Mumbai: The Securities and Exchange Board of India (SEBI) is planning to
outsource the Sahara property auction job, which could be worth at least Rs
40,000 crore.
The regulator is in talks with SBICAP Trustee Co, a wholly-owned
subsidiary of investment bank SBI Capital Markets, and UTI Infrastructure
Technology and Services, for potential sale of 87 properties, part of the long
effort to recover money from the Sahara group.
The move comes after the Supreme Court (SC) allowed SEBI to sell Sahara
group properties for generating the bail money required for the release from
jail of the latter’s chief, Subrata Roy. The hearing onSEBI’s application for appointing a
receiver to auction Sahara’s properties is scheduled for April 27.
It is unlikely that the regulator would float a tender to manage the
task. “The properties cannot be managed internally. The court has suggested an
external agency be appointed for this and the regulator would probably suggest
some outside agencies to the court,” said the person cited above. The exercise could involve 87
properties in 71 cities, covering 7,161 acres, of which 47 title deeds seem
clear, from the details given by Sahara before the SC in 2013.
The 71 locations have some huge properties, and it includes Pomgaon and
Kumheri villages near its Aamby Valley project in Pune district. The other big
chunks are in Faridabad, Noida, Muzzafarnagar and Haridwar. These together
could account for Rs 12,000 crore.
SEBI, which is the regulator for the securities market in India, was
established in the year 1988 and given statutory powers on 12 April 1992.
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