After a protracted legal battle with the Securities and Exchange Board of India (SEBI), the Sahara Group has stated it will present fresh title deeds for properties valued at Rs 20,000 crore.
This revised offer emerged following a Supreme Court directive that restricted the group from divesting any assets. The court also barred Sahara chief Subrata Roy, along with three other high-ranking directors, from international travel.
While disagreeing with SEBI's assessment that the previously offered assets, meant as security for Rs 20,000 crore, were overvalued, the group declared its intention to submit title deeds for other Sahara properties totaling Rs 20,000 crore. This decision aims to avert further disputes on the valuation issue.
To date, the Sahara organization has deposited Rs 5,120 crore with SEBI. The firm previously asserted that it had refunded over Rs 20,000 crore directly to investors via its field officers.
The Supreme Court has directed the entity to transfer property documents worth Rs 20,000 crore to the market regulator SEBI. This regulator was entrusted last year with refunding over Rs 24,000 crore to investors from whom two Sahara affiliated arms had raised funds through specific debenture issuances.
The Sahara Group had initially submitted documents for two land parcels: a 106-acre plot in Versova, Mumbai, valued at Rs 19,000 crore, and a 200-acre plot in Vasai, estimated at approximately Rs 1,000 crore.
The case pertains to Sahara Housing Investment Corporation and Sahara India Real Estate Corporation, which collectively amassed over Rs 24,000 crore from approximately three crore investors by issuing particular bonds between 2008 and 2009.
Over recent months, the organization has reportedly made earnest efforts to comply with apex court directives related to the ongoing litigation with SEBI. They have also assured depositors, along with business partners, of their capacity to successfully navigate prevailing challenges shortly.