March,1,2017:
Supreme Court has directed the Sahara Group to deposit Rs 5092.6 crore by April 7 in the SEBI-Sahara account to keep its Chief Subrata Roy out of the jail.
Supreme Court further added that the amount will be refunded to investors.
Apex Court Bench headed by Justice Dipak Misra refused to give six months time to group to sell its properties but allowed it to sell the assets, mentioned in list furnished by it, for refund of the money.
Supreme Court Bench added that in case group deposits a "substantial amount" out of Rs 5092.6 crore by April 7,2017 Court may extend time to sell the other properties.
Apex Court stated that Group can sell 13 out of the 15 properties mentioned in one of lists to deposit the amount and can also sell properties, which are unencumbered, and mentioned in the other list given by it.
The bench has given time till April 7 to Group to sell assets and deposit money in the SEBI-Sahara account.
With inputs from TOI.
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