Track2Realty Exclusive: Land as the major input of real estate business is still attracting a premium though land assembling at the cost of project execution has backfired on the fortunes of many realty companies in India.
The market regulator Securities & Exchange Board of India (SEBI) on Tuesday told the Supreme Court that the real estate arm of the Sahara group of companies had no right to mobilise Rs.27,000 crore from 30 million investors through debentures without complying with the regulatory regime.
The Supreme Court today admitted Sahara India Real Estate Corporation Limited (SIRECL’s) plea challenging the Securities Appellate Tribunal order directing it to refund around Rs.17,400 crore to investors who had invested in its OFCDs.
Supreme Court stayed a tribunal order directing two Sahara group companies to refund 174 billion rupees to investors, but sought details of their assets and liabilities on Monday, Nov 28.
The two Sahara Group companies have moved the Supreme Court challenging the sectoral tribunal’s order asking the Group to refund around Rs.24,000 crore to investors.
The Supreme Court today, July 6, upheld the Allahabad High Court order that had quashed the Greater Noida Authority’s acquisition of land in the Shahberi village.
Sahara Group has moved the Supreme Court against capital market regulator SEBI’s order asking it to return money collected from investors through a scheme along with 15 per cent interest.
The 31 tenants in the Sara and Sahara shopping centres, which are allegedly owned by underworld don Dawood Ibrahim, will have to vacate the premises.
Seeking more clarity on the Optionally Fully Convertible Debentures (OFCDs) scheme, the Supreme Court on Monday directed Sahara India Real Estate Corporation Limited (SIRECL) to submit an affidavit containing the format of OFCD scheme and the list of agents working on its behalf.
The Securities and Exchange Board of India (SEBI) has filed a caveat in the Supreme Court claiming that any petition on its ongoing case against two Sahara group entities cannot be decided without its knowledge.