The Supreme Court on Thursday sought the response of the Securities and Exchange Board of India (SEBI) on Sahara’s fresh proposal seeking permission for the sale of three properties (hotels) abroad to enable the company to raise Rs.10,000 crore in cash and bank guarantee for the release of the group’s chief Subrata Roy and two other directors, who are in jail since March 4.

A three-judge Bench of Justices T.S. Thakur, Anil Dave and A.K. Sikri wanted the market regulator to suggest further safeguards to verify the transparency in the sale of properties.

Earlier, senior counsel for Sahara, Rajeev Dhavan, informed the Bench that out of nine properties in India for which the court granted permission, Sahara had sold one property in Ahmedabad and it had so far mobilised about Rs. 3,100 crore. The sale of eight other properties was still under negotiation and Sahara needs about Rs. 2,000 crore more to meet the Rs 5,000 crore for cash deposit for the release of Mr. Roy.

The Bench posted the matter for further hearing on Friday.

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