SC tells SEBI to sell Sahara properties to realise bail amount of Subrata Roy

Calling it an “exceptional case”, the Supreme Court today directed Capital market regulator Securities and Exchange Board of India (Sebi) to sell real assets belonging to Sahara group to generate money for the bail of Subroto Roy. The court also asked SEBI to take its permission in case the assets are being sold at less than 90 per cent of circle rate, apart from directing it to engage a professional for evaluating the property rate and also to help in the sale procedure. The bench also permitted SEBI to accept cheques from Sahara for an amount of Rs 66 crore 77 lakhs. The sale of properties will be supervised by Justice B N Agarwal. The matter will now be heard on April 27. To grant interim bail to 67-year-old Roy, the court had put conditions like depositing Rs 5,000 crore in cash and a bank guarantee of equal amount and other stringent conditions including payment of the entire Rs 36,000 crore including interest. The money will be paid back to the investors of Sahara.