According to figures made available by the Custodian, the total value of immovable properties of the HM group as assessed by the Income Tax Department in 1993-94 is Rs 27.49 crore and includes flats in Mumbai, Delhi and Calcutta.

As on date, the Custodian has been able to recover Rs 1.25 crore from sale of three flats belonging to HM group in Calcutta. In addition, sale of 19 cars has realised another Rs 60.28 lakh. Flats worth over Rs 25 crore in Mumbai and Rs 21.45 lakh in Delhi are yet to be disposed off. Sources point out that there are hardly any takers for office/residential space in prime locations and a substantial erosion in real estate prices has made the reserve price fixed for these properties by the I-T department unacceptable topotential bidders.

Besides, sources say the time for distribution of assets belonging to HM group has not yet come as the process of auditing his accounts is yet to begin. The HM group is expected to submit finalised accounts of his 25 companies latest by end of this month. The fact that the Calcutta flats have been sold at substantially reduced prices after a re-assessment by the I-T department, keeping in mind their current market value indicates the need to review the reserve prices of HM's properties in Mumbai, where property rates have fallen drastically over the last couple of years, sources explain.As for shares belonging to notified persons and lying with the Custodian, an elaborate disposal scheme will become operational once the Special Court gives its nod. As per last information available, attached shares included 443.65 lakh registered shares (including accrual of bonus/rights issues after notification of scam-tainted entities) belonging to notified persons. Besides, there were 112.86 lakhunregistered shares.

Out of the total attached quantity, 103.65 lakh unregistered shares and 164.60 lakh registered shares (including accruals) were lying in physical possession of the Custodian. The proceeds from the sale of assets belonging to notified persons will be utilised for repayment of revenue dues and amounts due to financial institutions.