By Valley City
Copyright indiatimes
AgenciesThe Supreme Court on August 31, 2012, had asked two Sahara firms to refund more than Rs 24,029 crore collected from 33 million bond investors, with an interest of 15% from March 2008.
New Delhi: The Sahara Group has sought the Supreme Court’s permission to sell its 88 properties, including the 8,810-acre Aamby Valley City project near Lonavala in Maharashtra and the Sahara City in Lucknow, to Adani Properties.This will help “discharge its financial obligations towards its investors” and fulfil its “monetary obligations” as directed by the top court, Sahara India Commercial Corp (SICC) said in its application seeking SC nod.Sahara companies signed a deal with Adani on September 6. It needs the top court’s nod. The matter is scheduled to come up for hearing on October 14.SICC told the top court it intends to sell the 88 immovable properties, which largely are land parcels all across the country, to a “credible buyer” on an outright basis, including the development rights, floor space index and entitlements of such properties.It said the group wants to ensure an equitable, efficient, and court-supervised mechanism for resolution of all its liabilities due to stakeholders like investors, employees, state exchequer, and operational and other creditors.Live EventsThe dues can be identified and appropriately settled by an overview committee appointed by the top court, it said.“After monetising the assets…there would be insignificant assets left and none of the Sahara Group entities would be going concerns. It would be appropriate that the committee be empowered to settle the dues of all the concerned stakeholders to the maximum extent and also thereafter ensure closure of all such entities of the Sahara Group so that no further liabilities keep arising,” the application stated.The management of the Sahara Group, apprehending continuation of unauthorised actions by some individuals post demise of its chief Subrata Roy in November 2023, wants outright sale in a “single block/lot, substantially all of the remaining assets to a single entity in order to realise maximum value, most importantly in an expedited timeline such that the liabilities can be discharged at the earliest. Otherwise, the sale of each of the assets separately to different buyers would take years,” it said.To ensure the committee’s unhindered and expeditious functioning, the company urged the top court to issue a direction that “no parallel proceedings, civil, criminal, quasi-judicial, regulatory, or investigative (including decrees/judgments/orders/awards already passed and any pending execution proceedings), are permitted to interfere with or impede the committee’s mandate.”“This decision was taken in the interest of all stakeholders, most particularly in the interest of the investors in the Sahara Group so that their claims would be well satisfied and they receive maximum value,” the application said.The Supreme Court on August 31, 2012, had asked two Sahara firms to refund more than Rs 24,029 crore collected from 33 million bond investors, with an interest of 15% from March 2008.On September 12, the top court had directed that Rs 5,000 crore from the Sebi-Sahara Refund Account be returned to cooperative society investors. A similar order was passed on March 29, 2023.Add as a Reliable and Trusted News Source Add Now!
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