Press Esc to close

Sebi to freeze bank a/cs of Sahara group

Mumbai, Feb 13, 2013, DHNS : 8:44 IST
File Photo
The Securities and Exchange Board of India (SEBI) issued two orders on Wednesday evening to attach all the assets of two Sahara Group companies - Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corporation (SHICL) - consequent to the group’s failure to refund Rs 24,000 crore to investors as directed by the Supreme Court.

In effect, the market regulator SEBI orders -- issued by SEBI whole time director Prashant Saran -- will be freezing accounts of two aforementioned firms and their top executives, including group chief Subrata Roy. Other executives of Sahara group on whom orders were issued are Ashok Roy Choudhary, Ravi Shankar Dubey and Vandana Bhargava all from Lucknow.

It may be noted that the Supreme Court, in its order on August 31, had asked the Sebi to ascertain the genuineness of an estimated three crore bondholders of OFCDs (Optionally Fully Convertible Debentures) of the two Sahara group companies - Sahara Housing Investment Corporation Ltd and Sahara Real Estate Corporation Ltd - and thereafter facilitate refund of the money with interest.

Subsequently, the market regulator decided to carry out in-person verification of these bond holders. Later, the apex court passed another order, wherein Sahara group was allowed to refund the money in three instalments till first week of February.

In its orders, the SEBI made it clear that the documents furnished by Sahara Group in their defence were not found genuine and acceptable.

Go to Top

More from this section
Photo Gallery
An electricity board worker installs a new line for the upcoming Magh Mela festival at Sangam...

An electricity board worker installs a new line for the upcoming Magh Mela festival at Sangam...

An Indian paramilitary soldier marches past the MI-8 helicopter during its phasing out ceremony...

An Indian paramilitary soldier marches past the MI-8 helicopter during its phasing out ceremony...

Transgenders society members during a protest against 'TG Bill 2016' at Parliament Street...

Transgenders society members during a protest against 'TG Bill 2016' at Parliament Street...

Protestors burn posters of U.S. President Donald Trump during a protest, organised by...

Protestors burn posters of U.S. President Donald Trump during a protest, organised by...

A man walks past the Coronation Pillar at a park in north-west Delhi that marks the iconic...

A man walks past the Coronation Pillar at a park in north-west Delhi that marks the iconic...

A laptop bag made out of cement by Indian artist Somesh Singh exhibited at the Craft Beton...

A laptop bag made out of cement by Indian artist Somesh Singh exhibited at the Craft Beton...

A view of snow covered mountains of Kashmir valley which caused due to recent heavy snowfall...

A view of snow covered mountains of Kashmir valley which caused due to recent heavy snowfall...

Snow covered mountains of Pir Panjal range seen in the backdrop of Chamera Lake in Chamba on Sunday.

Snow covered mountains of Pir Panjal range seen in the backdrop of Chamera Lake in Chamba on Sunday.

A view of the Gomateshwara statue of Shravanabelagola in Karnataka. A scaffolding and visitors...

A view of the Gomateshwara statue of Shravanabelagola in Karnataka. A scaffolding and visitors...

A view of the illuminated Takhat Shri Harmandir Saheb Gurdwara to mark of 350th Prakash Parv...

A view of the illuminated Takhat Shri Harmandir Saheb Gurdwara to mark of 350th Prakash Parv...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.