After selling land in Gurgaon for Rs 1,211 crore recently, the Sahara group is believed to have finalised two more realty deals, one in Mumbai and another in Jodhpur, for Rs 1,250 crore.
Sahara Group chief Subrata Roy and two directors have been in Tihar Jail since March 4.
Looking to raise funds to ensure release of its chief Subrata Roy from jail, Sahara has sold a big land parcel at the outskirts of the national capital for Rs 1,211 crore to Gurgaon-based developer M3M India Ltd.
Fed up with the tactics of Sahara Group and its chief Subrata Roy, the Supreme Court observed that judges would need to be "superhumans" to handle the pressures to handle frivolous litigations.
In a setback to Sahara Group chairman Subrata Roy, the company on Thursday informed the Supreme Court that it will not be able to deposit Rs 10,000 crore (Rs 100 billion) to release Subrata Roy from jail.
Senior advocate S Ganesh, appearing for Roy, submitted that it may not feasible for the group to dispose of its Indian properties as the real estate prices have crashed down since June this year.
The group needs to rustle up Rs 5,000 crore in cash and an equal amount in bank guarantees for bail.
The Supreme Court asked the Group to come out with a logical and acceptable proposal on paying Rs 10,000 crore.
The estimated costs of these weddings start from Rs 100 crore and go up to Rs 700 crore.
India's badminton sensation PV Sindhu was felicitated by the Sahara India Pariwar in Mumbai on Sunday.
The judges said the group can sell 13 out of the 15 properties mentioned in one of the lists to deposit the amount.
Unable to verify or trace a large number of bondholders in Sahara refund case, Sebi has begun a process to consult the business conglomerate for verifying the genuineness of such investors.
It was business as usual at Sahara Sahar, the sprawling estate in the posh Gomti Nagar area, where Roy's residence and the Group's corporate communication wing are located.
Sushanto Roy and Seemanto Roy quit the board of Sahara India Real Estate Corp in Feb-Mar 2008; firm filed Red Herring Prospectus on March 13, 2008
The Chief Justice said that some people play with the dignity of the court and there were some lawyers who are disrespectful towards the court.
Roy will also have to submit his passport to the court.
Sahara and its founder Subrata Roy have been under scrutiny for years over its financial products, including for possible money laundering.
The Sahara Group had earlier sought 18 months' time to repay around Rs 9,000 crore balance amount of the principal amount of Rs 24,000 crore.
Subrata Roy has been held in jail for more than a year.
The top court last week gave Sahara a final chance to raise funds.
Sahara India launched Sahara Care House, a single window service platform for global Indians.
The apex court also asked Sahara Group to provide it within two weeks the list of 'unencumbered properties' which can be put on public auction.
It asked the Sahara chief to discuss the roadmap for future payments with amicus curiae Shekhar Naphade and Sebi, and said if they are convinced, the court could look into it
The apex court told Roy that his proposal of paying Rs 1,500 crore, if the auction process was halted or postponed, was unbelievable.
Besides Roy, two other directors, Ravi Shankar Dubey and Ashok Roy Choudhary, were also arrested for the failure of two group companies.
The Supreme Court has extended the parole of Sahara chief Subrata Roy till July 11 to enable him to deposit Rs 200 crore (Rs 2 billion) with SEBI.
The Sahara case reveals that, in today's environment, court intervention is what makes a major difference.
Shares of Sahara Housingfina Corporation on Monday fell 4.39 per cent on the BSE after Sahara chief Subrata Roy was arrested by the Lucknow police.
The Supreme Court is likely to pronounce on Wednesday its verdict on a plea of jailed Sahara Group chief Subrata Roy seeking modification of an earlier order asking him to pay Rs 5,000 crore (Rs 50 billion) in cash besides a bank guarantee of an equivalent amount for securing his release.
Subrata Roy was arrested in March 2014 after the company failed to comply with a court order to refund money raised from millions of small investors by selling them bonds later ruled to be illegal.
SC wanted to know how it encashed securities deposited with RBI.
Excerpted from Sahara: The Untold Story by Tamal Bandyopadhyay.
Suspicions have swirled for years that many of Sahara's millions of investors are fictitious names
Earlier, the top court said it had been "taken for a ride" by the Sahara group by its past conduct and asked it to submit a roadmap for paying the balance amount
Sahara cousel Kapil Sibal said he was preparing an application.
Subrata Roy is in jail since March last year.
Sahara Group chief Subrata Roy will not be allowed to leave the country with the Supreme Court today refusing to relax its order restraining him from going abroad till his company furnishes details of refunding Rs 20,000 crore of investors money.
All four societies were under common management of the Sahara group and had collectively garnered Rs 86,673 crore, including more than Rs 47,000 crore collected by Sahara Credit Cooperative Society Ltd from nearly 4 crore depositors.
The bench asked the official liquidator, attached with the Bombay high court, to auction Aamby Valley properties, estimated to be worth Rs 34,000 crore, and directly report to it
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