SEBI to auction Sahara group’s five land parcels

SEBI to auction Sahara group’s five land parcels

Moving ahead with sale of Sahara assets to recover money, regulator SEBI today lined up as many as five land parcels of the beleaguered group for an e-auction next month at a total reserve price of over Rs. 130 crore.

Earlier, 13 properties were put on the block in October and their combined reserve price was about Rs. 1,400 crore.

Prior to that, 58 properties were auctioned in July with a collective reserve price of nearly Rs. 5,000 crore.

In separate notices today, the Securities and Exchange Board of India (SEBI) said SBI Caps will auction three properties on December 28 at a reserve price of about Rs. 102 crore, while HDFC Realty will auction two properties on December 27 at a reserve price of over Rs. 29 crore.

Following directions from the Supreme Court for sale of certain Sahara assets to recover money, SEBI has mandated SBI Capital Markets (SBI Caps) and HDFC Realty for auctioning a total of 61 land parcels.

HDFC Realty has been roped in to auction 31 land parcels at a reserve price of Rs. 2,400 crore, while SBI Caps has been asked to auction 30 land properties with an estimated market value of about Rs. 4,100 crore.

These properties are spread across the country and mostly include land parcels. As per the court directions, they cannot be sold at less than 90 per cent of the circle rates.

After spending two years in jail, Sahara chief Subrata Roy is currently out on parole. He was sent to jail on the orders of the Supreme Court in a long-running dispute with SEBI.

Source: The Hindu

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