SEBI finally attached the assets of two Sahara firms which failed to comply with the Supreme Court order. Earlier in the last year, Sahara firms were fined to repay the amount raised through OFCDs.
Two Sahara firms’ failure to comply with the Supreme Court order which asked them to pay off over Rs.24000 Cr to its OFCD Investors, invited a harsh action from Securities and Exchange Board of India which; while attaching the entire assets of the firms, imposed a Freeze- Order on all accounts of Sahara Group.
However the movement of the market regulator SEBI to freeze the accounts of Sahara firms is expected to affect their current projects. Sahara India Pariwar’s Aamby Valley project will be one of the top projects which will be affected by the Freeze order.
Aamby Valley City project is an ultra-luxury residential project located at Lonavala in Pune. The township project, which spreads over 706 acres of land, is considered as one of the landmark creations of the group as if offers all latest and most modern facilities and amenities to the residents here. The project includes independent villas and timber chalets in the project.
Besides freezing the projects of the group, the market regulator also has seized 90 to 95% stakes of Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC). Their shares in around 64 projects will be frozen by the market regulator.
As a result around 64 projects which are being developed across 64 top towns will stand frozen and stake. Majority of the projects are developed under the title- Sahara City Homes.
SEBI order; passed by its whole time director Mr. Prashant Saran, also includes attaching of Sahara firms’ 186 acres in Gurgaon. The land parcel was acquired by Sahara at a price of Rs.1436 Cr.
Under the attachment and freeze order both movable and immovable properties of the groups will be attached and frozen. The order will be implied on immediate effect.