In order to ensure freedom to Sahara Chairman Subrata Roy, the Sahara Group is expected to sell off properties in several cities besides its stake in Greater Noida’s Formula One racing team. All these stakes are estimated at a value of Rs. 6000 crores. The amount collected on account of sale shall be then deposited to the court on account of penalty levied on Sahara Group due to illegal Scheme launched by it.
In 2014, Roy was arrested and sent to Jail as he was not able to pay a penalty of Rs 24,700 crores as levied by Securities and Exchange Board of India (SEBI) on account of two illegal schemes launched by Sahara group and the same amount is required to be disbursed among its investors. The group has already disposed off its 16 properties across country and deposited Rs. 12000 crores with SEBI. The next hearing date is scheduled for April and the Group is expected to deposit another large tranche by then. Sahara Counsel, Kapil Sibal even offered to pay the balance of arrears within 22 months instead of 33 months which was soughed by the Group initially.
A bench comprising Justices A K Sikri, Dipak Misra and Ranjan Gogoi was reluctant in providing such a long duration in context to the repayment of arrears and probed Sibal that why the Group is seeking so much time to dispose-off properties. With the host of properties on list at various cities, the bench asked Sahara Group to raise another Rs. 1536 crore by selling off these properties. But the group expressed its inability to commit the specified amount on account of sale of these properties as the real estate segment is unstable post-demonetization.
After being in Jail for 2 years, Roy was released on parole last year to attend the funeral of his mother. Since then the court has put a pressure on the Roy that he shall sent back to jail if he will not pay off all its dues within a reasonable time.
Selling off a share in Formula 1 racing track in Greater Noida seems imperative for Subrata Roy.