The Supreme Court witnessed an auction of sorts today. The court was hearing the Sahara Case and heard Samriddhi Developers, and Gorakhpur Real Estate Developers Private Limited (GREDP), who fought it out in front of a bench comprising Justices AR Dave and AK Sikri and headed by Justice TS Thakur.
The real estate companies are ready to shell out Rs 150 crore for Roy’s 140-acre stretch of land in Gorakhpur.
The money coming from the sale of his land will be used to pay the bail money of Rs 10,000 crore and get him out of jail, according to the Supreme Court decision that came in March.
The initial deal between Samriddhi Developers and Sahara was of Rs 64 crore but it was challenged by GREDP’s Rs 110 crore deal.
Eventually, GREDP raised it to Rs 150 crore.
The Bench has asked both the companies to deposit 25 per cent of the amount in the SEBI-Sahara account as bonafide.
The entire amount has to be paid by October 31 in three equal instalments.
If any, or both of them fail to arrange the amount by the end of the deadline, the two companies will have to give up 25 per cent of the deposit.
(With inputs from PTI)
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