The Sahara Group will approach the Supreme Court to seek permission for submission of fresh title deeds for properties worth Rs 20,000 crore to a nationalised bank, rather than handing them over to the Securities and Exchange Board of India.

The new title deeds include that of a 106-acre plot in Lokhandwala (Mumbai) and it will be securitised by the Punjab National Bank, Subrata Roy, Managing Worker and Chairman, Sahara Group, said.

Sahara’s decision to submit fresh title deeds comes after the Supreme Court restrained them from selling its properties and barred Roy and two other executives from travelling abroad.

Sahara had earlier this month submitted documents for two plots of land in Versova and Vasai (both in Mumbai), but SEBI rejected them claiming that the properties were overvalued. It had also accused Sahara of not handing over the original title deeds of the assets.

According to him, the group will approach the Supreme Court before December 11 seeking permission. The idea was to approach the bank directly for valuation of the assets and obtain securities, without “wasting time”.

“There is no point in wasting time and submitting title deeds to SEBI. They will find some flaw and then confuse the Court. It makes no sense to have a third agency (SEBI) in the matter,” he told reporters adding that the market regulator has been acting with “vengeance” against Sahara.

SEBI has been tasked with the job of refunding over Rs 24,000 crore to investors, from whom two Sahara firms – Sahara Housing Investment Corporation Ltd and Sahara India Real Estate Corp Ltd – had raised money through issue of bonds in 2008-09.

While disagreeing with SEBI’s claim that the properties were overvalued, Roy blamed the market regulator for “deliberately” failing to determine the actual value of the properties.

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