The order also talks about freezing all bank and demat accounts of Sahara’s head, Subrata Roy Sahara, and three directors of the companies — Vandana Bhargava, Ravi Shankar Dubey and Ashok Roy Choudhary.
In an unprecedented order, market regulator Securities and Exchange Board of India has seized the assets and properties of two Sahara companies, Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corporation (SHICL).
It has also frozen the bank accounts of these two companies, their promoters and directors.
Action against Sahara includes attachment of development rights in land owned by Aamby Valley Ltd and of 90-95 per cent stake held by the Group in various SPVs (special purpose vehicles).
The order also talks about freezing all bank and demat accounts of Sahara’s head, Subrata Roy Sahara, and three directors of the companies — Vandana Bhargava, Ravi Shankar Dubey and Ashok Roy Choudhary. All movable and immovable properties of these four have been attached.
Court stand
This move comes within a week of the hearing in the Supreme Court. The apex court had said the market regulator is free to freeze accounts and seize properties of the group’s two companies for defying court orders by not giving refunds to investors.
The apex court had, on August 31 last year, directed the companies to refund around Rs 24,000 crore to their investors within three months with interest at 15 per cent per annum, as compensation for raising the amount in violation of rules and regulations.
The apex court had also pulled up the regulator for not taking action according to its August 31, 2012 order, that had asked the market regulator to attach properties and freeze bank accounts of the companies if the group failed to repay its investors with interest.
The crux of the order was the Optional Fully Convertible Debentures (OFCD) the Sahara companies had issued. According to the two orders, SIRECL had issued OFCD worth Rs 19,400 crore and SHICL for Rs 6,380 crore as on April 13, 2011. These figures were mentioned by the two companies in an affidavit dated January 4, 2012.
Keywords: Sahara, SEBI, accounts freezing, attachment property, stern actions, high-profile, investor refund case, ordered freezing, bank accounts, attachment properties, two group firms, Subrata Roy
Comments:
More than 90% of the wealth made by the 999 richest persons in India today was theorugh bribing politicians and bureaucrats, through poisoning the environment, cheating, looting, adulteration, underweighment, deforestation, land grabbing and 1000s of such menial things.
It is shameful that first Sahara cheats on the trust of gullible
investors then shows the gumption to defy Supreme Court order. It's
beyond understanding what prompts these big-pocketers to build their
business taking undue advantage of people's hard-earned money. Sebi did
well to seize their accounts and properties. Now a mechanism is needed
to insure refunds to investors.
The Sahara Parivar has always helped in building a image of better India
with contributions in various fields,I wont believe that a organisation
which has done so much for the welfare of the Nation will do any such
disregardly act.
SEBI has been on Sahara's tail since 2009,when Sahara Prime City
approached SEBI to go public,they suddenly asked SIRECL and SHICL to
refund all the optionally fully convertible debentures money to
investors,which was very uncalled for on SEBI's part.
SAHARA GROUP HAS MADE ITSELF AND INVESTORS -"BESAHARA"....A BREACH OF TRUST .
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