Setback for Sahara: SC bars group cos to sell any property

Written By Unknown on Kamis, 21 November 2013 | 23.06

In a major blow for Sahara group in the OFCD refund case, The Supreme Court on Thursday observed that Sahara's property deeds are not worth Rs 19,000 crores prima facie, as claimed by the group. The apex court has therefore, barred Sahara group from selling any property. It has also ordered Sahara head Subrata Roy to not leave the country, reports CNBC-TV18's Malvika Jain.

Supreme Court has passed the order against Sahara Group, its promoter Subrata Roy Sahara and a few directors of Sahara real estate firms.

The apex court is not satisfied with the valuation of the properties whose title deeds were submitted by Sahara Group firms to Securities and Exchange Board of India (Sebi) in compliance with an order dated October 28 that was passed by the Supreme Court. The Supreme Court had directed an order to protect the investors that Sahara Group firm submit property documents worth Rs 20,000 crore.

While it is satisfied with valuation of one set of documents for property worth Rs 1000 crore, it said it is not satisfied with the valuation of plot that is located in Versova in Mumbai. The Supreme Court has also directed that Subrata Roy Sahara and directors of Sahara real estate firms need not travel outside India and that within the next two days they must submit original property deeds for additional Rs 19,000 crore to Sebi.

This matter will now be heard on December 11. In that hearing, it is possible that this present order maybe revised. However, as of now, no directors of Sahara Group firm including Subrata Roy Sahara may travel outside India and no Sahara Group firm, not just the real estate firms will be allowed to transfer any movable or immovable property.



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