The Supreme Court of India has asked the Securities and Exchange Board of India to start selling some of Sahara's real estate assets in the country, to help refund millions of investors. A household name in India, as the former main sponsor of the Indian cricket team, Sahara has many hotels overseas, including the Plaza in New York and the Grosvenor House in London, besides vast real estate assets in India.
The SC had said in June last year that the group needed to repay the entire £3.60 billion it owes investors in illegal bonds. Sahara has submitted a list of 86 properties which it claims is worth £4 billion. However, it also claims that it has not been able to find buyers for the properties. Sebi has been directed to not sell the properties for less than 90 per cent of the circle rate; the listed market value. If bids are below 90 per cent of the circle rate, the regulator will have to take the permission of the court. Proceeds from the property sale will be used to secure bail of Sahara chief Subrata Roy who was put behind bars in March 2014.
