Rs , sq ft

Removed from Shortlist

My Shortlist ()
Keep track of your shortlisted properties here. Shortlist a property to get started.

Rs. 3007 crore deposited by Sahara India Pariwar with SEBI

Q: Hi all, do you know that the court on March 26 had asked Sahara to deposit Rs 5,000 crore in cash and Rs 5,000 crore through bank guarantee for release of Roy and the two directors.
Reply

Replies (17)
1
Hi all,
Yesterday, i heard the news that Sahara Group is going to deal with billionaire brothers David and Simon Reuben for sale of the iconic Grosvenor House Hotel in London for clear the debt which was taken for it three hotel properties.
Govinda


Right Govinda,
It is true that Sahara Group has been trying to raise funds to secure release of its chairman Subrata Roy, who has been lodged in Tihar Jail for over a yesr. As per the Sahara Group Spoke person the talks are in final stages. They didn't comment on the deal size. But as per the report in the Sunday Times, the deal was fixed at 5500 crore.

Earlier this year, The Grosvenor House hotel was put on sale by its lender Bank of China after a technical default.
Rajesh,  Delhi-NCR
8th June 2015


@rajesh,
Do you know about the other properties owned by Reuben Brothers? These are New York Plaza hotel and the New York Dream hotel. As per the Reuben Brothers this deal bring back Sahara's ability to renegotiate the loan terms with the new lender or with third parties.
8th June 2015


Right Govinda,
The negotiations that are already underway and are expected to generate new money for meeting the group's immediate requirements in the Supreme Court of India.
Rajesh,  Delhi-NCR
8th June 2015


2
These 4 properties comprise land in Chauma (Gurgaon), Jodhpur, Pune and Vasai (in Mumbai). It is said that the Vasai land is being sold for Rs 1111 crore, while that in Jodhpur for another Rs 140 crore. Out of a list of 9 domestic properties submitted earlier to the court, Sahara has already sold its Ahmedabad property for Rs 411.8 crore, which has gone into SEBI account.

Kashif Ahmed


3
Well Kasif,
The group has also retained that the amount already deposited with the regulator SEBI exceeds the pending dues. In Gurgaon, Sahara has sold 185 acres of land to M3M India Ltd, which plans to use for mixed-use development and would pay the group the entire money in 6 instalments.

Deep Thakur


4
Yes Deep,
This deal is similar to the Gurgaon land deal, which is probably the biggest so far this year in the national capital region, all the three land parcels may be sold to the local real estate developers in the respective cities.

Kashif Ahmed


5
Hi all,
Yesterday, after selling land in Gurgaon for Rs 1211 crore recently, Sahara group is think to have finalized 2 more land parcels deals. One in Mumbai and another in Jodhpur - for over Rs 1250 crore. In addition to, talks are in final stages for sale of another land parcel by Sahara group in Pune.
Deep Thakur


6
Sahara, which earlier had raised Rs 3117 crore and deposited with SEBI, has told the court that out of nine domestic assets it has now sold an Ahmedabad property and raised Rs 411.82 crores which has also gone into account of the market regulator.
Sameer Khan


7
The supreme court jury was informed that the group has already generated Rs 184.5 crore as part payment for its assets in Jodhpur, Chauma and Vasai and following which it was allowed to hand over three demand drafts and one cheque to SEBI's counsel.

Out of the list of nine domestic properties, Sahara has already sold its Ahmedabad property and has raised Rs 411.82 crores which has gone into the account of SEBI.
Suhail


8
Hi Suhail,
It is heard that it M3M India Ltd. may be acquiring Sahara's land at Chauma in Gurgaon and the deal size could be over Rs 1200 crore. But still there are silence and no official confirmation of the deal from either of the parties.

The Supreme Court yesterday permitted the Sahara Group to proceed with the sale of four domestic properties which is likely to bring Rs 2710 crore, in its tender to raise Rs 10000 crore for the discharge of its jailed chief Subrato Roy.
Sameer Khan


9
Sahara group is suppose to be selling a large land parcel for over Rs 1200 crore in the suburbs of the national capital to Gurgaon-based realty firm M3M India Ltd.

M3M, which is scheduled 5th of December this year to announce one of the biggest acquisition in the real estate industry in recent history was quiet about the deal.
Suhail


10
Now, there will be a question mark on whether it can generate sufficient cash flow from the properties or sell them at an agreeable price. For a group that has cut employees' salaries and is battling a cash crisir, no one knows how this story will play out in the days to come.

Prem Sharma


11
Speaking on situation of anonymity, an official with the agriculture ministry told that there is a thinking within the government to revise the law and plug means of avoidance, if any, in the regulations.

Some time ago they had asked the registrars of co-operatives in different states to take a close at the some of the large cooperative credit societies. But they have to be careful. It will be good if societies can be involved with banks.

Ankita


12
Yo are right Ankita,
Different from more friendly credit co-operatives for employees of an organisation or a group, general multi-state societies can open shop across the country to attract savings and are regulated by the central registrar of co-operative societies under the ministry of agriculture. Their reach can be as extensive as large banks.

Prem Sharma


13
The activities of Sahara Credit, originally started by Sahara employees, multiplied in the years after the Reserve Bank of India forced Sahara to shut down its remaining non-banking finance company in 2008.
The team of Sahara agents, organizing savings through its daily deposit schemes that accept deposits of even one rupee a day. And it was moving entirely into garnering funds for the co-operative society.

Ankita


14
A senior official of the society told that the society holds many high-quality assets, including 2000 acres of land which according to a leading realty broker, is valued at Rs 6400 crore.
In spite of the funds being stuck and it is not easily converted into cash, even if valuable, assets do not visualize any problem in repaying depositors on time.
Prem Sharma


15
Hi Prem,
It is also came to know that most important part of this money has been invested in Sahara Group companies and projects.
Now, It has understood that the credit society owns a 42% shareholding in the corporate entity that holds Sahara's prized Amby Valley property.
The society has 2.6 crore formal members and 92 lakh regular members with voting rights.

Ankita


16
Hi,
It is came to know that society's total liability has touched Rs 36000 crore, almost twice the amount raised by two Sahara property firms whose run-in with capital market regulator Sebi had boasted a bitter court argue and eventually staged Roy in Tihar.

Prem Sharma


17
Hi,
Left with no option but to execute with condition imposed by the Supreme Court as a result Sahara India Pariwar has deposited Rs 3007 crore with market regulator Sebi for release of Sahara Group Head and two other directors.
Rituraj


Hi Rituraj,
On June 4, the apex court had repeated the March 26 order and allowed Sahara to operate bank accounts and sale bonds and securities to meet the pre-release conditions. Really it was a good judgment by the apex court otherwise most of the companies are going on the same way and become defaulter.
Sishir,  
11th June 2014


You are right Sishir,
Now the people of such nature should learn a lesson from him and will never repeat the same in the future. But the amount fixed by the apex court was Rs. 10000 crore. What about the rest of the amount?
11th June 2014


@Sishir,
Sahara sources said Rs 3007 crore was collected the amount from various bank accounts and sale of bonds and the amount was deposited on Monday with the market regulator. They are arranging the rest of the money and the bank guarantee.
Sishir,  
11th June 2014


18

Ask a Question
120 Characters Left











    CommonFloor Property Search Mobile App now available on Android, iOS and Windows!