Supreme Court Directs Sebi to Review Sahara's Versova Property Development Proposals
The Supreme Court of India has directed Sebi to review development proposals for the Sahara Group's Versova property in Mumbai. Two developers, Oberoi Realty Ltd and Valor Estate Ltd, have been asked to deposit Rs 1,000 crore via demand draft, which will
Supreme CourtSebiSahara GroupVersova PropertyMumbaiReal Estate MumbaiJan 08, 2025
The apex court has asked two developers, Oberoi Realty Ltd and Valor Estate Ltd, to deposit Rs 1,000 crore via a demand draft.
This amount will not be encashed until the court takes a final decision in the matter.
The court will hear the case again after three weeks to determine which developer should be given the go-ahead.
In September last year, the Supreme Court had lifted an embargo on the Sahara Group to sell its properties to repay Rs 10,000 crore out of the Rs 25,000 crore required to return investors' money.
The Sahara Group was granted 30 days to negotiate a joint venture (JV) or land development agreement for its Versova property.
The court also asked the Sahara Group to submit a scheme for the sale of its immovable domestic and offshore properties.
The top court mentioned that it has received information that the capital markets regulator has Rs 15,000-odd crore in the Sebi-Sahara Fund.
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Frequently Asked Questions
What is the current status of Sahara's Versova property development?
The Supreme Court has directed Sebi to review development proposals for Sahara's Versova property in Mumbai. Two developers, Oberoi Realty Ltd and Valor Estate Ltd, have been asked to deposit Rs 1,000 crore via a demand draft, which will not be encashed until the court makes a final decision.
Why did the Supreme Court direct Sebi to review the development proposals?
The court directed Sebi to review the development proposals to ensure that the Sahara Group can proceed with selling its properties to repay the remaining Rs 10,000 crore to investors as per the 2012 order.
How much money does Sahara need to repay to investors?
Sahara needs to repay Rs 25,000 crore to investors. As of now, the remaining amount to be repaid is Rs 10,000 crore.
What was the 2012 order by the Supreme Court regarding Sahara's properties?
In 2012, the Supreme Court upheld an order by Sebi, directing Sahara India Real Estate Corp and Sahara Housing Investment Corp to refund investors’ money with 15 per cent interest. The funds were to be deposited with Sebi.
What is the Sebi-Sahara Fund, and how much does it currently hold?
The Sebi-Sahara Fund is the amount collected from Sahara to repay investors. It currently holds Rs 15,000-odd crore.
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