Sahara Group

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Market Regulator

SEBI moves SC against Sahara Group

Sep 27, 2012
Mumbai : Market Regulator SEBI approached the Supreme Court accusing the Sahara Group of not complying with its order to furnish documents about its two companies which were directed to refund around Rs 24,000 crore to their investors.
SEBI on Wednesday filed an application alleging that the Sahara Group has not furnished all documents in their custody to the regulator by 10th September.
The court on 31st August had said that if the companies –Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC)–fail to refund the amount then SEBI can attach properties and freeze bank accounts of the companies.
Further, it had asked the companies to refund the money to their investors within three months with 15 percent interest per annum. It had also directed Sahara to furnish all documents in their custody to the regulator.
“Saharas are directed to furnish all documents in their custody, particularly, the application forms submitted by subscribers, the approval and allotment of bonds and all other documents to SEBI so as to enable it to ascertain the genuineness of the subscribers as well as the amounts deposited, within a period of ten days from the date of pronouncement of this order,” the court had said.
The Court had also appointed one of its retired judges Justice B N Aggarwal to oversee the action taken by SEBI against the two Sahara firms.
The bench said that civil and criminal liability should be imposed on the company for indulging in such economic offence.

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