National
Sell Sahara properties to repay investors:Supreme Court
New Delhi:The Supreme Court on Tuesday paved the way for the markets regulator SEBI to sell some 86 properties of Subrata Roy-led Sahara group, worth an estimated Rs.40,000 crore, giving hope to tens of thousands of investors who put their money in its various schemes.
The directions from the bench of Chief Justice T.S. Thakur, Justice Anil R. Dave and Justice A.K. Sikri came after it found that Sahara group was yet to mobilise the Rs.10,000 crore towards the bail amount to secure the release of Subrata Roy, who is lodged in Tihar Jail since March 2014.
“Start working on that. You are now free to go ahead,” the bench told the watchdog, the Securities and Exchange Board of India (SEBI). As regards Roy, the bench firmly said: “The only way he can come out is by complying with our orders.”
Two other directors of Sahara — Ravi Shankar Dubey and Ashok Roy Choudhary — are also in jail.
The Sahara group is said to originally owe around Rs.24,000 crore to investors. The apex court by its August 31, 2012, order had directed Sahara to return the money with 15 percent interest. Counsel for the watchdog had estimated the dues to be worth around Rs.36,000 crore last month.
The apex court said the entire process of sale of Sahara properties will be overseen by former Supreme Court judge Justice B.N. Agarwala and that the Sahara group will be kept informed on the steps being taken for the disposal of the properies.
No property shall be sold below 90 percent of its prevailing circle rates, the bench said. Also, no deadline has been fixed to complete the process. Sahara has already furnished the title deeds of the 86 properties to facilitate the sale.
Noting that the market regulator had 20 unencumbered title deeds thus far worth Rs.20,000 crore, the court asked the Sahara group to furnish other unencumbered title deeds of another Rs.20,000 crore.
The step is being taken to recover money that Sahara’s two firms had collected from the public by way of optionally fully convertible debentures. The SEBI has been directed to appoint an agency to decide the mechanism for the sale of properties.
The two companies are: Sahara India Real Estate and Sahara Housing Investment Corp.
During the hearing, Kapil Sibal, representing Sahara, said: “Nowhere in the world does this type of case happen. There is no jurisdiction in the world that allows a person to be inside jail for two years without any charge.”
The judges did not take kindly to the retort. “Don’t lecture us. Don’t give us a speech. Nowhere in the world does a person say that I have assets worth Rs.187,000 crore. I can pay anytime. But is not paying even Rs.10,000 crore.”
When Sibal urged the court to extend communication and other facilities to Subrata Roy, the court asked him what did he do with those facilities that were extended earlier to negotiate the sale of three overseas hotels and other assets to raise money — but in vain.
Sahara has among its other assets, some aircraft, the Sahara Star hotel in Mumbai, a 42.5 percent stakes in Force India Formula One Team, two properties in Bengaluru, as also the famed Grosvenor House hotel in London, New York Plaza and Dream New York hotel.
Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
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