The Securities and Exchange Board of India has lined up as many as five land parcels of beleaguered group Sahara for an e-auction next month at a total reserve price of over £13million. Earlier 13 properties were put on the block in October with a combined reserve price at about £140 million. Before that, 58 properties were auctioned in July with a collective reserve price of nearly £ 500 million.
In separate notices, the regulator said SBI Caps would auction three properties on December 28 at a reserve price of about £10.2 million, while HDFC Realty will auction two properties on December 27 at a reserve price of over £2.9 million. After recieving directions from the Supreme Court for sale of certain Sahara assets to recover money, Sebi has now mandated Capital Markets (SBI Caps) and HDFC Realty for auctioning a total of 61 land parcels. HDFC Realty has been roped in to auction 31 land parcels at a reserve price of £240 million, while SBI Caps has been asked to auction 30 land properties with an estimated market value of about £410 million.
All the properties are spread across the country. The court directs they cannot be sold at less than 90 per cent of the circle rates. After spending two years in jail, Sahara chief Subrata 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.
