In Brief
SEBI sought to recover approximately ₹9000 crores from Sahara India Real Estate Corporation through enforcement of earlier Court orders. Sahara had deposited ₹1500.40 crores via cheques and direct transfers by early July 2017, satisfying an earlier commitment. A second cheque for ₹552.21 crores dated 15 July 2017 was issued. Sahara sought extension to honour this cheque. The Court refused extension, directing SEBI to present the cheque on its date, warning of consequences if dishonoured. The Court approved public auction of Haridwar property (at 90% of circle rate) rather than private sale at 62% of circle rate, and approved sale of Grosvenor House Hotels. Auction of Amby Valley property was approved conditionally pending cheque status.
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