Supreme Court to hear Sahara contempt petition on 4 July

The Supreme Court on Thursday said it will hear the contempt petitions against Sahara India group in its legal battle with the capital markets regulator, the Securities and Exchange Board of India (Sebi), on 4 July. A full bench of justices T.S. Thakur, Anil R. Dave and A.K. Sikri presided over the matter. The bench heard submissions regarding a proposed sale of Sahara's three international assets, two in New York, including the Plaza hotel, and one in London, the Grosvenor House. The bench had reservations in allowing the sale of such valuable properties. Sahara contends that sale of these properties would help it raise the bail money to release Sahara chief Subrata Roy at the earliest. The court's main apprehension regarding sale of the international properties was to ensure that they were sold at optimum rates. On being asked if fresh valuation of the properties could be done, Sahara said it would take at least three months for valuation of these properties, as these are running businesses which are valued differently. On 4 July, the Supreme Court bench will also hear an application for Roy's conditional release for 40 working days to allow him to raise the bail money. Sahara has been directed by the court to pay Rs.10,000 crore, half of which has to be in the form of a bank guarantee. Sebi will file its objections to Sahara's application regarding the release. The apex court on 4 June had asked a three-judge bench to consider the dispute between Sebi and Sahara, which involves various important legal issues, and also consider an order of 5 December 2012, passed by another full bench. The order laid down a scheme for returning money to investors. In its last hearing on 4 June, Sahara's assets were unfrozen to allow the group to raise the bail amount for the release of Roy and the two directors. Sahara said that it has deposited Rs.3,117 crore with Sebi. It raised Rs.411 crore from the sale of its Ahmedabad property and the remaining from its fixed deposits.



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