Sebi moves SC for completion of sale of Sahara’s assets of phase-I auction

Sebi also sought directions for dispensing with the auction process for the remaining properties


Sebi said it had auctioned 58 properties in the first phase, for which it had engaged the services of HDFC Realty and SBI Capital Markets.
Sebi said it had auctioned 58 properties in the first phase, for which it had engaged the services of HDFC Realty and SBI Capital Markets.

New Delhi: The Securities and Exchange Board of India (Sebi) Wednesday asked the Supreme Court to appoint a receiver to take control of Sahara group assets.

The application also sought the court’s permission to issue certificates of sale to conclude the sale of the five properties sold in phase-I of the auction process. It also sought directions for dispensing with the auction process for the remaining properties.

Sebi said it had auctioned 58 properties in the first phase, for which it had engaged the services of HDFC Realty and SBI Capital Markets. However, it could sell only seven of them for Rs.177.86 crore in a July auction.

Sebi further said five properties out of the seven properties for which auctions were completed in phase-I and sold were also found to be provisionally attached by the income tax department.

Also Read: Supreme Court lets Sahara sell its assets to repay investors

These 5 properties are situated in Ajmer, Trichy, Vellore, Ujjain and Firozabad, with a total reserve price of Rs.88.29 crore (being 90% of their value as per circle rates) and have been auctioned for a total bid value of Rs.116.42 crores.

On 29 March, the apex court had asked Sebi to initiate the sale of Sahara group properties, estimated at Rs40,000 crore to raise the money payable by group chief Subrata Roy for his release from more than two years in jail.

(Sahara has filed a defamation case in a Patna court against Mint’s editor and some reporters over the newspaper’s coverage of the company’s dispute with the Securities and Exchange Board of India. Mint is contesting the case.)

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