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Sahara to sell properties in four cities after Supreme Court grants approval

Gaurav Pathak
3 Dec 2014 2:34 AM GMT
Sahara to sell properties in four cities after Supreme Court grants approval
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The Bench headed by Justice TS Thakur allowed Sahara Group to sell properties in Jodhpur, Pune, Chauma in Gurgaon and Vasai in Mumbai, after ascertaining the fact that the sale would be in accordance with its order dated June 4.

The order had reportedly stated, "Such sales are not for a price lower than the estimated value indicated in the statement filed before this Court or the circle rates fixed for the area in which such properties are situated".

The Supreme Court was also apprised about the fact that the Sahara Group has already generated about Rs. 184.5 crore as part payment for the properties in Jodhpur, Chauma and Vasai. It was submitted that the Pune deal could not get through due to unavoidable circumstances and that it was expected to be finalized soon. The Group submitted that Rs. 50 crore as part-payment was expected for the Pune property.

Appearing for Sahara Group, Senior Advocates Rajiv Dhawan and S Ganesh informed the Court that the whole transactions were expected to be completed by May, 2015 and that the buyers would deposit post-dated cheques in the SEBI-Sahara account, undertaking the fact that the cheques will be honoured on due dates.

The proposal was accepted by the Bench, which also had Justices Dave and Sikri. Meanwhile, appearing for SEBI, Senior Advocate Arvind Dattar and Shekhar Naphade, who is the amicus in the matter, raised doubts about the terms of sale, especially the issue of escrow agent and liability.

The Supreme Court then directed the Sahara Group to clarify everything and provide all the details to the amicus within a week, while fixing December 17 as the next date of hearing.

Moreover, the Supreme Court refused to accept the post-dated cheques at the present stage, after Sahara’s counsel informed the Court that only Rs. 1882 crore was remaining.

When Sahara Group sought permission to sell the property in Pune, the Supreme Court said, "You have already been permitted,"

Meanwhile, Sahara Chief, Subroto Roy, continues to remain in jail.

You may read more of our coverage on the case here.

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