The Securities and Exchange Board of India (SEBI) told the Supreme Court on Thursday that the auction of Sahara's prime Aamby Valley properties once again failed to receive any bids from buyers.
SEBI also told the Apex Court three-judge bench, headed by Chief Justice of India (CJI) Dipak Misra that no bids were received for Aamby valley despite advertisements.
Two companies agreed to buy land owned by Sahara in Vasai. Sai Rydam Realtors, Prime Downtown Real Estate expressed interest in buying Sahara's land.
These two companies have to deposit a total of Rs 982 crores to buy Sahara's 3 acre land in Vasai, SEBI said to the Apex Court. Buyers have deposited around Rs 100 crores today. Companies to deposit Rs 200 crores by 24th July, Rs 200 crores more by 15th August, remaining by 12th September, the SEBI told. The Supreme Court today fixed the matter for further hearing to September 12.
The SEBI, the market regulator, had alleged that the company's Chairman, Subrat Roy Sahara had allegedly failed to comply with the 2012 Apex court order directing him to return investors more than Rs 20,000 crores with 15% interest that his two companies - Sahara India Real Estate Corporation Limited and the Sahara Housing Finance Corporation Limited - had illegally raised through optionally fully convertible debentures (OFCD) in 2007 and 2008.
Sahara, once one of India's most high-profile firms, had in the past made several failed attempts to raise the bail money using its prized overseas hotels that include the Plaza in New York and Grosvenor House in London.
Sahara says it has paid more than 80 percent of the dues to the bondholders, but the market regulator, SEBI disputes that and said the Sahara's have not paid more than Rs 15,000 crores. (UNI)