सहारा चीफ और दो अन्य को नोटिस

सुप्रीम कोर्ट ने 2 जी मामले की जांच में कथित तौर पर दखल देने के मामले में सहारा चीफ सुब्रत राय और दो अन्य के खिलाफ दाखिल याचिका पर सुनवाई करने का फैसला किया है। कोर्ट ने इस मामले में सुब्रत राय और दो अन्य से पूछा है कि क्यों न उनके खिलाफ इस मामले में अवमानना की प्रक्रिया शुरू की जाए। सुप्रीम कोर्ट ने नोटिस जारी कर 6 हफ्ते में जवाब दाखिल करने को कहा है।

क्या है मामला?
इस मामले में इंफोर्समेंट डायरेक्टरेट (ईडी) के जांच अधिकारी राजेश्वर सिंह की ओर से अर्जी दाखिल की गई है। 2जी मामले में ईडी की जांच भी चल रही है। ईडी के जांच अधिकारी ने आरोप लगाया है कि इस मामले में टीवी चैनल के दो अधिकारियों ने उन्हें धमकी दी और ब्लैकमेल करने की कोशिश की थी।

याचिका के मुताबिक, प्रतिवादियों ने जांच में दखल देने की कोशिश की है और इस कारण इनके खिलाफ अवमानना की कार्रवाई होनी चाहिए। इस मामले में सुप्रीम कोर्ट ने 6 मई 2011 को टिप्पणी की थी कि पहली नजर में यह विचार आता है कि ईडी अधिकारी द्वारा की जा रही जांच में दखल देने की कोशिश की जा रही है। इस मामले में ईडी के जांच अधिकारी से टीवी चैनल द्वारा 25 सवाल पूछे गए थे। अदालत ने उस वक्त आदेश दिया था कि टीवी चैनल ईडी के जांच अधिकारी द्वारा दिए गए जवाबों को नहीं दिखा पाएंगे।
साभार:
Dec 10, 2013, 09.00AM IST
प्रमुख संवाददाता, नई दिल्ली
http://navbharattimes.indiatimes.com/india/national-india/notice-to-sahara-chief-and-two-others/articleshow/27145779.cms

SC bans sale of Sahara assets, bars Roy from going abroad

New Delhi: In a major jolt to the Sahara group, the Supreme Court on Thursday put an interim ban on the business house disposing of any of its properties, including its housing projects across the country, and restrained its boss Subrata Roy and other top officials from going abroad.

    “We are prima facie satisfied that our order dated October 28, 2013, has not been complied with. The Sahara group companies shall not part with their properties,” a bench of Justices K S Radhakrishnan and J S Khehar said.

    On October 28, the court had asked Sahara to submit the original title deeds of its assets worth Rs 20,000 crore and warned that failure to do so would result in orders restraining Roy and others from undertaking foreign travel. The court had asked for the title deeds as it had found that two Sahara companies, which were on August 31 last year directed to refund Rs 24,000 crore they had collected from investors in an irregular manner, had used every possible trick to avoid compliance.

    The Sahara firms had paid up Rs 5,120 crore and said the total outstanding after that stood at only Rs 2,000-odd crore, the rest having already been paid back to the investors through field offices.

Can’t go by potential worth of plot: SC to Sahara
New Delhi: The Supreme Court, which has banned the Sahara group from selling its properties, had issued notices to two Sahara companies and the group’s boss Subrata Roy on a contempt petition filed by Sebi over the firms’ failure to refund Rs 24,000 crore collected from investors. While Sahara firms said the outstanding was only about Rs 2,000 crore, Sebi contested the claim and said the companies were not furnishing receipts for refunds they claimed to have made through their field offices.

    During the hearing, senior advocate C A Sundaram told the bench that Sahara had given title deeds of two plots in Mumbai, one of which was a 106-acre parcel at Versova which was independently evaluated to be worth more than Rs 19,000 crore. But Sebi pointed out that the land value was calculated on the basis of its potential worth in 2020 when Sahara would build villas, golf courses and houses on the land. “The government record shows it is valued at Rs 108 crore. This was mainly because it had been declared a no-development zone,” senior advocate Arvind Datar argued for Sebi.

    Though Sundaram tried to explain that the government had allowed development on the land, the bench said it was not going to be taken in by the potential worth of a plot at a future date. When it passed the order restraining the entire group from selling any of its properties, Sundaram said, “I did not understand. Is it because there is some problem with the title deed submitted by the Saharas?”

    The bench said, “It is important for the Saharas to understand that till they comply with the (October 28) orders, they will not be heard. First comply with the orders. We will hear the contempt petition (by Sebi) later. We are restraining the entire group from alienating any immoveable property.” The court has posted the matter for further hearing on December 11 and said Sahara could seek vacation of the interim order once it complies with the October 28 order in letter and spirit.

‘LAND VALUE INFLATED’

• On Oct 28, SC asked Sahara to submit original title deeds of its assets worth 20,000 cr
• Two Sahara companies were told on Aug 31 last year to refund 24,000 crore irregularly collected from investors
• Sahara firms paid up 5,120 crore and said only 2,000-odd cr dues remained. Sebi contested the claim
• On Thursday, SC told Sahara gave title deeds of only two Mumbai plots; Sebi said land value of one was its potential worth in 2020 once a golf course, villas and houses were in place

Courtesy:
TIMES NEWS NETWORK
http://epaper.timesofindia.com/Default/Client.asp?Daily=TOIM&showST=true&login=default&pub=TOI&Enter=true&Skin=TOINEW

SC bars asset sale by Sahara, grounds Roy

Group's attempt to pass off green-zone land as Rs 19k-cr property displeases court

The Supreme Court on Thursday came down heavily on the Sahara group after it found that the group had not satisfactorily complied with the court’s October order to submit title deeds of properties worth over Rs 20,000 crore. The court imposed restrictions on the entire group from selling any immoveable or moveable property and barred its promoter Subrata Roy Sahara from leaving the country.

The order was passed in a contempt case filed by Securities and Exchange Board of India (Sebi) against two group companies Sahara India real Estate and Sahara Housing Invest, which allegedly have not complied with the Supreme Court’s August 2012 order to refund Rs 24,029 crore they raised by issuing optionally fully convertible debentures(OFCD). Sahara, which paid Rs 5,120 crore to Sebi, claims it has refunded the rest directly to investors.

The court adjourned the contempt proceedings to December 11.

Last month, the apex court had directed the group to file original title deeds of properties worth Rs 20,000 crore to cover its dues.  It emerged that there were several flaws in the documents filed by the group. 

“They have not complied with the order. They also know it. Everybody knows it,” Judge KS Radhakrishnan said after hearing the explanation of Sahara counsel CA Sundaram and Sebi’s counter arguments.

When Sundaram pleaded with the court to clarify which part of the order they have not complied with, Radhakrishnan said “This property is not worth Rs 19,000 crore.”

Judge JS Khehar told Sundaram, “It is not for you to understand. It is for Sahara to understand.”

Earlier, Sundaram had presented a detailed explanation of a valuation report of the 106-acre property in Versova done by Knight Frank. He presented an additional clarificatory report from the valuer explaining the methodology of valuation. He also presented an additional report by a second valuer.

Both entities had put the valuation of the property between Rs 18,800 crore – Rs 19,300 crore under internationally accepted valuation methods such as market approach method and income method.

The Sahara counsel also presented an additional clarificatory report from Knight Frank addressing certain objections raised by Sebi on Wednesday. He said the property was located in close to the upmarket Andheri-Lokhandwala complex in Mumbai and was within a kilometre’s distance from the proposed Metro terminus in Versova. The property also was said to enjoy a premium for its sea-view, being located between a river and the sea.

He said, quoting the valuers, that a residential complex developed by Oberoi just opposite the plot was selling flats at rates of Rs 36,000 per square feet. Windsor, another developer in the vicinity, was selling at Rs 30,000 to rs 35000 per square feet.

The valuers assumed an average rate of between Rs 27,000 to Rs 37,000 per square feet. This translated into a value of Rs 181-190 crore per acre, which in turn put the value of the entire plot.

But, all these arguments came to a naught, when Arvind Datar, the Sebi counsel pointed out that the entire property was situated in the middle of a “no-development zone” and that there was a clear direction by the Union Ministry of Environment and Forests barring any development. “It is in the green zone. Nothing can be built on it. The FSI allowed is 0.5 and that is why there was a plan to develop a golf course.”

Datar also pointed out that the land was part of a larger disputed area of 614 acres and Sahara has been engaged in legal disputes with the original owners B Jeejeebhoy Wakaria and associates since 2001.

Datar pointed out that the court direction was to submit “title deeds” and not reports of investment value. He submitted in view of the facts submitted that this property could not be considered worth more than Rs 118 crore. 

Sundaram pointed that there was a notification issued by Maharashtra government in December 2012 allowing development of townships alongside transport corridor and this would allow Sahara to develop the township. But, neither Sebi nor the court was convinced. 
Courtesy:
BS Reporter  |  New Delhi
November 22, 2013 Last Updated at 00:59 IST
http://www.business-standard.com/article/current-affairs/sc-bars-asset-sale-by-sahara-grounds-roy-113112100679_1.html

Sahara Properties Attached By Regulator Have Already Been Pledged

Will Sebi move help recover funds?

Mumbai: Most of the Sahara Group properties that Sebi has ordered to be attached have already been pledged. Sebi may not be able to sell many of these properties to recover funds to repay bondholders as they have been pledged by the Sahara Group to raise funds.

The regulator had also ordered its promoters to restrain from disposing or in any manner encumbering their movable and immovable properties.

Sebi, however, has created more trouble for the Subrata Roy-led Sahara Group, which may find it difficult to do many of its businesses as it will not be able to use these attached properties.

“Sebi has attached properties based on our affidavit in Supreme Court dated January 4, 2012. Since then, a lot of things have changed. After the Supreme Court judgment in August 2012, we have redeemed most of the bondholders. I am aware a part of the money was raised by pledging these (attached) properties as securities with the banks and financial institutions,” Sahara counsel Kishore Lahiri told TOI.

Sahara claims that most of the bondholders’ money has been paid and it has deposited Rs 5,120 crore with Sebi, which is more than enough to pay the remaining bondholders.

“If that be the case (Sahara assets already being pledged) I doubt if Sebi will be able to recover the funds by attaching these properties as it would lead to further litigations. If there is a third party interest already created in these attached properties, Sebi just can’t sell them to recover money,” said another senior counsel, who is not involved in the case, on condition of anonymity.

However, Ashwin Mathew, consultant with Khaitan & Co, differs. “The regulators will have an upper hand on the attached property compared to the third parties, who are bound by agreements with Sahara. No doubt, it will lead to litigations and further complicate the matter but the creditors will have to recover their dues from Sahara firms.”

Harish Salve, a senior Supreme Court counsel and former Solicitor General, told TOI, “It’s not whether Sebi can recover or not recover the dues by attaching the Sahara properties. The exact values of these properties are not known. The Supreme Court has taken the matter very seriously and it’s the liability of the Sahara firms to repay bondholders or they will be inviting serious problems.”

But the Sahara counsel is livid. “I just can’t understand how Sebi can do that (attach properties), when these properties do not belong to the two companies in question. You can’t attach properties of promoters of company, which is limited by liability. The details of the assets were furnished for different reasons as the court wanted to know where the investors’ funds have been invested,” said Lahiri. Sahara senior counsel Ram Jethmalani, however, declined to comment as the matter was sub judice.

SEBI-SAHARA STANDOFF

• 2008-11: Sahara India Real Estate & Sahara Housing Investment, part of Subrata Roy-led group, collect 24,000cr from over 2.96cr investors in 3 years via OFCDs 
• Nov 24, 2010: Sebi bars two Sahara cos from raising funds 
• Nov 29: Sahara moves HC 
• Dec 13: HC stays Sebi ban against Sahara companies 
• Jan 4, 2011: SC dismisses Sebi plea against HC relief to Sahara 
• May 12: SC asks Sebi to pass order in Sahara row 
• June 23: Sebi asks Sahara cos to refund money 
• June 27: Sahara moves SC 
• Aug 31, 2012: SC asks Sahara firms to deposit money with Sebi for refund with 15% interest
• Sept 26: Sebi moves SC Oct 5: Sahara seeks review of SC verdict on refunding money
• Oct 19: SC says Sebi should act against Sahara
• Nov 2: Sebi files contempt plea against Sahara
• Dec 3: SC tells Sahara cos to refund 24,000cr
• Feb 13: Sebi attaches properties and accounts of the two Sahara firms, directors and promoters

COURTESY:
Piyush Pandey TNN
http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=TOINEW&BaseHref=TOIM/2013/02/15&PageLabel=25&EntityId=Ar02500&ViewMode=HTML

Sahara Group order could freeze real estate projects across India

Mumbai: The action by the Securities and Exchange Board of India (Sebi) against the Sahara group of companies brings a large number of real estate projects under the freeze.

The Sebi order is based on an affidavit filed on behalf of Sahara India Real Estate Corporation and Sahara Housing Investment Corporation to the Supreme Court where they had given details of the investment made from the monies generated through debentures.

Other than freezing the Aamby Valley development project spread over 707 acres, it also brings in its sweep 186 acres in Gurgaon. The order by Sebi’s whole-time member Prashant Saran says, “The development rights are held by various Sahara group entities and purchased for a consideration of Rs 1,436 crore.”

It also attaches between 90 to 95 per cent stake in a swathe of 64 projects in 64 towns across India, mostly under the name Sahara City Homes. The development rights in these projects were purchased by various Sahara companies for Rs 1,105 crore the order points out.

The Sebi order seeks attachment of all other movable and immoveable properties owned or held by the two companies with immediate effect. It has asked them not to “alienate, dispose or in any manner encumber the same”.

The Sahara group has contested the regulator’s order. In an email statement to The Indian Express, it notes “The total liability is not likely to exceed Rs 5,120 crore, which amount has already been deposited with Sebi. As regards the instalments to be deposited with Sebi as per the order of the Hon’ble Supreme Court, Sahara has filed interim application before the.... court interalia praying that Sahara be permitted to furnish security through a credible financial institution instead and in place of the payment of the balance instalments, since Sahara has already redeemed significant number of (debenture holders) and any further payments to Sebi would amount to double payment. The said interim application is pending and is likely to come up next week.”

The apex court in August last year had asked Sahara group firms to refund the money with 15 per cent interest and had asked Sebi to facilitate the refund. However, the group in December 2012 was allowed to pay the money in three instalments, including an immediate payment of Rs 5,120 crore.
COURTESY:
ENS Economic Bureau: Mumbai, Feb 14 2013, 01:03 IST
http://www.financialexpress.com/news/sahara-group-order-could-freeze-real-estate-projects-across-india/1073772/0