Sahara has been given the go-ahead to sell four properties in India, to raise bail for its jailed chief Subrata Roy.
Live Mint reports that the Supreme Court has agreed the sale of properties in Chomma, Jodhpur, Vasai and Pune, which are expected to fetch nearly Rs.2,500 crore for the conglomerate including transaction cost, taxes and other deductions.
The sale will generate net amount of around Rs.2,622.25 crore that will be used to comply with the orders of the Hon۪ble Supreme Court. With reference to the foreign properties, the Hon۪ble Court asked Sebi to indicate its quires in writing and asked Saharas to provide clarification within a week. Once the same is allowed, an amount in excess of Rs.3,000 crore will be generated which will be used to comply with the orders of the Hon۪ble Supreme Court, the company said in a statement on Tuesday.
The hearing continues in court on 17th December.