In a serious jolt to Sahara group in the OFCD refund case, the Supreme Court of India observed that Sahara’s assets are not worth Rs 19,000 cr, as claimed by the group. The apex court has restricted Sahara owner Subrata Roy to fly abroad and from selling any property.

The top court has passed the verdict against the Sahara owner and a few directors of Sahara real estate firms. The top court is dissatisfied with the estimation of the properties whose title deeds were submitted by the group to Sebi.

The SC had asked to submit property papers worth Rs 20,000 cr in order to protect the investors. The court is satisfied with one set of property worth Rs 1,000 cr but it is not happy with the valuation of lpot that is located in Versova in Mumbai.

The court found the funds were collected irregularly from the investors, and the group is trying to avoid compliance. The Sahara firms had paid Rs 5,120 cr and said the total outstanding Rs 2,000-odd crores have already bee paid back through the field officers.

The SC has also asked Subrata Roy and the directors of Sahara real estate firms need not travel outside India and in next two days they must submit original papers for additional Rs 19,000 cr to the market regulator.

The top court posted the matter for further hearing on December 11 and said Sahara could seek vacation of the interim order once they complied with the October 28 order in letter and spirit.