Sahara Chief Subrata Roy to remain in jail- SC gives green signal to the sale of immovable properties
There is some good news and some bad news for the debt laden Sahara group. The Supreme Court (SC)on Wednesday allowed the Sahara Group to sell properties to raise funds amounting to thousands of crores of rupees. The imprisoned chief Subrata Roy who is in Tihar jail since March 4 could not be released as the bail amount was not paid by the ailing company. Roy had pleaded to be allowed to stay in his Lucknow home to look after his ailing mother. However, a bench comprising justices T S Thakur and A K Sikri dismissed Roy’s plea and directed him to stay in the Tihar Jail.
Senior advocate Rajiv Dhawan, appearing for Roy, mentioned that the Sahara chief is the main decision maker to sell the Sahara properties and it will be difficult for his team to achieve that if he is to be kept in the jail. The apex court had earlier directed the Sahara chief to pay Rs 5,000 crore in cash and furnish a bank guarantee of Rs 5,000 crore as bail condition for his release.
The SC has allowed the Sahara group to encash its fixed deposits and bonds. On Wednesday, the court gave the Sahara conglomerate a green signal to sell their immovable properties in nine cities. However the SC has put the condition that the assets cannot be sold below the circle rates and the buyers should not be ‘connected or related’ to the group.
Source- The Financial Chronicle
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