Sahara to move SC for submitting property papers directly to banks

Special Correspondent
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Subrata Roy
Subrata Roy

Sahara Group Chairman Subrata Roy, on Friday, said that the Sahara India Parviar would move the Supreme Court seeking an order to enable it to submit property documents directly to the banks, instead of going through the Securities and Exchange Board of India (SEBI).

Addressing the media here, he said that SEBI’s recent actions against the group would not affect Sahara’s future expansion plans. “Court has ordered us to get the properties securitised by banks for raising loans ... we will pray for an order to allow us to go directly to some nationalised banks and submit our property documents to them.. ,” Mr. Roy said, adding that the property would be a 106-acre plot in Lokhandvala. He said that the original title deeds for the Vasai property could not be submitted as it was lost in floods. “However, we gave certified copies,” Mr. Roy said. Sahara was earlier asked to submit original title deeds of its properties as security for re-payment to the small depositors from whom Sahara had raised money through two of its outfits.

The group is estimated to have public deposits of around Rs. 35,000 crore. “But there is not a single complaint against us in 35 years,” Mr. Roy said, claiming that the “fair value of its immovable property was Rs. 1.2 lakh crore.”

To a question on his succession plans, Mr. Roy said that a trust would hold all the shares and a shape was being given to it now. He said that there would be ex officio members on the trust, having expertise in various fields, and they would take all major decisions. He has two sons.

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