The Supreme Court on Tuesday permitted the embattled Sahara Group to proceed with the sale of four of its domestic properties, which is likely to fetch the company Rs 2,710 crore.
This is expected to help the company pay market regulator Sebi sufficient money to secure the release of its jailed chief Subrata Roy.
A special bench headed by Justice TS Thakur allowed the group to sell properties in Jodhpur, Pune, Chauma in Gurgaon and Vasai in Mumbai, after the company counsel satisfied the court that the transactions were in accordance with June 4 order that prohibited Sahara from selling the properties for a price lower than the estimated value indicated by it in a statement before the apex court.
The properties could not be sold at prices lower than the circle rate, the order had stated.
The company said the transactions for these properties would be completed by May 2015, and in the meantime, the purchasers would deposit post-dated cheques in favour of Sebi-Sahara refund account with the undertaking that these would be honoured on due dates.
The company handed over three demand drafts and one cheque totalling Rs 184.5 crore, part payment for three of the assets, to the Sebi counsel.
Out of the list of nine domestic properties, Sahara has already sold its Ahmedabad property and raised Rs 411.82 crore. This amount has gone to the Sebi account.
The company is, however, awaiting clearance for raising ‘junior loan’ of $650 million (about Rs 3,600 crore) to offset its liability with Bank of China, which had lent money to it in purchasing stakes in three overseas hotels, Dream Downtown and The Plaza in New York and Grosvenor House in London.