SEBI cracks Whip on Sahara, Seals Bank Accounts
TNI Bureau: In a big development, which will change the business landscape of the company, the Securities Exchange Board of India (SEBI) has cracked the whip and sealed over 100 bank accounts of Sahara Group for failing to return the money to the investors. The SEBI has also ordered the attachment of properties of Sahara Group head, Subrat Roy Sahara.
Earlier, the Supreme Court has allowed SEBI to freeze the bank accounts of Sahara Group and attach their properties if the fail to refund Rs 24,000 crore to the investors despite repeated directives and warnings.
The Sahara India Real Estate Corporation Ltd. (SIRECL) and Sahara Housing Investment Corporation Ltd. (SHICL) had reportedly raised Rs. 19,400 crore and Rs. 6,380 crore respectively from the bondholders and investors while various illegalities were committed while raising the funds.
The Supreme Court in August 2012, had asked Sahara to refund the money to the investors with 15% interest. The group was asked to deposit the money in three installments by February 2013. Since Sahara failed to pay the installments, the apex court allowed SEBI to seal its bank accounts and attach properties, including Aamby Valley Ltd and several prime locations near Pune, Delhi, Gurgaon etc.
The SEBI asked the Sahara Group companies to furnish all details related to their movable and immovable properties, mutual fund, cash deposits, bank balance, investments, shares and fixed deposits within 21 days.
The investors of Sahara Group are taken aback by this development and fear about their money. There is a panic among all Sahara Group investors and shareholders, as their fate hangs in balance.