Statement from Sahara's lawyer - Mr. Gautam Awasthi

Pertaining to the today’s hearing of Sahara SEBI case there are few points on which we would like to request you to kindly clarify to your esteemed readers/audience
1.             Hon'ble Supreme Court has directed to prepare and submit a plan of the sale of 86 properties of Sahara of which title deeds are already submitted by Sahara. We would also like to clarify that order is not on the other properties of Sahara and neither these 86 properties includes the foreign properties of Sahara nor Aamby Valley City nor Sahara Star hotel.

2.             Hon’ble Supreme Court directed SEBI that in process of selling properties it has to take inputs and consultation with Sahara.

3.             Meanwhile, today, Sahara has completed the payment of Rs. 5,000 Cr cash component and only Rs. 5,000 Cr bank guarantee component is left. Senior counsel of Sahara, Mr. Kapil Sibal has submitted that since the worth of Sahara’s 86 properties whose original documents are with SEBI for long, is of worth of more than Rs. 40,000 crores and is more than Rs. 5,000 crores of the required Bank Guarantee. The SEBI to get the properties valued and if the admitted valuation is more than Rs. 5000 crore and was contended by Sahara that it should be treated as security and Mr. Subrata Roy Sahara and two Sahara directors be released. To this Hon’ble Court has directed SEBI to work on this proposition

Gautam Awasthi, Advocate

Counsel for Sahara