Sebi order seeks to attach realty projects of Sahara Group

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Sebi order seeks to attach realty projects of Sahara Group
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Sebi order seeks to attach realty projects of Sahara Group

15 Feb 2013

Reports indicate that the recent order by the Securities and Exchange Board of India (Sebi) against the Sahara group of companies seeks to attach several real estate projects of the latter.

The market regulator recently passed an order based on an affidavit filed on behalf of Sahara India Real Estate Corporation and Sahara Housing Investment Corporation to the Supreme Court where they had given details of the investment made from the monies generated through debentures.

The order by Sebi's whole-time member Prashant Saran says: The development rights are held by various Sahara group entities and purchased for a consideration of Rs 1,436 crore.

Other than freezing the Aamby Valley development project spread over 707 acre, it also brings in its sweep 186 acre in Gurgaon.

It also attaches between 90 to 95 per cent stake in a swathe of 64 projects in 64 towns across India, mostly under the name Sahara City Homes. The development rights in these projects were purchased by various Sahara companies for Rs 1,105 crore the order points out.

The Sebi order seeks attachment of all other movable and immoveable properties owned or held by the two companies with immediate effect. It has asked them not to "alienate, dispose or in any manner encumber the same".

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