Sahara Issue & Updates

1. Selling Sahara Stakes (June 2016): Taking forward its task of recovering dues from Sahara, markets regulator SEBI will sell a total of 61 land parcels belonging to the Sahara group through e-auction next month, at a reserve price of about Rs 1,900 crore. SBI Capital Markets and HDFC Realty would conduct the auction, which have been tasked to auction a total of 61 land parcels, on July 13 and July 15, 2016 respectively. The Securities and Exchange Board of India (“SEBI“) roped in HDFC Realty and SBI Cap after being asked by the Supreme Court to initiate the process of selling properties of the beleaguered group whose titles have been deposited with it by the group. HDFC Realty has been asked to auction a total of 31 land parcels at Rs 2,400 crore, while SBI Cap has been tasked to auction another 30 land properties with an estimated market value of about Rs 4,100 crore. These properties are located in Rajasthan, Tamil Nadu, Madhya Pradesh, Uttar Pradesh, Bihar and Jharkhand. The assets being sold are residential, agricultural and non-agricultural land. As per the court directions, these properties cannot be sold at less than 90 per cent of circle rates.

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