The Supreme Court today asked the Sahara Group to deposit Rs 5,092 crore by April 7 by selling its 13 properties. The court also said that if the Group is unable to sell the properties, then they could get more time.
The Group has submitted a list of its properties that it can put on sale.
In addition, the apex court has also extended Sahara chief Subrata Roy’s parole till April 17. The court has also directed the Ghaziabad Development Authority to pay Sahara Rs 1,112 crore for acquiring its 91 acres of land.
The Supreme Court will resume its hearing on the case on April 17.
The Group has been battling the court case with the market regulator Securities and Exchange Board of India (SEBI) over refund of Rs 24,000 crore to investors. The regulator, earlier this month, had said that Rs 14,779 crore is due as principal amount.
US-based MG Holdings has submitted its bid of USD 550 million to buy the Group’s Plaza Hotel in New York. The company has got a go-ahead to begin due diligence process for the deal.
The Supreme Court has also said that MG Holdings can only proceed with the deal if it can deposit Rs 750 crore by April.