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Selling properties of Sahara Group will be a “herculean task”, market regulator SEBI’s lawyer Arvind Datar said, citing example of the recent no-show by bidders at an auction for Vijay Mallya’s Kingfisher House building.
To raise the bail money amount for the release of Sahara’s chief Subrata Roy, Supreme Court has asked SEBI to initiate the process of selling 87 “unencumbered” properties of Sahara Group, whose title deeds are with the regulator.
“What I am worried is that there are several properties worth approximately ₹40,000 crore. Now we have to go for title scrutiny, we have to get all that done and that is a herculean task,” he said.
Responding to a query on whether there is a time line for assets sale, Datar said he really does not know.
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