Sahara auction: Sahara group is in limelight for many years regarding the debts and penalties and now market regulator Sebi(Securities and Exchange Board of India) added 16 more land parcels of the Sahara group to be auctioned next month. These 16 land parcels make a reserve price of Rs 650 crores to the list of properties to be auctioned in the next month that is July. The auction would be conducted for the recovery of funds and the auction would be an e-auction type.
Adding these 16 new land parcels make a total number of 58 properties that will be auctioned with a combined reserve price of nearly Rs 4500 crores.
The auction of the land parcels of the Sahara group would be conducted by SBI Capital Markets and HDFC Realty, these two have been given the task to auction a total number of 61 land parcels on 13th July 2016 and 15th July 2016 respectively.
In a separate notice the Securities and exchange board of India (Sebi) stated that SBI Caps will auction 8 land parcels on 27th July 2016 at a reserve price of over Rs 202 crore, while the HDFC Realty would carry an e-auction for another 8 land parcels on 21st July 2016 at a reserve price of Rs 450 crore.
Besides this SBI Caps and HDFC Reality have already lined up 3 separate auctions. The SBI Caps will be auctioning the properties on 7th July, 13th July and 20th July, while the HDFC Realty is scheduled to carry the auction on 4th July, 15th July and 18th July. The 2 firms SBI Caps and HDFC Realty will auction 21 lands each at a collective reserve price of Rs 4,350 crore.
For the sale of certain Sahara assets to recover the money, the Supreme Court has directed Sebi (Securities and Exchange Board of India) for the auctions which have further mandated SBI Capital Markets and HDFC Realty for auctioning a total of 61 land parcels.
Out of the 61 land parcels to be auctioned HDFC Realty has been asked in to auction a sum of 31 land parcels at a reserve price of Rs 2,500 crore, while SBI Caps has been asked to auction a total 30 land properties with an estimated market value of about Rs 4,000 crore.
In a public notice issued, SBI Cap said it is going e-auction as many as eight parcels on July 13 between 10.30 am & 11.30 am. These properties will obtain over Rs 1,196 crores the reserve price. HDFC Realty will also e-auction five properties on July 15 between 11:00 am and 12:00 am at a reserve price of over Rs 702 crore.
These properties are spread in different states of a country like Rajasthan, Tamil Nadu, Madhya Pradesh, Uttar Pradesh, Bihar, and Jharkhand these assets can be residential, agricultural, non- agricultural land. An interested bidder can also inspect these properties. As per the directions of the courts, these parcels cannot be sold at less than 90 percent of the circle rate.
After spending a total of 2 years in jail, chief of Sahara group Subrata Roy is currently out on parole. He was sent to jail on the orders by the Supreme Court in a long-running dispute with Sebi.