In Brief
SEBI sought enforcement of its contempt order against Sahara India Real Estate Corporation through asset realization. The Supreme Court permitted the sale of 13 unencumbered properties (excluding the Ghaziabad land and London stake holding) to raise ₹5,092.64 crores for the SEBI Sahara Refund Account by 13 April 2017. Before determining compensation for the Ghaziabad land acquired by the Development Authority, the Court granted that Authority a hearing. An international buyer seeking to purchase Sahara's New York hotel stake was permitted due diligence only upon depositing ₹750 crores as security. The interim protective order continued pending final hearing."
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