Real estate projects freeze due to SEBI’s actions
Many projects of Sahara Group of Companies are under the freeze due to the actions by the Securities and Exchange Board of India (Sebi).
The order by Sebi is based on an affidavit filed on behalf of Sahara India Real Estate Corporation and Sahara Housing Investment Corporation to the Supreme Court and in the document they have given details of the investment made from the monies generated through debentures.
Projects like Aamby Valley that are spreaded over 707 acres and another project of 86 acres in Gurgaon came to stagnant after this order came and the member of sebi Prashant Saran commented that the development rights are being held by various Sahara group entities and purchased for a consideration of Rs 1,436 crore.
The Sahara Group of company has 90 to 95 percent stake in a swathe of 64 projects in 64 towns across India, mostly under the name Sahara City Homes. Although the development rights were bought by the Sahara group through various Sahara companies which worth Rs 1,105 crore the order points out.
According to the order of the Sebi, it seeks attachment of all other movable and immovable properties owned or held by the two companies with immediate effect. Either they need to alienate, dispose or in any manner encumber the same.
Last year, the apex court asked the Sahara group of firms to refund the money with 15 percent interest and also asked Sebi to facilitate the refund.
Related Real Estate News:
Road digging by MCG causes problem to public
Delhites can now register property online
Aamby Valley, Delhi, functions of sebi, Real estate in India, Realty News, Sahara Group, Sahara Housing Investment Corporation, Sahara India, sahara india groupsahara companies, Sahara India Real Estate Corporation, SEBI, sebi gov, sebi in india, sebi rules, sebi sahara, Securities and Exchange Board of India
