Tuesday, January 31, 2023

Auction of Sahara properties will complete in four months: SEBI tells Supreme Court

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An interlocutory application has been filed in SEBI vs. Sahara India Real Estate Corporation case, before CJI, Justice Sikri and Justice Dave, seeking clarification that the orders passed by the Supreme Court  shall not prevent the applicant from enforcing the judgment passed by national commission against Sahara India Commercial Corp.

The court held that no order of the Supreme Court shall stop the applicant from enforcing orders of NCDRC and state commission of  Maharashtra.  
The CJI stated that our proceedings do not restrain other competent courts from proceeding. 
Another interlocutory application was filed by a lady director of Sahara seeking permission to go abroad as she wants to visit her daughter there. The CJI asked her to call her daughter here and dismissed the application .

SEBI has title deeds of 60 properties out of the offered 69 properties. The estimated value by Sahara of the said properties is 20,000 crores. SEBI stated that the tendency would be to sell the most expensive property first . SEBI further stated that the  sale/auction will conclude in 4 months. The Court stated that any property apart from these 60 may be sold by Sahara . Dr. Rajiv Dhawan appeared for Sahara and requested that as far as 60 properties are concerned SEBI may be approached by Sahara to point out another buyer. SEBI is planning national advertisement regarding the sale/auction of the said properties . 

Two IAs filed by Sahara : with the money coming in Sahara is 100 crores short which may be recovered since Sahara has given 60 properties it was further argued that Subroto Roy Sahara may be released on parole, because the property is in virtual receivership. Dr. Rajiv Dhawan stated that it is Subroto Roy’s third summer in jail and he is in poor health since it is his  third summer in jail . It was further argued even house arrest is fine since communication with buyers is necessary. The Court stated that the issue of parole will be taken up on the next date of hearing . Properties will be sold at circle rate still more than 5000 crores. SEBI says process of selling property will start next week. Out of 5000 crores only 200 crores remain.
The CJI stated that money is almost secure because if the estimated value is 20,000 crores SEBI will be able to raise Rs 5000 crores atleast. 
SEBI states that the title over the properties is an issue and they will realize the objections only when the properties is auctioned . SAHARA stated that compliance is in the cash component and instead of the bank guarantee SEBI may sell the property at whatever basis and the property is security in lieu of bank guarantee . SEBI has an operational machinery to sell the property . 

The court has directed a list to be submitted before SC regarding the total number of properties owned by Sahara -. The CJI while speaking of Subroto Roy Sahara stated that he might be a defiant man for whom property is worth more than freedom, but how long can we keep him . SEBI has 4 months time for making the sale. Title deeds submitted by Sahara need to be verified and defects rectified. Roy has been in jail for 2 years and property has been provided, CJI stated that court will consider parole of contemnors (Roy) so that the contemnors may assist the court. Matters adjourned to 11/5/16. Dattar for SEBI may file an interim report regarding sale of properties.

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