Sahara’s 10 land parcels worth Rs 1,192 cr to be auctioned in July | The Financial Express

Sahara’s 10 land parcels worth Rs 1,192 cr to be auctioned in July

SBI Capital Markets and HDFC Realty to conduct sale

Sahara’s 10 land parcels worth Rs 1,192 cr to be auctioned in July
Out of the total money, Sahara is expected to pay 995 million to Reuben brothers, its prime lender.

Mandated by markets regulator Sebi, SBI Capital Markets and HDFC Realty have put on sale 10 Sahara land parcels worth Rs 1,192 crore, according to two separate advertisements published by the firms.

While SBI Caps will conduct the auction on July 7, HDFC Realty will auction the lands July 4. The earnest money deposit (EMD) for all properties has been fixed at 10% of the reserve price.

In March, the Supreme Court had asked the Securities and Exchange Board of India (Sebi) to start selling Sahara group’s properties to raise money to be paid by Sahara chief Subrata Roy for his release from prison. A bench headed by Chief Justice TS Thakur had directed Sebi to sell them 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 bonafide.

As FE had reported earlier, 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 SBI Caps list, about 2,185 acres of land parcels worth R4,017 crore have been put up for sale by Sebi.

In a public notice issued Thursday, HDFC Realty said it will e-auction as many as five land parcels on July 4 between 11 am and 12 noon. These properties will fetch around Rs 722 crore at reserve price.

SBI Cap will e-auction five land parcels on July 7 between 10.30 am and 11.30 am at a reserve price of Rs 470 crore, it said in a separate notice.

These properties are located in Andhra Pradesh, Tamil Nadu, Madhya Pradesh, Chhattisgarh, Gujarat and Uttar Pradesh. The assets being sold include both agricultural and non-agricultural land.

Interested bidder can inspect these land parcels between June 8 and June 10.

As per the court’s directions, these properties cannot be sold at less than 90% of circle rates.

After spending two years in jail, Roy is currently out on parole. He was sent to jail on the orders of the Supreme Court in a long-running dispute with Sebi.

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First published on: 03-06-2016 at 07:06 IST