New Delhi: The Supreme Court has restrained directors of Sahara group of companies from leaving the country. The apex court has also restrained Sahara group from selling any property.
The order was passed after the court ruled out that Sahara has not complied with SC directions to furnish title deeds of properties worth Rs 20000 crore.
SEBI on Wednesday told the Supreme Court that Sahara group overvalued its properties and did not hand over all original title deeds of assets worth Rs 20,000 crore as per its direction.
The market regulator said that apex court's order has not been complied with by the group and assets whose documents were given to it is worth much less than Rs 20,000 crore.
A bench of justices KS Radhakrishnan and JS Khehar expressed displeasure on the issue but refrained from passing any order as the Sahara's arguing counsel was not present in the court.
Sahara gave SEBI documents of two plots of land. One of the two properties is a 106-acre land in Versova, a western suburb, which according to it is worth around Rs 19,000 crore and the other is a 200-acre land in Vasai, which it estimates to be worth about Rs 1,000 crore. The valuation of the properties was challenged by SEBI.
SEBI contended that a portion of the properties were in the "thick" of litigation. Holding that it was playing "hide and seek" and cannot be trusted any more, the apex court had on October 28 directed the group to hand over title deeds of its properties worth Rs 20,000 crore to SEBI with a warning that failure to comply its order to the satisfaction of the market regulator within three weeks would mean Sahara chief Subrata Roy cannot leave India.