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SC allows Sahara Group to sell 4 hotels worth Rs. 2710 cr to raise bail amount

The Supreme Court on Tuesday permited Sahara Group to sell four domestic properties that will help the Subrata Roy-led company raised Rs. 2710 crore.

The move by the SC comes just a few days after the Sahara group filed another plea for the release of its jailed chief Subrata Roy in the apex court.

At the time of filing of this story, details of the four properties were not declared yet.

According to reports, the group had agreed to pay Rs. 10,000 crore as the bail amount set by the Supreme Court.

Roy was sent to jail on March 4 this year for non- refund of over Rs. 20,000 crore with interest to depositors. For bail, he was asked by the court to pay Rs. 10,000 crore out of which Rs. 5,000 crore should be paid in cash and rest of the amount in bank guarantee.

Sahara, which earlier had raised Rs. 3,117 crore and deposited with SEBI, last week told a bench headed by Justice T S Thakur that out of nine domestic assets it has now sold an Ahmedabad property and raised Rs. 411.82 crores which has also gone into account of the market regulator.

Earlier on November 23, the Income Tax Department raided two premises of Sahara Group in Delhi and Noida in connection with alleged tax evasion charges and claimed to have seized over Rs. 135 crore and jewellery.

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