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

The Economic Times - - Companies: Pursuit Of Profit - Sa­man­waya.Rau­tray @times­

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.

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