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Sebi says unable to sell Subrata Roy’s Sahara Group properties

Expressing inability to sell Sahara properties, markets regulator Sebi on Wednesday told the Supreme Court that “no useful purpose would be served by proceeding with the auction process in the second phase” as almost all the properties are provisionally attached by the income tax department.

By: | New Delhi | Updated: September 22, 2016 7:13 AM
SEBI-Reu-L According to Sebi, it had auctioned 58 properties in the first phase and had engaged the services of HDFC Realty and SBI Capital Markets for it.

Expressing inability to sell Sahara properties, markets regulator Sebi on Wednesday told the Supreme Court that “no useful purpose would be served by proceeding with the auction process in the second phase” as almost all the properties are provisionally attached by the income tax department.

Instead, it wants the apex court to appoint a receiver for taking control of assets of the beleaguered Sahara group to make payment of Rs 36,000 crore to its 3.3 crore investors.

It also sought permission to issue Certificates of Sale and complete other requisite formality for concluding the sale of the five properties sold in Phase I of the auction process to the successful bidders who have already deposited the entire bid/sale consideration. Besides, it also wants directions “dispensing with the auction process with respect to the remaining properties of Saharas.”

According to Sebi, it had auctioned 58 properties in the first phase and had engaged the services of HDFC Realty and SBI Capital Markets for it.

As per the letter of the department, 43 properties out of the total 67 properties and 37 properties out of the 58 properties auctioned in the first phase were provisionally attached by the department, Sebi said in its affidavit filed through advocate Pratap Venugopal.

Sebi said that 5 properties out of the 7 properties for which auctions were completed in Phase I and sold, were also found to be provisionally attached by the department.

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