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Sahara’s 10 assets worth Rs 1,192 cr to be auctioned in July

The Sahara properties will fetch around Rs 722 crore at reserve price and are are located in Andhra Pradesh, Tamil Nadu, Madhya Pradesh, Chhattisgarh and Uttar Pradesh.

By: ENS Economic Bureau | New Delhi |
June 3, 2016 2:01:50 am
subrata roy, sahara chief subrata roy, subrata tihar jail, subrata income tax case, sahara group, delhi court, income tax case, india latest news Following a go-ahead from the Supreme Court, the two entities have put in place a mechanism to auction these properties

Mandated by markets regulator Sebi, SBI Capital Markets and HDFC Realty have put on sale 10 Sahara land parcels worth Rs 1,192 crore, according to two separate advertisements.

While SBI Caps will conduct the auction on July 7, HDFC Realty will auction the lands on July 4. The earnest money deposit for all assets has been fixed at 10 per cent of reserve price.

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In March, the Supreme Court had asked Sebi to start selling Sahara group’s properties to raise money to be paid by Sahara chief Subrata Roy for his release from prison. A bench headed by Chief Justice TS Thakur had directed Sebi to sell them after it was informed that a list of 86 properties, which according to Sahara’s lawyers were worth Rs 40,000 crore, had been handed over to the regulator to show the group’s bonafide.

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Much of Sahara Group’s properties is in Uttar Pradesh — in Kanpur and Muzaffarnagar and Greater Noida. But there are plots even in Coimbatore and Siliguri. According to the SBI Caps list, about 2,185 acres of land parcels worth Rs 4,017 crore have been put up for sale by Sebi.

In a public notice issued Thursday, HDFC Realty said it will e-auction as many as five land parcels on July 4 between 11 am and 12 noon. FE

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First published on: 03-06-2016 at 02:01:50 am
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