The Supreme Court today allowed market regulator Securities and Exchange Board of India(SEBI) to go ahead with the sale of Sahara properties whose unencumbered title deeds are in its possession. The step is being taken to recover investors money that Sahara groups two companies had collected from public through Optionally Fully Convertible Debentures.
The apex court bench headed by Chief Justice T.S. Thakur said that the market regulator would appoint an agency to decide the mechanism for the sale of Sahara properties.
The court said that properties would not be sold at a price that is less than 90 percent of the prevailing circle rates.
The SEBI will appoint an agency to work out the mechanism for the sale of properties which are stated to be worth Rs.40,000 crore.
The entire process would be undertaken under the supervision of former Supreme Court judge Justice B.N. Agarwala and Sahara would be kept informed about the steps being taken for the sale of its properties.