Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited (SHICL) – Grant of Parole- declined – Permission to sale some properties situated in Off shore – granted =
whether the contemnors can be granted parole as prayed for in the applications?
We regret to say that we do not,
for the present, see any justification for us to take a view different from
the one taken in our order dated 4th June, 2014. There is nothing before
us to show that Shri Subrata Roy Sahara suffers from any serious medical
condition. At any rate, we expect the jail doctors to keep a check on his
medical condition and provide necessary medical aid as and when required.
The alternative ground urged for the grant of parole also does not stand
closer scrutiny. There is, at present, no concrete proposal with Saharas
for sale of the properties situate in India or abroad that may call for any
negotiation by Shri Subrata Roy Sahara. While it may be true that such
negotiations cannot be said to be advisable when properties of such
magnitude as in the instant case are sought to be sold, yet it is pre-
mature for us to make any arrangement to facilitate any such negotiations
either by directing release of Shri Subrata Roy Sahara on parole or
We may make it clear that if a situation arises in which
negotiations become essential, this Court may consider passing orders to
facilitate such negotiations. Beyond that we do not consider it necessary
or proper to say anything at this stage.
I.As. No.8-9 of 2014 in Contempt Petitions (C) No.412 and 413 of 2012
2. I.As. No.10-12 of 2014 in Contempt Petitions (C) No.412 of 2012, 413
of 2012 and 260 of 2013 are allowed to the extent that three offshore hotel
properties owned by Saharas are allowed to be transferred, sold or
encumbered subject to the condition that the entire sale consideration
received by the Saharas after repayment of the loan outstanding towards the
Bank of China is deposited with SEBI towards compliance with the directions
contained in the conditional bail order dated 26.3.2014 passed by this
Court. The excess amount, if any, shall be deposited by the Saharas in a
separate account to await orders from this Court regarding their
utilisation. The sale of the offshore properties shall not be at a price
lesser than the value estimated by CBRE and JLL for the said properties
reduced at the most by 5% of such value.
3. We clarify that sale of remainder of the properties which Saharas
have been allowed to transfer, sell or encumber in terms of our order dated
4th June, 2014 shall not be at a price less than the estimated value of the
said properties reduced at the most by 5% of such estimate.