ibnlive » Business

List of Sahara's properties to be taken over by SEBI

IBN7
Feb 14, 2013 at 11:01am IST

New Delhi: Sebi has taken stern action against Sahara for failing to return the money of investors. The total amount to be refunded is over Rs 24,000 crore. Sebi's action follows directions from the Supreme Court, which had said last week that the market regulator was free to freeze accounts and attach properties if Sahara group firms were not depositing the money with it for refunding to the investors. Sebi also seized 100 accounts of the company. Here is the list of property of Sahara Group which has to be seized after Supreme Court order:

1. Development rights of 313 acres of land in Mumbai's Ambi Valley.

2. 106 acres of land of Versova in Mumbai.

3. 764 acres of land in 10 cities of the country.

List of Sahara's properties to be taken over by SEBI

Sebi has taken stern action against Sahara for failing to return the money of investors.

4. 191 acres of land in Lucknow.

5. 170 acres of land in Jiyamau of Lucknow.

6. 1.51 crore shares of Ambi Valley Limited

7. Shares worth Rs 204 crore of Sahara infrastructure and Housing.

8. All the bank accounts of Sahara Housing.

9. All movable and immovable properties of Sahara Housing.

10. All the bank accounts of Subrato Ray

11. All the properties of Subrato Roy.

The apex court on August 31, 2012, had asked Sahara group firms to refund the money with 15 per cent interest and had asked SEBI to facilitate the refund. However, the group in December 2012, was allowed to pay the money in three instalments, including an immediate payment of Rs 5,120 crore, followed by an instalment of Rs 10,000 crore in the first week of January and remainder by the first week of February 2013.

Passing two separate orders, together running into 160 pages, against Sahara Housing Investment Corporation Ltd (SHICL) and Sahara India Real Estate Corporation Ltd (SIRECL), SEBI said that the two companies had raised Rs 6,380 crore and Rs 19,400 crore respectively from bondholders and "various illegalities" were committed in raising of these funds.

With regard to Subrata Roy and three other directors, namely Vandana Bhargava, Ravi Shanker Dubey and Ashok Roy Choudhary, SEBI ordered freezing of all bank and demat accounts of these four persons, as also attachment of all movable and immovable properties in their name with immediate effect. Sahara group was yet to comment on the orders despite repeated attempts.

Latest

More from this section