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 quires 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.