SEBI Attaches Sahara’s Assets: Freezes Realty Projects

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.

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

Real Estate Investors Are Already Refunded: Claim Sahara

Real estate investors are already refunded, claimed Sahara firms. Subrata Roy, the chairman of Sahara groups, claimed that Sahara real estate firms have already refunded the amount.
Sahara Claims to have refunded the real estate investors.

Sahara Claims that they have refunded their OFCD  real estate investors.

A December 9 advertisement showed that both Sahara firms – Sahara India Real Estate and Sahara Housing Investment – have paid SEBI Rs.2,620 Cr. The real estate firms have paid an additional Rs.2500 Cr as well in defense in form of buffer amount.

Last week Supreme Court has granted more time to both Sahara group firms to refund. The SC has given 3 months’ time to refund. As per the SC order the Sahara real estate firms are to pay the entire amount back in two installments. They are given the time up to February first week. Continue reading

N.Y.’s Plaza Hotel to Get New Owner; Sahara India

India based real estate corporate attained 75 % shares of New York’s Plaza Hotel. The India –centered real estate corporate Sahara India Pariwar bought the shares from El Ad US Holdings.

Sahara India Pariwar bought 75% – shares in New York’s Plaza Hotel at a value of $575 million from another real estate firm El Ad US Holdings.

New York’s Plaza Hotel has a rich history of having world renowned figures like Eleanor Roosevelt, Mark Twain, the Beatles and Groucho Marx as guests. New York’s Plaza Hotel is situated on 59th Street in close proximity to Manhattan Central Park. Continue reading