New Delhi: The Supreme Court has guided the Sahara Group to deposit Rs 5092.6 crore by April 7 in the SEBI-Sahara record to keep its boss Subrata Roy out of prison and said the sum will be refunded to the investors.
A bench headed by Justice Dipak Misra declined to give six months time to the gathering to sell its properties however permitted it to offer resources, said in the rundown outfitted by it, for discount of cash.
Nonetheless, the bench, additionally including Justices Ranjan Gogoi and A K Sikri, watched that on the off chance that the gathering stores a "significant sum" out of Rs 5092.6 crore by April 7, the court may extend an opportunity to offer different properties.
The judges said the gathering can offer 13 out of the 15 properties specified in one of the rundowns to store the sum and can likewise offer the properties, which are unrestricted, and specified in the other rundown given by it.
"In perspective of the previously mentioned, we allow the contemnor to offer the properties said to some extent An (of the rundown), excepting things 14 and 15, and some other properties specified to some extent B which are unhampered and to store Rs 5092.6 crore at the very latest April 7. The sum might be saved in the SEBI-Sahara discount account," it said.
"In the event that, a significant sum is stored by then, this court may mean to amplify the time," they said.
The bench additionally asked a worldwide land firm, which has indicated readiness to purchase Sahara's stake in New York-based Plaza Hotel for 550 million USD, to store Rs 750 crore in the summit court registry before April 10 to demonstrate its bonafide.
At the start, senior promoter Arvind Datar, showing up for the SEBI, told the seat that one of the properties said identifies with the stakes or shareholding of the firm in equation one dashing group Force India, and it ought to be prohibited from closeout.
He said the SEBI had attempted to sell a portion of the properties specified in the rundown however it was unsuccessful and recommended that an e-sale should be possible.
Senior lawyer Kapil Sibal, showing up for Sahara, presented that the court can join some of their properties as security and the gathering would give an endeavor that in the event that it doesn't pay the sum in 22 months, these advantages can be sold.
To this, the bench stated, "Why can't e-closeout technique be taken after as is being done in selling of range?"
Sibal said that the gathering has officially sold 16 properties and has "brought the cash" and it was ready to offer whatever was conceivable.
"We will offer whatever we can and on the off chance that we don't conform to it (bearing), you can sent me (Roy) to Tihar (imprison)," he stated, including, "We will attempt to offer different properties additionally which are not specified in the rundowns. My ask for is that you (court) permit us to offer these ourselves."
At the point when Sibal said e-sell off process will take at least six months, the seat asked Datar, "Why six months or one year? What sort of closeout you will do?
"Why not put these properties for e-sell off? You attempt as to which will be the organization and let us know," it disclosed to Datar who alluded to the arrangements of properties given by Sahara.
At the point when the court demanded that the SEBI ought to go for e-unloading of these properties, Sibal stated, "My ask for is that permit us to offer these as generally the properties would be underestimated. We will lose cash."
The bench then told Sibal, "Approve. Do it in 30 days."
The senior insight stated, "It isn't possible in 30 days. I am looking for a sensible time for offering these properties. There are open terrains and it is extremely hard to offer such properties with no improvement given the financial situation. Give us no less than two months time.
"We have sold 16 properties before and have brought Rs 12,000 crore on the table," he said.
The bench then gave time till April 7 to the gathering to offer the benefits and store the cash in the SEBI-Sahara account.
The court likewise noticed Sibal's entries that the Ghaziabad Development Authority (GDA) has procured a land parcel from the gathering, which would get a pay of around Rs 1112.70 crore from the expert.
It issued notice to the GDA and requested that its able expert show up before it on the following date of hearing, alongside the pertinent records.
Be that as it may, the SEBI's guidance told the seat that before, two offices - the SBI Cap and the HDFC - were named by a court's request for channeling e-unloading of a portion of the properties yet these couldn't be sold.
Amid the hearing, the backer showing up for the land firm, which has communicated its readiness to purchase Sahara's stake in Plaza Hotel, said that they have an offer of 550 million USD for purchasing the stake.
"Affirm, you demonstrate your bonafide and store Rs 2,000 crore here. You say you have an offer. You demonstrate your bonafide," the seat asked the advice who said they would store Rs 100 crore.
"Rs 100 crore is nothing. You ought to store at any rate Rs 750 crore and we will ask them (the gathering) to demonstrate to you the reports," the seat said while posting the matter for further hearing on April 17.
Then, the Sahara Group guaranteed in an announcement that after the SEBI and the Securities Appellate Tribunal orders, it has paid back to around 95 percent of its speculators of its alternatively completely convertible debenture (OFCD) liabilities.
It guaranteed that it "has additionally kept Rs 15,000 crore (counting premium earned on monies put together by Sahara) to the SEBI alongside land (worth) around Rs 20,000 crore up until now while the SEBI in the last over four years has reimbursed a sum of not as much as Rs 100 crore, which likewise incorporates Rs 40 crore important to be paid to speculators."
The peak court had before coordinated connection of the gathering's prime property worth Rs 39,000 crore at Aamby Valley in Pune for acknowledgment of cash to be paid to its financial specialists.
It had additionally requested that Sahara give it the rundown of "unrestricted properties" which can be set up for open sale to understand the staying over Rs 14,000 crore of the primary measure of around Rs 24,000 crore that must be stored in the SEBI-Sahara account.
The court had on November 28 a year ago requested that Roy store Rs 600 crore more by February 6 in the SEBI-Sahara discount record to stay out of prison and cautioned that inability to do as such would bring about his arrival to jail.
It had on May 6, 2016 allowed a four-week parole to Roy to go to the burial service of his mom. His parole has been reached out by the court from that point forward. Roy was sent to Tihar imprison on March 4, 2014.
Other than Roy, two different executives - Ravi Shankar Dubey and Ashok Roy Choudhary - were captured for the disappointment of the gathering's two organizations - Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) - to conform to the court's August 31, 2012 request to return Rs 24,000 crore to their financial specialists.
Be that as it may, chief Vandana Bhargava was not arrested.