Sebi to auction Sahara group’s 13 more land parcels1 min read . Updated: 21 Sep 2016, 06:19 PM IST
Sebi says HDFC Realty will auction 7 properties on 27 Oct at a reserve price of more than Rs710 crore, while SBI Caps will auction 6 properties on 25 Oct at a reserve price of over Rs672 crore
New Delhi: Moving ahead with sale of Sahara assets to recover money, regulator Securities and Exchange Board of India (Sebi) on Wednesday lined up 13 land parcels of the beleaguered group for an e-auction next month at a total reserve price of about Rs1,400 crore.
This is in addition to 58 properties of the group that were scheduled to be auctioned in July and their combined reserve price was nearly Rs5,000 crore. In separate notices on Wednesday, the Sebi said HDFC Realty will auction seven properties on 27 October at a reserve price of more than Rs710 crore, while SBI Caps will auction six properties on 25 October at a reserve price of over Rs672 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 Rs2,400 crore, while SBI Caps has been asked to auction 30 land properties with an estimated market value of about Rs4,100 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% 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.
(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.)