The summons came after Sahara objected to a court suggestion to let SEBI to sell off some of the land of other Sahara companies to recover the amount. “You won’t pay. You won’t allow them (SEBI) to recover. Let them (the directors) appear here. We will let them know where such directors should be,” the bench said.
The court told SEBI to go ahead with the sale of the company’s properties to recover the money. These properties are those whose sale deeds were handed over to the market regulator. “What is the difficulty in selling the property? Put it on auction and get the money. Forget about the value of the property,” the bench observed.
“If they are encumbered properties then you can file criminal case against the company. The case must be brought to a logical conclusion,” the court said.