Recently, the Securities and Exchange Board of India (SEBI) took a decisive step by attaching all bank accounts and real estate assets associated with two companies owned by the Sahara group. This measure is anticipated to freeze several ongoing realty projects under the group’s management.
As part of this action, SEBI's order specifically targets the real estate assets of the Sahara group, impacting key initiatives such as the luxurious Aamby Valley City project, which includes a golf club and a host of other modern amenities.
In light of SEBI's directive, the Aamby Valley project, designed and developed by Sahara India Pariwar, will be frozen. Located in Lonavala near Pune, this expansive villa and timber chalet project covers an impressive area of 707 acres and is considered one of Sahara’s flagship endeavors.
In addition to the Aamby Valley project, SEBI's order also entails the attachment of stakes amounting to 90 to 95% in various projects managed by Sahara India Real Estate Corporation and Sahara Housing Investment Corporation. These projects span across 64 towns nationwide, many of which are developed under the title of Sahara City Homes.
The attachment order was issued by Mr. Prashant Saran, the whole-time director of SEBI. The rationale behind this order is the Sahara group companies’ failure to adhere to a Supreme Court ruling mandating the repayment of over Rs. 24,000 crores to investors. The Supreme Court found the information provided about these investors to be dubious and unclear.
According to the SEBI order, about 186 acres of land in Gurgaon acquired by Sahara firms for Rs. 1,436 crores will also be attached. Mr. Saran noted that Sahara companies had purchased the development rights for the aforementioned 64 projects for a total of Rs. 1,105 crores, as mentioned in the order.
SEBI's directive effectively attaches the properties of Sahara companies, including all forms of movable and immovable assets, with immediate effect. In response to the attachment order, the Sahara firms have claimed that their total liability is only Rs. 5,120 crores, stating that they have already settled this amount with SEBI.