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No selling Force India formula team: SC tells Sahara

By Vicky

The Supreme Court on Tuesday directed Sahara to sell its properties and deposit Rs 5,092.64 crore by April 17. While passing the order, the court extended the parole granted to Sahara chief Subrata Roy till April 17.

Sahara chief Subrata Roy

Sahara had granted a list of properties and valued 13 of them at the amount mentioned above. The court however refused to allow Sahara to sell its stake in Force India formula one race team. Meanwhile a foreign realtor told the Supreme Court that it was prepared to pay more than Rs 4,000 crore to buy Sahara's stake in the Plaza hotel in New York.

The court directed the realtor to deposit Rs 750 crore by April 10 to prove his bonafide interest in the purchase. The court also told Sahara that it would extend the time to auction properties if it deposits a major portion of the Rs 5,092 crore with the SEBI by April 10.

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