties worth Rs.5092.64 crores and deposit the amount on or before 13.04.2017

Supreme Court: Taking note of the list of properties submitted by the Sahara Group of Companies in furtherance of the order dated 06.02.2017, the Court directed Sahara to deposit Rs.5092.64 crores on or before 13.04.2017 in SEBI Sahara Refund Account.

The 3-Judge Bench of Dipak Misra, Ranjan Gogoi and A.K. Sikri, JJ had earlier ordered that the properties suggested for public auction shall be free from any encumbrance, hence, two separate lists of properties free from encumbrances and properties with some encumbrances, were submitted before the Court.  The properties to be sold include Sahara Hospital, Lucknow, Sahara City Homes situated at various cities across the country apart from the lands owned by the contemnors.

It was pleaded by Sahara that they need 6 months to sell the properties. The Court, however, refused to give 6 months to the contemnors and said that in case, the substantial amount is deposited by 13.04.2017, the Court may think of extending the time. The Court will next hear the matter on 17.04.2017. [SEBI v. SAHARA INDIA REAL ESTATE CORPN.LTD., 2017 SCC OnLine SC 178, order dated 28.02.2017]

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