Fighting a long-running battle with Sebi, Sahara Group on Tuesday said it will submit new title deeds for properties worth Rs 20,000 crore to the market regulator, which had termed assets offered earlier 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 December 11. While disagreeing with Sebi’s view that the properties offered earlier as security for Rs 20,000 crore were overvalued, the group said in a public notice published in various newspapers today that it would “submit title deeds relating to other properties of Sahara aggregating Rs 20,000 crore, instead of debating any further on the issue raised.”
The group 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 the Sebi” and assured its depositors, customers and business associates that it will successfully “overcome these challenges”. The Supreme Court has asked the group to hand over title deeds of unencumbered properties worth Rs 20,000 crore to Sebi, which was last year tasked with the job of refunding over Rs 24,000 crore to investors from whom two Sahara firms had raised money through issue of certain debentures.