The Supreme Court on Tuesday allowed market regulator 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 the market regulator should evaluate 86 properties of Sahara.
According to a report in The Economic Times, the properties do not include the Ambey Valley and those abroad.
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.
The ET report said the sale process could start as early as next week.
Published Date: Mar 29, 2016 18:18 PM | Updated Date: Mar 29, 2016 18:18 PM