Sahara India Real Estate Corporation Limited,Sahara Housing Investment Corporation Limited
Mar 27, 2014
Source : Business Standard

 

DELHI: The Supreme Court Wednesday asked Sahara Group chief Subrata Roy to deposit Rs.10,000 crore with the market regulator SEBI for his release on interim bail from judicial custody.

The apex court bench of Justice K.S. Radhakrishnan and Justice J.S. Khehar said that of the Rs.10,000 crore, Rs.5,000 crore would be deposited with the court, and for the balance of Rs.5,000 crore Sahara will furnish a bank guarantee of a nationalised bank favouring the market regulator.

The amount of Rs.5,000 crore to be deposited with the court would be released to the Securities and Board Exchange of India (SEBI) after Sahara complies with the conditions of the interim bail.

Saying that it has gone through the fresh proposal submitted by Sahara Tuesday and it was not in compliance with its Aug 31, 2012, and subsequent orders, the court said it was inclined to grant interim bail to Roy and his two other directors subject to depositing Rs.10,000 crore with the SEBI.

"We are inclined to grant interim bail...on the condition that they would pay the amount of Rs.10,000 crore - out of which Rs.5,000 crore to be deposited before this court and for the balance a bank guarantee of a nationalized bank be furnished in favour of SEBI and be deposited before this court."

The court said, "We make it clear that this order is passed in order to facilitate further (raising) the balance amount".

The court declined to water down its orders as the Sahara Group counsel expressed inability to raise such a huge amount while Roy is in jail.

Senior counsel C.A. Sundram appearing for Sahara urged that Roy may be released on depositing Rs.2,500 crore with the SEBI and sought one month's time for the rest of the amount.

The court adjourned the hearing for Thursday for Sahara and Roy's counsel to respond to the order on the interim bail.

Sundram told the court that some of the money could be raised only if the freeze order on the accounts of SIRECL and SHICL, the two realty subsidiaries of Sahara, were lifted.

Justice Khehar said that Sahara's fresh proposal of March 25 was with many "ifs and buts" and that court could consider de-freezing the bank accounts only if it was given the details of the specific bank accounts and amount to be withdrawn.

Sahara Group in a fresh proposal Tuesday offered to pay the SEBI the sum of Rs.20,0000 crore in five instalments starting with Rs.2,500 crore and three subsequent instalments of Rs.3,500 crore each and the final instalment of Rs.7,000 crore.

The court was told the first instalment of Rs.2,500 crore would be made within three working days upon the lifting of freeze of its bank accounts and assets and three instalments of Rs.3,500 each would be paid June 30, Sep 30 and Dec 31. The balance of Rs.7,000 crore would be deposited March 31, 2015.

The two Sahara Group companies - Sahara India Real Estate Corporation Limited and Sahara Housing Investment Corporation Limited - had collected Rs.24,780 crore from 3.3 crore investors which the apex court by its Aug 31, 2012, order had directed them to return to investors by routing it through the SEBI.

 

 

 

Latest Realty News

Congress, BJP candidates under-valuing their assets, says Yogendra Yadav
Mar 27, 2014
DELHI: Aam Aadmi Party's Yogendra Yadav on Tuesday accused rival candidates from Congress and BJP of under-valuing their property to an extent that negated the Election Commission rules and Supreme Court judgment mandated to ensure transparency in polls.
Tirupur Corporation to increase tax collection
Mar 27, 2014
TIRUPUR: Chairman of Taxation and Finance Standing Committee in Tirupur Corporation R. Chandrasekar presented the budget for 2014-15 financial year with fiscal deficit projected at Rs. 17.39 crore.
Portal to make business easy for traders
Mar 27, 2014
CHENNAI: Traders and entrepreneurs in the city will soon be able to pay property tax, profession tax, or obtain a trade licence from the Chennai Corporation and even pay tax to the Commercial Tax Department through the Central government’s G2B portal, eBiz.
Indian IT firms expect revenue boost from US
Mar 27, 2014
BANGALORE: As more and more American manufacturing companies shift production to the US and reduce their reliance on low-cost labour in China, Indian technology outsourcing companies are expecting a big boost in revenues from their manufacturing clients.
CBI books Pearls group MD in Rs 45,000 crore scam
Mar 27, 2014
CHANDIGARH: Real Estate major Pearls group MD Nirmal Singh Bhangoo, who has several infrastructure projects in Punjab and has been the major sponsor of deputy chief minister Sukhbir Badal-led Kabbadi World cup events, has been booked by the CBI in a Rs 45,000-crore scam for allegedly duping investors by promising agriculture land.
Real estate, construction sectors hit, as companies divert funds to poll contribution
Mar 27, 2014
DELHI: As India's mammoth general election approaches, jackhammer drills are quietening down at construction sites and earthmovers and cranes remain parked.
Payment Default: Cases Registered against Chit Fund Firm
Mar 27, 2014
THIRUVANANTHAPURAM: Various police stations in Thiruvananthapuram and Kollam districts have registered cases against a private chit fund firm which allegedly defaulted in repaying maturity amount to investors.
Pune appreciation potential better than national average
Mar 27, 2014
PUNE: Conventional wisdom of real estate suggests that in times of slowdown, the emerging markets outperform the matured markets. The matured markets are expected to correct or crash during tough times. However, Pune has been bucking the slowdown blues and has maintained a uniform appreciation across the micro markets of the city, something that defines how resilient Pune’s property market is.
Solve water woes of NCR to boost realty sector
Mar 27, 2014
DELHI: As summer sets in, the hapless people of the capital and the NCR will once again face water shortages and the tanker mafia. As is the norm, there will be heated debates on the crisis, but nothing concrete ever happens on the ground.
IIFL home bonds oversubscribed
Mar 26, 2014
CHENNAI: The issuance of unsecured redeemable non-convertible debentures by India Infoline Housing Finance Limited (IIHFL), the housing finance subsidiary of IIFL Holdings Limited, has been oversubscribed 2.24 times of the base issue. Based on stock exchange data, total collections stood at Rs 224.5 crore, which is 2.24 times of the base issue.

Latest Realty News Of State

Realty Talk's