New Delhi [India], February 12 : The Supreme Court on Wednesday issued notice to the Union Ministry of Environment and Forest and Maharashtra government after it was told that the Sahara group's (SICCL) Versova plot is partly or wholly a Mangrove Forest Area.
A three-judge Bench consisting of Chief Justice of India Sanjiv Khanna, Justice Sanjay Kumar and Justice KV Vishwanathan asked the concerned governments to inform to court the details of Sahara group's Versova plot as to whether and to what extent it is Mangrove land.
The top court also directed that there should be a meeting comprising of two officials of Sahara India Commercial Corporation Limited (SICCL), two officials of the Security and Exchange Board of India (SEBI) and two Mumbai based property experts (SEBI approved) to decide how the Versova plot can be sold or monetized.
Further, SC also allowed bidders to file their offers through written submissions to help the Court to ascertain the matter for the realisation of maximum value of the concerned plot.
Sahara submitted that it has received a Joint Venture Agreement offer of Rs 8,000 crore for the plot. It submitted that other bidders are also offering to purchase (by direct sale) the plot.
In the last hearing, the top court had directed SEBI to examine bidder proposals for the development of the Versova plot. In September last year, the Court permitted Sahara Group to sell its properties to pay Rs 10,000 crore out of Rs 25,000 crore to investors for returning their money.