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SC asks Sahara group to furnish details of all properties, Subrata Roy seeks parole

A three-judge bench headed by Chief Justice T S Thakur, however, refused to grant parole to Sahara chief Subrata Roy, who is in jail since March 4, 2014, saying that so far its orders have not been complied with "substantially".

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The Supreme Court Wednesday directed the Sahara group to furnish details of all its properties in a sealed cover to ascertain whether the group could repay the entire amount to the investors.

“We should know about the total assets of the Sahara group. What exactly is the extent of properties, we must know. Currently, 66 properties of the group are scheduled to go on sale which will generate around Rs 6,000 crore. This might be enough for securing Roy’s bail but not to refund the entire money to investors. We want the rest of the properties to be brought into focus so you give us a list of properties,” a bench led by Chief Justice T S Thakur said. The bench, however, refused to grant parole to Sahara chief Subrata Roy, saying so far its orders have not been complied with substantially.

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Meanwhile, senior advocate Arvind P Datar, appearing for Sebi, informed the court that it has engaged services of SBI Capital Markets and HDFC Realty to sell properties of the Sahara Group. Selling process of 66 properties will be completed in four months, he added. The matter is listed for hearing next on May 11.

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First published on: 28-04-2016 at 02:02:10 am
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