Supreme Court Lifts Embargo, Orders Sahara Group to Sell Properties

The Supreme Court has lifted the embargo on Sahara Group, allowing it to sell properties to deposit Rs 10,000 crore in the SEBI-Sahara refund account for repaying investors. Sahara Group has been directed to provide a distinct plan for the transparent sale of properties. The company's previous attempts to comply with court orders have failed.

The Supreme Court on Tuesday ruled that the Sahara Group can sell its properties to deposit Rs 10,000 crore in the SEBI-Sahara refund account, meant for returning investors' money.

In its 2012 directive, the court had mandated Sahara Group firms to refund the amount collected from investors with a 15% annual interest. Despite this, the Sahara Group has only deposited Rs 15,455.70 crore out of the required Rs 25,000 crore, drawing the court's ire.

Senior advocate Kapil Sibal, representing Sahara Group, argued it couldn't sell properties due to an embargo. However, the bench clarified there's no such restriction, provided sales are not below the circle rate unless with prior court approval. The case will be reviewed further on Thursday.

(With inputs from agencies.)