Sahara case: SC asks SEBI to sell certain properties

The Supreme Court on Tuesday asked SEBI to initiate the process of selling 87 “unencumbered” properties of Sahara group, whose title deeds are with the market regulator, to generate the bail money for release of its chief Subrata Roy who has been in jail for two years now. A three-judge bench headed by Chief Justice T S Thakur also asked the regulator not to sell any of the properties of the beleaguered group below 90 per cent of the circle rates. The bench, also comprising Justices A R Dave and A K Sikri, said the regulator will have to take its prior nod before going ahead with the sale of any property if it (SEBI) receives bids even below 90 per cent of the circle rate. “You (SEBI) evolve mechanism and start selling the properties and we are passing the order to this effect,” the bench said when the counsel for SEBI alleged that nothing concrete was happening on the ground.