HDFC Realty and SBI Capital Markets are selling 60 properties of Sahara Group in 14 states across the country to raise Rs 6,500 crore. The Supreme Court ordered the Securities and Exchange Board of India (SEBI) to auction these assets to generate Rs 5,000 crore as a bank guarantee and another Rs 5,000 crore to secure bail for Sahara chief Subrata Roy, who is presently on parole till July 11.

However, as per market sources, the process could hit a roadblock as a large part of the land is agriculture. Besides, the income tax department also wants to recover dues from the Group by selling a part of the land.

Sahara Group chief Subrata Roy was sentenced to jail in March 2014 for failing to comply with a court order to refund about Rs 24,000 crore raised by Sahara India Real Estate Corporation Ltd and Sahara Housing Investment Corporation Ltd from investors in bonds that were later found to be illegal by SEBI.

The Supreme Court on March 29 had asked the market regulator to begin the process of selling Sahara Group’s properties.

Earlier this month, Roy was released on parole for four weeks to perform the last rites of his mother Chhabi Roy who passed away on May 6 in Lucknow after a prolonged illness but at present the parole has been extended till July 11.

The Group’s overseas assets and properties including luxury apartments and offshore accounts, apart from three luxury hotels  that are Grosvenor House Hotel in London and New York Plaza and Dream New York in New York. In India, the Sahara Group’s prominent properties include Amby Valley, in addition to a 106-acre land parcel in Versova and a 200-acre plot in Vasai in Maharashtra.

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