Sahara sells 185-acre Gurgaon land to M3M India
Moneylife Digital Team 04 December 2014

With the latest deal, Sahara has come a step closer to raising the Rs10,000 crore that the SC had stipulated in order to secure bail for its chief, Subroto Roy

 

Sahara sold a big land parcel at the outskirts of the national capital for Rs1,211 crore to Gurgaon-based developer M3M India Ltd. Sahara Group has been trying to raise Rs10,000 crore in order to secure the release of its chief, Subroto Roy.

 

Earlier, Sahara was allowed by the Supreme Court, to sell four properties in order to raise about Rs2,710 crore out of the total of Rs10,000 crore. Besides this Chauma land, the court has also allowed the group to sell properties in Jodhpur, Pune and Vasai in Mumbai after it was satisfied that the transactions were in accordance with its June 4, 2014 order.

 

The 185-acre land in Gurgaon, with 12 million square feet built-up area, would be used for ‘mix-use development’ and has sales revenue potential of Rs12,000 crore, M3M India Ltd said today while announcing the deal.

 

The court had clearly directed Sahara that the sale could not happen at prices below a specified level. M3M India Director Pankaj Bansal also asserted that it was not a ‘distress sale’ by Sahara and the deal has been inked on the basis of market price.

 

The apex court bench was informed that the group has already generated Rs184.5 crore as part payment for its assets in Jodhpur, Chauma and Vasai, following which it was allowed to hand over three demand drafts and one cheque to SEBI’s counsel.

 

Out of a list of nine domestic properties submitted earlier to the court, Sahara has already sold its Ahmedabad property and has raised Rs411.82 crore.

 

Roy, who was sent to jail on March 4 this year in a case involving alleged non-refund of over Rs20,000 crore with interest to depositors, was asked by the court to pay Rs10,000 crore to get bail, out of which Rs5,000 crore should be paid in cash and rest of the amount in bank guarantee.

 

Sahara, which had earlier raised Rs3,117 crore and deposited with SEBI, told the court that out of nine domestic assets, it has now sold an Ahmedabad property and raised Rs411.82 crore, which has also gone into the account of the market regulator.

Comments
Rakhi
7 years ago
That's the only question coming in each and every person's mind. Its a very big deal of collecting money for his own bail.
Ananth Malik
7 years ago
Being in jail how anyone can collect such a big amount for his own bail?
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