Sahara group in a public notice published in various newspapers said that it would submit to SEBI title deeds relating to other properties aggregating Rs20,000 crore, instead of debating any further on the issue
Subrata Roy-led Sahara group on Tuesday said it will submit new title deeds for properties worth Rs20,000 crore to the market regulator Securities and Exchange Board of India (SEBI). Earlier, SEBI has termed the assets offered by Sahara as highly over-valued.
The fresh proposal follows after the Supreme Court last week restrained Sahara group from selling any properties and restrained Subrata Roy and three other top executives from leaving the country without the court’s permission. The court will hear the matter next on 11th December.
While disagreeing with SEBI’s view that the properties offered earlier as security for Rs20,000 crore were overvalued, Sahara group said in a public notice published in various newspapers that it would “submit title deeds relating to other properties of Sahara aggregating Rs20,000 crore, instead of debating any further on the issue raised.”
It said it “has been making sincere efforts over the last few months to comply with the order of Supreme Court pertaining to the ongoing litigation with SEBI” and assured its depositors, customers and business associates that it will successfully “overcome these challenges“.
The Supreme Court has asked Sahara group to hand over title deeds of unencumbered properties worth Rs20,000 crore to SEBI, which was last year tasked with the job of refunding over Rs24,000 crore to investors from whom two Sahara firms had raised money through issue of certain debentures.
The Group has submitted Rs5,120 crore so far to SEBI, while earlier it has claimed to have already refunded more than Rs20,000 crore directly to the investors concerned.
The SEBI had informed the apex court on 20th November that the group had overvalued the worth of two properties offered as security earlier this month and accused the group of not handing over all original title deeds for assets worth Rs20,000 crore.
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