March 29, 2016 7:21 PM

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SC allow SEBI to sell Sahara properties to recover dues

Supreme Court today asked SEBI to start the process of selling some of embattled conglomerate Sahara's real estate assets in the country to recover dues in the illegal bonds case. However the apex court directed the regulatory body not to sell properties if the bids are below 90 per cent of the circle rate.<br/><br/>Sahara as the former main sponsor of the national cricket team, has major hotels overseas including the Plaza in New York and the Grosvenor House in London, besides vast real estate assets in India itself. Its founder Subrata Roy was arrested in March 2014 after the company failed to comply with a court order to refund money raised from millions of small investors by selling them bonds later ruled to be illegal.

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