SEBI asked about Roy’s release by SC
Market regulator Securities and Exchange Board of India (SEBI) was today asked by the Supreme Court to come up with safeguards to verify the transparency in the sale of properties of the Sahara Group to raise the amount for the release of its chairman Subrata Roy, who has been in Tihar Jail since March 4th.
The new bench to which the Chief Justice had assigned the Sahara cases adjourned the hearing till Friday afternoon so that Sebi could respond to the new proposals made by the Group to raise Rs 10,000 crore for the release of Roy and two directors. The bench consisted of Justice T S Thakur, Justice Anil Dave, and Justice A K Sikri. They recommended that SEBI also consult financial experts and independent valuers to avoid underhanded dealings.
The Sahara counsel told the bench that it had sold a property in Ahmedabad city, and that it needed about Rs. 2000 crore to meet the Rs. 5000 crore mark to get Roy released. Eight more properties were released from the court embargo, as well as three hotels (one in London, two in New York), to raise the required amount.
The issue concerning the release of Roy will be taken up on Friday along with several other applications related to the sale of properties.
Source: The Business Standard
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