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HindustanTimes Thu,17 Apr 2014

SC moots sale of Sahara properties, summons chief

HT Correspondent, Hindustan Times  New Delhi:, February 21, 2014
First Published: 01:34 IST(21/2/2014) | Last Updated: 02:27 IST(21/2/2014)

The Supreme Court on Thursday directed Sahara Group chief Subrata Roy to appear before it on February 26. A bench headed by justice KS Radhakrishnan also summoned the company’s directors — Ravi Shankar Dubey, Ashok Roy Choudhary and Vadana Bhargava — on the same day.

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The court also came down heavily on the group for not refunding Rs. 20,000 crore to investors despite a previous order.

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.

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