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Sibal said that the group has already sold 16 properties

My request is that you (court) allow us to sell these ourselves. "

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Sibal said that the group has already sold 16 properties
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and has "brought the money" and it was willing to sell whatever was possible.

"We will sell whatever we can and if we don't comply with it (direction), you can sent me (Roy) to Tihar (jail)," he said, adding, "We will try to sell other properties also which are not mentioned in the lists. My request is that you (court) allow us to sell these ourselves."

When Sibal said e-auction process will take a minimum of six months, the bench asked Datar, "Why six months or one year? What kind of auction you will do?

"Why don't you put these properties for e-auction? You make an effort as to which will be the agency and tell us," it told Datar who referred to the lists of properties given by Sahara.

When the court insisted that the SEBI should go for e-auctioning of these properties, Sibal said, "My request is that allow us to sell these as otherwise the properties would be undervalued. We will lose money."

The bench then told Sibal, "Okay. Do it in 30 days." The senior counsel said, "It can't be done in 30 days. I am seeking a reasonable time for selling these properties.

There are open lands and it is very difficult to sell such properties without any development given the economic scenario. Give us at least two months time.

"We have sold 16 properties earlier and have brought Rs 12,000 crore on the table," he said.

The bench then gave time till April 7 to the group to sell the assets and deposit the money in the SEBI-Sahara account.

The court also noted Sibal's submissions that the Ghaziabad Development Authority (GDA) has acquired a piece of land from the group, which would get a compensation of around Rs 1112.70 crore from the authority.

It issued notice to the GDA and asked its competent authority to appear before it on the next date of hearing, along with the relevant records.

However, the SEBI's counsel told the bench that earlier, two agencies -- the SBI Cap and the HDFC -- were appointed by a court's order for conducting e-auctioning of some of the properties but these could not be sold.

 

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)

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