Regulations
Sebi wants Sahara properties' auction to be put on hold
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.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

 

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Dr Subramanian Swamy seeks complete stay on GSTN operations
Dr Subramanian Swamy, a member of Parliament (MP) and leader of Bharatiya Janata Party (BJP) has requested Prime Minister Narendra Modi to stay operations of Goods and Service Tax Network (GSTN). 
 
Dr Swamy, in a letter says, "...the GSTN, which is a data processing and tax revenue collection private limited company, which was never security cleared by the Home Ministry, whose clearance is mandatorily required. I strongly urge you to therefore to direct the complete stay of all operations of the presently constituted GSTN and that it remains in operational till it is reconstructed according to our national interest and after security certification by the Home Ministry."
 
The BJP leader also accused certain officials from the Ministry of Finance and the Chairman of GSTN of telling the media that the entity as constituted will continue without hindrance. 
 
Arguing that the department of electronics and the finance ministry are fully capable of handling GST data, Dr Swamy says "...in effect, GSTN (with the current shareholding) is foreign controlled" and hence, needs to be restructured in national interest. 
 
The central government holds 24.5% stake in GSTN while state governments together hold another 24.5%. The balance 51% equity is with non-government financial institutions like HDFC Bank, HDFC Ltd, ICICI Bank, NSE Strategic Investment Corp and LIC Housing Finance Ltd.
 
Here is the letter sent by Dr Swamy to the Prime Minister...
 
 
 

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COMMENTS

Suketu Shah

5 months ago

It seems what we know is a small fraction of what we donot know of GSTN.The determination of Dr Swamy on this matter and his tweets clearly indicate this was possibly the biggest scam ever which would have sold our country in 5 yrs time economically.On this point alone,Dr Swamy urgently needs to replace current FM.GSTN is much more serious than it seems.How shocking it is to see Infosys involved in this as well.

R Balakrishnan

5 months ago

Privatisation is a better option than trusting government babus to do this work. As regards ownership, the GOI can always put conditions. And yes, CAG is a good suggestion, on the presumption that the CAG has the capabilities to delve in to all this. The problem with being govt run is that it will be corrupt. Interesting debate, but I do not see any national security or secrets in this- GST should be a publicly available data .

REPLY

Nilesh KAMERKAR

In Reply to R Balakrishnan 5 months ago

Sir, Inside every HDFC, a Satyam is dormant, no?

R Balakrishnan

5 months ago

Privatisation is a better option than trusting government babus to do this work. As regards ownership, the GOI can always put conditions. And yes, CAG is a good suggestion, on the presumption that the CAG has the capabilities to delve in to all this. The problem with being govt run is that it will be corrupt. Interesting debate, but I do not see any national security or secrets in this- GST should be a publicly available data .

Nilesh KAMERKAR

5 months ago

Those who were against Dr. Swamy when he spoke/wrote against RRR . . . will surely start liking Dr. Swamy for what he is doing.

It is just amazing how much single handedly he can achieve. . .

Suketu Shah

5 months ago

During Dr Swamy's recent visit to USA,Boston community explained to him how via GSTN to private companies they were going to thoroughly expkoit India stock market.This speaks about hos intensely seriously this GSTN issue is and no one except Dr Swamy has highlighted this.What is the FM doing -he wasnt even aware of this?

Suketu Shah

5 months ago

If it wasnt for Dr Swamy India would have been sold to Goldman Sachs via GST.What is our FM doing-he didnot even know this about GSTN?No wodner since Dr Swamy has become MP,things have improved drastically at the top political level.

Simple Indian

5 months ago

While the issues raised by Dr. Swamy in his alleged letter to PM Modi are genuine concerns which many Indians would share, the typos and bad grammar in the letter indicates it may be a fake letter. Moreover, it is surprising that much of media is silent on this issue, perhaps due to the all-powerful FM Arun Jaitley being at the helm of affairs on GST project of GoI. Will PM Modi take cognizance of such letters and act ?

Parimal Shah

5 months ago

Though this man may have been responsible for many unusual comments this one is certainly important and the Finance Minister MUST take note of it and act accordingly to put things in proper order.

MG Warrier

5 months ago

One wonders whether Swamy doesn't have any access to BJP forums or PMO to share his brilliant ideas on current issues. Shooting out letters to PM and sharing the same with media doesn't make much sense, because if Swamy is not able to convince his own men, what we can do by reading his letters?

SRINIVAS SHENOY

5 months ago

What do you think?... Write your comments. I am of the opinion that the objections to the implementation of GSTN, if any should normally have been made at the initial stages.

REPLY

MG Warrier

In Reply to SRINIVAS SHENOY 5 months ago

That is the "Swamy way" of doing things. Poor Swamy isjusttrying to get some media space...

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