HDFC Realty and SBI Cap will assist SEBI in sale process of Sahara assets
Supreme Court on Wednesday has asked the Sahara Group to give details of all the assets in a sealed envelope. Such details according to Supreme court will help explore options of Subroto Roy's release. Supreme court made it clear that it has no intention of keeping Subroto Roy in jail and that the main objective is recovery of investors' money.
Supreme Court has highlighted that the title deed of 67 properties is already with SEBI , the valuation of which according to Sahara is to the tune of Rs. 20,000 crores. Whereas the total liabilities owed by the group is to the tune of Rs. 36,000 crores. Justice TS Thakur urged Sahara group to make a honest disclosure and to provide a complete list of the properties. Apex Court has also asked SEBI to speed up its sale process of properties, title deeds of which are already deposited with SEBI.
In what can be termed as a " one step towards solution" , SEBI is believed to have roped in HDFC Realty and SBI Capital to find buyers for the properties held by the beleaguered Sahara Group. HDFC Realty and SBI Capital may assist SEBI in the sale process of assets of Sahara Group. Both HDFC Realty and SBI Capital may assist the market regulator in the valuation of the properties and the proceeds from the sale process for the identified properties keeping in view the directions as provided by the Supreme Court.The sale process is expected to start soon as confirmed by SEBI to Supreme Court.
Only last month the Supreme Court had ordered the market regulator to start the sale process for those properties whose title deeds are already deposited by the Sahara Group with the regulator. Further instructions were given to SEBI by the Apex Court by asking the market regulator to sell the properties in consultation and under observation of Justice BN Agarwal , a former Supreme Court Judge. SEBI was also advised on seeking help of "expert or expert agencies", in carrying over the sale process. Sahara Group has already submitted title deeds of 67 properties to SEBI not including the three hotels located overseas, Sahara Star Hotel in Mumbai and the Amby Valley township .
The Apex Court had ordered the sale of properties as the Sahara Group's attorney Kapil Sibal highlighted that it was really difficult to sell properties held by Sahara Group in the current market situation. Sahara Group supremo is in jail for more than two years now and is struggling to raise the bail money for his release. Supreme Court of India had ordered Subroto Roy's arrest on February 26, 2014 for failing to appear before the court in relation to the money that needed to be deposited with SEBI to be refunded to investors.