Issuing advertisements, market regulator SEBI has asked the investors to be cautious against dubious collective investment schemes.
The advertisements issued by the Securities and Exchange Board of India (SEBI) ask the investors to be cautious against the collective investment schemes (CIS). The SEBI –Ads were mainly against the schemes initiated by MPS Greenery Developers and Rose Valley Real Estate and Construction. Continue reading →
The central government will examine 18 realty firms which are alleged of forgeries and dubious investment schemes.
NEW DELHI: Receiving complaints from various sources against some realty firms, the central government is planning to scan these firms. The government said that it has received complaints against 18 realty firms across the country and will scan their schemes and policies. Continue reading →
Subrata Roy Sahara was questioned by the Securities and Exchange Board of India on Wednesday. SEBI questioned three other directors of the Sahara group.
Subrata Roy Sahara was questioned by SEBI.
MUMBAI: On last Wednesday, the Securities Exchange Board of India questioned Subrata Roy Sahara and three other directors. Though the main thrust of the questioning was to find out the details of Sahara assets, no information is out yet.
Sahara chief and the other directors have presented the details of their personal assets. A Sahara Group press statement which was released after the SEBI questioning said that Subrata Roy Sahara has only Rs.3 Cr worth personal assets.
Earlier the market regulator had warned that they would sell the seized Sahara properties if the Sahara Chief and the directors did not appear in front of them on April 10.
The seized properties include Aamby Valley, a posh project near Pune, and some land parcels in Delhi, Gurgaon and Mumbai.
Ashok Roy Choudhary, Ravi Shanker Dubey and Vandana Bhargava, the three other directors of Sahara Group, were also questioned. Continue reading →
Sahara Group Chairman Subrata Roy invited Securities and Exchange Board of India executives for an open debate. Mr. Roy said that the debate could be a live- telecast.
Sahara challenges SEBI, invites for a televised debate
The dispute between Securities and Exchange Board of India and Sahara Group dates back to 2008. The issue began when two subsidiary firms of Sahara Group sold convertible bonds worth $3 billion. Nearly 30 million small investors bought the bonds.
Both Sahara India Real Estate Corporation and Sahara Housing Investment Corporation were alleged to break the codes of conduct of SEBI. The firms’ sale of convertible bonds was termed illegal.
The market regulator claimed that the sale was against the public interest and their norms. SEBI further called it as an entirely ‘private placement.’
Additionally SEBI found out that many ‘illegalities’ crept into the deal. So the regulator ordered the firms to submit the entire list of the investors. Further they ordered the firms to repay the amount to the investors. Once the Sahara failed to comply with the order, it ordered seizure of its properties. Continue reading →
Bangalore seems the most preferred realty investment destination for Jones Lang LaSalle (JLL). Global property consultant will make their entry into the investment arena by investing in Bangalore.
Stable residential market in Bangalore attracts Jones Lang LaSalle.
Out of its first India-focused real estate fund, Jones Lang LaSalle will make an investment. However their first investment will be in Bangalore, their most preferred choice.
As per the available sources, Jones Lang LaSalle plans to invest Rs.30 Cr in Bangalore for developing two luxury housing projects. The deal will be done under Jones Lang LaSalle’s Segregated Funds Group. The closed fund has collected a total amount of Rs.300 Cr.
Four sites in Bangalore have been identified by Jones Lang LaSalle. JLL has entered into final talks with two developers of the city. If the talks come in the way JLL expects, the developers will be developing two residential projects in the city.
Securities & Exchange Board of India, SEBI the market regulator, asked the Supreme Court of permission to arrest Subrata Roy, the chief of Sahara Group of companies.
SEBI demands the arrest of Subrata Roy, the chief of Sahara.
SEBI has decided to go harsh against the Sahara Group of companies. This was all the more clear with their appeal to the Apex court for permission to arrest the Sahara Chief. SEBI has demanded the arrest of Subrata Roy Sahara.
Along with the Sahara Chief, other two directors like Ravi Shankar Dubey and Ashok Roy Choudhary also are likely to be arrested soon, if the Supreme Court permits the market regulator; for their failure to comply with the SC order, given on August 31 last year.
As per the August 31 order, two Sahara Group firms– Sahara Housing Investment Corp and Sahara India Real Estate Corp were ordered to pay a fine of over Rs.24000 Cr to the investors. The fund was raised through OFCDs.
However, the apex court; finding some illegality in the list of investors, asked these firms to pay off the fund with the market regulator. The order further had empowered SEBI to seize the properties of the firms, in case of failure from their part to pay the amount in time. Continue reading →
The Securities and Exchange Board of India (SEBI) urged the public not to enter into any dealings with two firms of Sahara Group whose properties are attached by SEBI.
SEBI shows ‘danger sign’ to the investors against their dealings with Sahara.
On February 13, the Securities and Exchange Board of India ordered the attachment of all movable and immovable properties of Sahara India Real Estate Corp Ltd and Sahara Housing Investment Corp Ltd. Along with the attachment of properties of these firms, the properties of their three promoters and directors also were attached by SEBI, the Market Regulator.
SEBI froze the projects of both the Sahara firms as they failed to comply with the Supreme Court order. In 2012 August, SC had ordered these firms to repay over Rs.24000 Cr to the OFCD investors. Additionally the SC had empowered the Market regulator to seize the property of these forms in case if these firms failed to pay the amount within the prescribed time. Continue reading →
Recently Securities and Exchange Board of India- SEBI attached all the bank accounts and realty assets of two Sahara group companies. The SEBI order is expected to freeze the realty projects of the group.
SEBI orders freezing of all properties owned and held by Sahara firms.
Freezing the accounts and real estate assets of two Sahara group companies, Securities and Exchange Board of India attached their properties. The order of SEBI will affect the real estate projects of the firms. Aamby Valley City project, an ultra-luxury township project with golf club and other modern facilities, is one of them.
Under the SEBI order, Sahara India Pariwar’s Aamby Valley project will stand frozen. The villa and timber chalet project; being developed at Lonavala in Pune, spreads over 707 acres. This is considered as one of the major projects of Sahara India Pariwar. Continue reading →
Supreme Court discarded Sahara’s appeal to have a review on the refund – case. Supreme Court finding no valuable reasons for a review, dismissed the appeal.
Supreme Court discards Sahara’s appeal
Sahara’s appeal, against the SC verdict which orders Sahara firms to refund nearly Rs.25,000 Cr to its investors, was turned down by the Supreme Court of India.
Two subsidiary firms of Sahara- Sahara Housing Investment Corporation Ltd (SHICL) as well as Sahara India Real Estate Corporation Ltd (SIRECL) were fined Rs.24000 Cr as they were found guilty of amassing investments. The SC had found that many of the investors’ details lacked clarity.
Anand Rathi Financial Services and property consultancy Knight Frank India are planning to launch their second real estate fund by end of this months and looking to raise around Rs 500 crore (~$100 million), sources close to the development told VCCircle. Unlike its peers who are hitting foreign shores to raise new funds, the joint fund rental yield and appreciation portfolio (RYAP) fund will be raised from the domestic market. Like its predecessor, it will invest in commercial assets in tier I cities which include Mumbai, Pune, Bangalore, National Capital Region (NCR) and Chennai.
The fund would be targeting returns of 10-12 per cent from its investments and expects to stay invested in an asset for four-five years. A senior executive of the joint venture fund house who did not wish to be identified, said, “We are waiting for final Alternate Investment Fund (AIF) guidelines as right now there is no clarity on registration of funds and other norms. Once we have clarity on the same which we are expecting by mid-May we will register and start our fund raising process.”
In April 2, markets regulator Securities and Exchange Board of India (Sebi) had unveiled its final norms to regulate AIF’s in the country. Fund managers expect the detailed guidelines to be issued in the next two weeks.
Knight Frank India and Anand Rathi Financial Services had joined hands two years ago to raise Rs 225 crore rental yield fund. It has invested Rs 135 crore from the existing fund in two projects including Hub town Ltd’s commercial project in Mumbai and Cerebrum IT park development by Pune-based Kumar Urban Development Ltd.