The Supreme Court has issued a notice to the Union Ministry of Environment and Forests and the Maharashtra government regarding the Sahara Group’s (SICCL) Versova plot, following claims that it is partly or wholly a mangrove forest area. The court has directed the authorities to provide details on whether the land falls under mangrove cover and to what extent.
The top court also directed that there should be a meeting comprising of 2 officials of Sahara’s SICCL, 2 SEBI officials and two Mumbai-based property experts (SEBI approved) to decide How the Versova plot can be sold/monetized.
The Supreme Court has also permitted bidders to submit their offers in writing to assist the court in determining the maximum value that can be realized from the plot. Sahara stated that it has received an offer of ₹8,000 crore for a joint venture agreement concerning the plot. Additionally, the company mentioned that other bidders are proposing to purchase the land through direct sale.
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 crores out of the Rs 25,000 crores to investors for returning their money.