From Vadodara to Vellore, the Sahara Group appears to have accumulated land across the country, reports Shayan Ghosh in Mumbai.
From Vadodara to Vellore, the Sahara Group appears to have accumulated land across the country. Much of it is in the group’s home state Uttar Pradesh in cities such as Kanpur and Muzaffarnagar and also in Greater Noida. But there are plots even in Coimbatore and Siliguri. According to the list with FE, about 2,185 acres of land parcels worth Rs 4,017 crore have been put up for sale by the Securities And Exchange Board of India.
The actual sale will be conducted by SBI Capital Markets, overseen by justice BN Agarwal (retired). In March, the Supreme Court had asked Sebi to start selling Sahara Group properties in order to raise the money to be paid by Subrata Roy for his release from prison.
A bench led by Chief Justice TS Thakur directed Sebi to sell the land after it was informed that a list of 86 properties, which according to Sahara’s lawyers were worth Rs 40,000 crore, had been handed over to the regulator to show the group’s bona fides.