Subrato Roy

The Supreme Court on Tuesday permitted the Sahara Group to proceed with sale of four domestic properties that is likely to fetch ₹  2,710 crore.

The court's nod will aid the Group's efforts to raise ₹ 10,000 crore towards securing bail for its incarcerated chief, Subrato Roy, said Business Today report.

But it would have to wait for raising $650 million to deal with a liability owed to a Chinese bank.

The court allowed the sale of properties in Mumbai, Jodhpur, Pune and Gurgaon on confirming that the transaction adheres to its June 4 order.

The June order stated "such sales are not for a price lower than the estimated value indicated in the statement filed before this Court or the circle rates fixed for the area in which such properties are situated."

A bench comprising Justices T S Thakur, Anil R Dave and A K Sikri heard counsel for Sahara confirming that the transaction would be concluded by May 2015.

Sahara handed over ₹184.50 crore, received as down payment for the properties.

The balance amount is to be paid by the buyers by depositing post-dated cheques in the name of SEBI-Sahara refund account, undertaking to honour them on due dates. 

SEBI (Securities and Exchange Board of India) is India's market regulator.

Sahara Group said in the court that the agreement for sale of its Pune property, valued at ₹₹550 crore, is yet to be signed due to unavoidable circumstances, adding that the deal would be closed soon. A sum of ₹ 50 crore is expected as initial payment. The bench accepted the proposal.

However, the Group would have to wait for the court's nod for raising "junior loan" of $650 million ( ₹3,600 crore) as a part of a scheme to overcome a liability with Bank of China.

The bank had lent to the Group to purchase stakes in three overseas hotels, Dream Downtown and The Plaza in New York, and Grosvenor House in London.

SEBI's counsel Arvind Dattar and senior advocate Shekhar Naphade, amicus curiae in the case, sought details on the "part of the scheme to overcome the liability with Bank of China," and the issue of escrow agent.

The bench directed Sahara to provide all information sought by the market regulator and amicus curiae in the next two weeks, and posted the matter for further hearing on December 17.

The Plaza, New York, partly owned by the Sahara Group
The Plaza, partly owned by the Sahara GroupReuters