Supreme Court: The 3 judge bench comprising of T.S. Thakur, CJ and Anil R. Dave and Dr. A.K. Sikri, JJ directed that SEBI shall be free to devise a suitable mechanism for sale of properties the title deeds whereof have already been deposited with it by Saharas in consultation and under the supervision of Justice B.N. Agrawal,former Judge of this Court. However, it was said that that SEBI shall not sell any property owned by Saharas for a price less than 90% of the circle rates for the area in question without the permission of this Court.
The Court also said that SEBI shall keep Saharas duly informed about the steps taken by it in which event Sahara shall be free to provide such inputs as may be considered necessary so that the properties fetch a fair price towards sale consideration.
Kapil Sibal had submitted that Saharas have already handed over title deeds in respect of 86 unencumbered properties owned by the Sahara Group worth more than Rs.20,000/- crores. As per him, another list of properties has also been furnished to SEBI comprising properties worth an additional Rs.20,000/- crores, however, Arvind Datar sought time to verify this fact. [SEBI v. SAHARA INDIA REAL ESTATE CORPN.LTD, 2016 SCC OnLine SC 343, decided on 29.03.2016]
