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Sebi wants Sahara properties’ auction to be put on hold

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sebiNew Delhi:Market regulator Sebi has told the Supreme Court that no useful purpose would be served by proceeding with the auction of Sahara properties in the second phase as most of them were in provisional attachment of Income Tax department.

Seeking the hearing on its 2015 application for the appointment of a receiver for taking over the control of Sahara properties, the Securities and Exchange Board of India (Sebi) has sought court’s permission to issue certificates of sale of five properties to the successful bidder who have already paid the entire amount.

These five properties were sold in the first phase of auction held in July.

The Sebi has, in its application that was mentioned on Thursday, said that in the first phase it had put up 58 properties for auction but could sell only seven properties for a total consideration of Rs 177.86 crore.

It told the court that initially it had considered putting to auction 67 properties but because of certain hitches, it could put only 58 properties to auction. Of this only seven could be actually sold.

The market regulator has said since the properties that were to be put to auction were being large parcels of land, it had engaged services of HDFC Realty and SBI Capital Markets for assisting it in the sales.

The application that will come up for hearing on Friday says that after the conclusion of auctions in the first phase, it received on July 29 a letter dated July 21 from the Income Tax Department stating that 63 out of 67 properties of Sahara group stood provisionally attached on account of assessed dues of Sahara City Homes for the assessment Year 2012-13.

The market regulator says in its application that five properties out of the seven properties for which auctions were completed in Phase I and sold, were also found to be provisionally attached by the department.

These 5 properties, situated in Ajmer, Trichy, Vellore, Ujjain and Firozabad, with a total reserve price of Rs 88.29 crore have been auctioned for Rs 116.42 crore, it said in its application.

These properties are being put to auction to recover the money that Sahara’s two companies – Sahara India Real Estate Corp Ltd (SIRECL) and Sahara Housing Finance Corp Ltd (SHICL) were asked in 2012 to pay Rs. 17,600 cores with 15 per cent interest to 3.3 crore investors from whom it had raised through optionally fully convertible debentures (OFCDs) in 2008 and 2009.

The Sebi says that this amount today stands at about Rs 36,000 crore.

The court will also hear on Friday an application by Sahara seeking the extension of parole to Sahara chief Subrata Roy and two other directors.

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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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