The Supreme Court on Tuesday allowed the Securities and Exchange Board of India to start selling as many as 86 properties belonging to the Sahara Group in order to refund millions of investors, reported Reuters. The court has, however, told SEBI not to sell the properties if the bids were less than 90% of the circle rate, which is the minimum value at which the sale can take place. These properties will also not include Amby Valley or those outside India, reported the Economic Times.
Sahara founder Subrata Roy has been in Tihar Jail since March 24, 2014, after he failed to comply with a court order to refund money raised from investors by selling them bonds that were later ruled illegal. On February 2, Sahara had sought permission from the apex court to sell its 42% stake in Formula 1 team Force India, four airplanes and Mumbai's Sahara Star Hotel to raise Rs 3,000 crore of the Rs 10,000-crore bail bond set for Roy's release. It had also said that negotiations were underway to sell three overseas hotels – the Grosvenor House Hotel in London, the New York Plaza Hotel and the Dream New York Hotel.
Sahara needs to arrange for Rs 10,000 crore, partly in cash and the rest in the form of bank guarantees, to secure the release of Roy and two other directors from jail on bail.