Sahara properties to be auctioned at Rs 722 cr reserve price

June 2, 2016

New Delhi, Jun 2: Tasked by markets regulator Sebi to sell land parcels of Sahara, HDFC Realty will e-auction on July 4 five properties owned by the beleaguered group at a reserve price of Rs 722 crore.

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HDFC Realty has been asked to auction a total of 31 land parcels at Rs 2,400 crore, while SBI Cap has been tasked to auction another 30 land properties with an estimated market value of about Rs 4,100 crore.

The Securities and Exchange Board of India (Sebi) roped in HDFC Realty and SBI Cap after being asked by the Supreme Court to initiate the process of selling Sahara properties whose titles have been deposited with it by the group.

Following a go-ahead from the Court, the two entities have put in place a mechanism to auction these properties.

In a public notice issued today, HDFC Realty said it will e-auction as many as five land parcels on July 4 between 11 am and 12 pm. These properties will fetch around Rs 722 crore at reserve price.

These properties are located in Andhra Pradesh, Tamil Nadu, Madhya Pradesh, Chhattisgarh and Uttar Pradesh. The assets being sold include agricultural non-agri land.

Interested bidder can inspect these land parcels on June 10.

As per the court directions, these properties cannot be sold at less than 90 per cent of circle rates.

After spending two years in jail, Sahara chief Subrata Roy is currently out on parole. He was sent to jail on the orders of the Supreme Court in a long running dispute with Sebi.

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News Network
April 12,2024

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New Delhi, Apr 12: India on Friday asked its citizens not to travel to Iran or Israel amid escalating tensions between the two countries following a strike on the Iranian consulate in Syria 11 days ago.

Iran blamed Israel for the strike and there have been fears that Tehran may launch an attack on Israel soon.

In an advisory, the Ministry of External Affairs (MEA) also urged the Indians residing in Iran and Israel to exercise utmost precautions about their safety and restrict their movements to minimum.

“In view of the prevailing situation in the region, all Indians are advised not to travel to Iran or Israel till further notice,” it said.

“All those who are currently residing in Iran or Israel are requested to get in touch with Indian Embassies there and register themselves,” the MEA said.

“They are also requested to observe utmost precautions about their safety and restrict their movements to the minimum,” it added. 

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News Network
April 15,2024

New Delhi: India is likely to experience above-normal cumulative rainfall in the 2024 monsoon season with La Nina conditions likely to set in by August-September, the IMD has said on Monday.

However, normal cumulative rainfall does not guarantee uniform temporal and spatial distribution of rain across the country, with climate change further increasing the variability of the rain-bearing system.

Climate scientists say the number of rainy days is declining while heavy rain events (more rain over a short period) are increasing, leading to frequent droughts and floods.

Based on data between 1951-2023, India experienced above-normal rainfall in the monsoon season on nine occasions when La Nina followed an El Nino event, India Meteorological Department chief Mrutyunjay Mohapatra told a press conference here.

Positive Indian Ocean Dipole conditions are predicted during the monsoon season. Also, the snow cover in the Northern Hemisphere is low. These conditions are favourable for the Indian southwest monsoon, he said.

Moderate El Nino conditions are prevailing at present. It is predicted to turn neutral by the time monsoon season commences. Thereafter, models suggest, La Lina conditions may set in by August-September, Mohapatra said.

India received "below-average" cumulative rainfall -- 820 mm compared to the long-period average of 868.6 mm -- in 2023, an El Nino year. Before 2023, India recorded "normal" and "above-normal" rainfall in the monsoon season for four years in a row.

El Nino conditions -- periodic warming of surface waters in the central Pacific Ocean -- are associated with weaker monsoon winds and drier conditions in India.

Three large-scale climatic phenomena are considered for forecasting monsoon season rainfall.

The first is El Nino, the second is the Indian Ocean Dipole (IOD), which occurs due to differential warming of the western and eastern sides of the equatorial Indian Ocean, and the third is the snow cover over the northern Himalayas and the Eurasian landmass, which also has an impact on the Indian monsoon through the differential heating of the landmass.

The southwest monsoon delivers about 70 percent of India's annual rainfall, which is critical for the agriculture sector. Agriculture accounts for about 14 percent of the country's GDP.

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News Network
April 23,2024

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Congress workers protested outside the home of Nilesh Kumbhani, the party's candidate from Gujarat's Surat Lok Sabha seat whose nomination form was rejected due to alleged discrepancies, as he was likely to join the BJP, sources said on Tuesday.

The protest came a day after the BJP's Mukesh Dalal was declared the winner from the party stronghold following the withdrawal of all the other eight candidates in the fray.

The sources said that the protesters called Kumbhani a "traitor" and "killer of democracy", adding that he could join the BJP as early as this week.

Kumbhani's nomination form was rejected after he was unable to present even one of his three proposers before Returning Officer Sourabh Pardhi.

The BJP had raised questions about the discrepancies in the signatures of three proposers in his nomination form.

The nomination form of Suresh Padsala, the Congress' substitute candidate from Surat, was also invalidated, pushing the party out of the poll fray in the BJP stronghold.

In his order, Pardhi said the four nomination forms submitted by Kumbhani and Padsala were rejected because at first sight, discrepancies were found in the signatures of the proposers, and they did not appear genuine.

The Lok Sabha elections in the Surat seat was supposed to take place on May 7.

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