29/03/2016 5:25 PM IST | Updated 15/07/2016 8:26 AM IST

Supreme Court Allows Markets Regulator SEBI To Sell Sahara Properties

Bloomberg via Getty Images
Subrata Roy, chairman of Sahara Group, observes from a media room during the company's attempt to break the Guinness World Record for the number of people singing the national anthem in one place in Lucknow, India, on Monday, May 6, 2013. Roy's closely held Sahara India Pariwar group of companies includes real estate developers, insurers, media assets and sports teams. Photographer: Prashanth Vishwanathan/Bloomberg via Getty Images

The Supreme Court has asked the Securities and Exchange Board of India (SEBI) to start the process of selling some of embattled conglomerate Sahara's real estate assets in the country to refund millions of investors, lawyers said on Tuesday.

Sahara, a household name in India as the former main sponsor of the national cricket team, has major hotels overseas including the Plaza in New York and the Grosvenor House in London, besides vast real estate assets in India.

Its founder Subrata Roy was arrested in March 2014 after the company failed to comply with a court order to refund money raised from millions of small investors by selling them bonds later ruled to be illegal.

The country's top court in June last year said the group needed to repay the entire 360 billion rupees ($5.4 billion) the court says it owes investors in illegal bonds.

($1 = 66.5075 Indian rupees)

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