The judges said the group can sell 13 out of the 15 properties mentioned in one of the lists to deposit the amount.
The Supreme Court on Monday gave conglomerate Sahara another three months to come up with a final proposal to raise funds against its assets to secure bail for its founder Subrata Roy, who has been held in a New Delhi jail for more than a year. Sahara has made several failed attempts to raise $1.6 billion in bail money. Roy was jailed after Sahara failed to comply with a court order to refund billions of dollars to investors in a bond programme that was ruled illegal. The Supreme Court last week gave Sahara, a sprawling conglomerate that ranges from property to Formula One motor racing, a final chance to raise funds in order to bail out Roy. On Monday, the country's top court allowed Sahara to sell part of its Aamby Valley township outside Mumbai, which has luxury villas and a golf course, to raise funds.
Subrata Roy is in jail since March last year.
Sahara chief Subrata Roy may not come out clean in the biggest ever investment fraud that he allegedly did few years ago.
The events of September 24 have not only earned the country a whole lot of interest but also showed the world how a lot more can be accomplished with a shoestring budget.
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.
A local court on Monday granted bail to Iqbal Kaskar, the brother of fugitive gangster Dawood Ibrahim, in an extortion case in which he had been arrested a week ago.
Senior advocate Kapil Sibal, representing Roy, said it was quite difficult to raise money as the properties have already been attached.
Subrata Roy turned up at a New Delhi stadium, best known for hosting the Commonwealth Games, last week as part of his country wide Abhaar Yatra.
In commercial real estate, leasing of office space was higher although the activities were subdued in retail segment.
India's limited-overs skipper Mahendra Singh Dhoni has offered his support to Amrapali residents protesting in wake of the company's failure to complete the project, saying that promises made to the people should be met, irrespective of the problems being faced by the real estate group. The first phase of project 'Sapphire', launched in 2009, at Noida Sector 45 has been completed, but civil and electrical work in many towers is yet to be done. Amidst the chaos, Dhoni received outbursts among the Amrapali residents, who took to social media asking the skipper to disassociate himself as its brand ambassador. "At times you have situation where the expectation levels are not met. It is something that keeps on happening. So we will see what can be done. We will get in touch with Amrapali people and see what exactly is happening. If you see the economy rate, it is quite tough for the builders as of now. But at the same time, whatever is promised irrespective of where they stand, I think it needs to be met," Dhoni, who is the brand ambassador of Amrapali, told the media here.
Iqbal Kaskar and his associate were on Tuesday arrested on charges of extortion and assault
Rose Valley is one of the biggest money businesses after Sahara.
'The BJP gets most of its contributions in cash.' 'Now they may show that donations are made in small amounts, less that Rs 20,000, but everyone knows this is just absurd.'
Corporate legal cases kept India Inc on its toes in 2014 as high stake matters on coal, telecom and mining came up in the Supreme Court, which also sent Sahara Group chief Subrata Roy to jail.
Indian business, on quite a different trajectory from its global counterpart, remains relatively insulated from any kind of backlash.
Sahara relied on a letter from bank saying the funds were there.
The West has built a culture of art philanthropy.
Things appear to be going from bad to worse for Vijay Mallya, once known as 'King of Good Times', with the board of a company he nurtured into India's largest liquor maker asking him to quit.
Few top honchos of India Inc did very well in 2014.
The second-longest serving chairman introduced quite a few measures for the primary market and implemented a new corporate governance framework.
'Around 15 crore poor people have lost their money.'
Summing up the year gone by, Sebi Chairman U K Sinha told PTI that the regulator was also able to provide clarity and a direction to the market in areas like corporate governance and investor protection during 2013.
The government has provided a long-term vision.
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