SC considers appointing receiver for Sahara assets
The group has so far deposited nearly Rs 3,800 crore and is short by Rs 1,200 crore of the cash component of the bail condition.
Aug 04, 2015
Source : Toi
 
NEW DELHI: The Sahara group's inability to raise Rs 10,000 crore, half in cash and half through bank guarantee, to seek release of its chief Subrata Roy and two directors from jail made the Supreme Court on Monday think aloud about the possibility of appointing a receiver for the group.

"Let the property be taken over and let a receiver manage the property and give us a report. They (Roy and the two directors) seem incapable of generating the amount for their release. It is not a very happy situation. The way its proceeding, it doesn't appear to be going anywhere," a bench of Justices T S Thakur, A R Dave and A K Sikri said. It asked market regulator Sebi to file an application on this.

Roy and the two directors were taken into custody on March 4 last year for their repeated failure to comply with the SC's earlier orders directing two group companies to refund Rs 24,000 crore to nearly three crore investors. It had granted them bail on March 26 provided they furnished Rs 5,000 crore in cash and Rs 5,000 crore through bank guarantee to Sebi.

The bench asked why Roy had not been able to raise the money despite claiming to have huge tracts of land. "One thing that is troubling us is that there is one person who is sitting on Rs 185,000 crore and he tells us that he owns so much yet he is not able to pay. A person who is so blessed with money, he is sacrificing his liberty. It seems you are in jail by choice," the bench said.

Roy's counsel kapil Sibal said it was difficult to raise the money with head of the group behind bars. He pleaded with the court to release Roy on humanitarian ground. But the court refused, saying it would not be possible without Roy meeting the bail condition.

The bench asked Sibal, "These companies have board of directors. Is it so important that one individual's inability should stop the company from paying?"

The group has so far deposited nearly Rs 3,800 crore and is short by Rs 1,200 crore of the cash component of the bail condition.

After court proceedings, a Sahara statement said the court had appreciated the difficulties it faced in selling the properties in the current scenario.

Sibal argued in court that the SC's order to pay the outstanding amount was hindering the effort to raise the money needed to comply with bail conditions. He said the sale of properties too faced rough weather.

He explained how a buyer for its Chauma property had gone back on the deal to deposit Rs 700 crore while the Vasai property bidder sought extension of three months for paying Rs 850 crore.

On the Gorakhpur property, the bench had finalized the deal by awarding the land to a Gorakhpur-based  real estatedeveloper for Rs 152 crore. This amount is to be deposited with Sebi before November 30.

The court will next hear the matter on September 14.

 

Latest Realty News

Fewer-new-housing-launches-in-kolkata,-sale-lowest-among-top-eight-cities
Aug 04, 2015
KOLKATA: The realty boom that kept Bengal's economy churning has switched to reverse gear. Not only has new launches dipped, but sale of apartments is also the lowest among the top eight cities.
RBI-policy-desolates-realtors;-want-rate-cut-to-boost-sector
Aug 04, 2015
Real estate industry on Tuesday expressed disappointment over RBI's decision to keep the key interest rates unchanged, saying rate cuts were required to boost manufacturing and property sectors.
PE-investment-in-realty-rises-16-per-cent-to-Rs-6,010-crore-in-Jun-quarter
Aug 03, 2015
NEW DELHI: Private equity (PE) investment in the real estate sector rose by 16 per cent to Rs 6,010 crore in April-June period as developers raised funds to complete existing projects on account of slow sales, says a report.
Buyers-point-to-loopholes-in-Rajya-Sabha-report-on-real-estate-bill
Aug 03, 2015
NOIDA: NCR homebuyers, who made significant contributions in the shaping of the Real Estate Regulation and Development Bill, have by and large welcomed the report by the 21-member select committee on the Bill, submitted to the Rajya Sabha on July 30.
Gurgaon-best-bet-for-office,-Noida-loses-out:-Report
Jul 29, 2015
NOIDA: Noida has few takers for office space, despite being more affordable than Gurgaon. This inference can be drawn from a recent study by an international real estate research group. Experts attribute it to a lack of support infrastructure for businesses in this city.
Pune-steals-a-march-over-Delhi-in-residential-realty
Jul 29, 2015
PUNE: Sales and new project launches in the country's real estate sector are recording a dip, but analysts observe that Pune continues to see an increase in sales and prices.
Bharti-Realty-ties-up-with-Eros-group
Jul 28, 2015
NEW DELHI: Bharti Enterprises' real estate firm Bharti Realty on Monday said it has tied up with Eros Group to develop a housing project at Surajkund.
MMR-housing-market-records-worst-half-year-post-global-financial-crisis
Jul 28, 2015
MUMBAI: Housing market in Mumbai Metropolitan Region has recorded worst half-yearly performance since global financial crisis in 2008 with around 2 lakh unsold homes and weakening sales, showed a report released by Knight Frank India for the period ending June.
JLL-India-asks-home-buyers-to-avoid-Noida-Extension,-Greater-Faridabad-
Jul 24, 2015
NEW DELHI: Property consultant JLL India has advised home buyers to avoid certain locations, including Noida Extension, in Delhi-NCR real estate market due to delays in projects delivery, oversupply, speculation and lack of infrastructure.
Fullerton-India-receives-housing-finance-licence-from-NHB
Jul 23, 2015
Mumbai: Non-banking finance company Fullerton India on Thursday announced the receipt of housing finance licence from National Housing Bank.

Latest Realty News Of State

Realty Talk's