Sebi Appoints SBI Cap, HDFC Realty To Sell 60 Sahara Properties
Sale to be done in 4 months; prices not to be less than 90% of the circle rate
New Delhi: The Securities and Exchange Board of India mandated HDFC Realty and SBI Capital Markets to sell 60 properties of the Sahara Group, which has so far failed to deposit the .₹ 10,000 crore that the Supreme Court had set as the condition to free its jailed chairman.
Subrata Roy has been in jail for over two years now, after the group didn’t meet the Supreme Court’s 2012 order to pay more than .₹ 20,000 crore to Sebi to be returned to investors in two investment schemes the group operated. The arrears have since swelled further, while Sahara has so far paid only a fraction, insisting that it had repaid much of it by way of cash to investors. The court on March 29 asked Sebi to dispose of Sahara properties as it couldn’t meet the condition set for Roy’s release. The group managed the cash component of .₹ 5,000 crore, but failed to furnish bank guarantees for a similar amount. HDFC Realty and SBI Cap are mandated to sell 30 properties each, as per a letter sent to them by the regulator on Monday. The sale is expected to be wrapped up in four months, sources said.
The list of properties that Sebi is seeking to sell does not include the prime Amby Valley and its hotels abroad, the sources said.
As per the court directions, these properties cannot be sold at less than 90% of the circle rates. The entire process would be under the supervision of a former Supreme Court judge who is in charge of scrutinising the papers submitted by Sahara about its investors in two schemes.
Though initially Sebi was reluctant to auction these properties citing lack of expertise, at the last hearing, its lawyer Arvind P Datar agreed to it at the top court’s insistence.