It is a welcome step as the Hon’ble Supreme Court is acceded to
our request. The Supreme Court has appreciated the efforts of Saharas in making
the attempt to sell four of its domestic properties. The Hon'ble Supreme Court
acknowledged the submission and allowed the sale of all the properties. The
sale will generate net amount of around Rs. 2622.25 crore that will
be used to comply with the orders of the Hon'ble Supreme Court.
With reference to the foreign properties, the Hon'ble Court
asked SEBI to indicate its queires in writing and asked Saharas to provide
clarification within a week. Once, the same is allowed, an amount in excess of
Rs. 3000 crores will be generated which will be used to comply
with the orders of the Hon'ble Supreme Court. The next hearing
is on 17th December 2014.
Gaurav Kejriwal
Advocate
