Another mammoth 'public issue', this time by Subrata Roy's Sahara staff

Mar 29 2014, 08:39 IST
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Despite the Sahara Group’s run-in with the Sebi, its employees appear to be attempting another mammoth fund-raising exercise. Despite the Sahara Group’s run-in with the Sebi, its employees appear to be attempting another mammoth fund-raising exercise.
SummarySahara Group says staff acting on their own, to help release Subrata Roy, who is in jail.

of the relevant business centre may also be provided. “The benefits may be offered in the form of redeemable vouchers either redeemable against cash or gold, jewellery or any other product as decided and approved by the managing committee of the society.”

If the member withdraws the contribution after three years, he will be compensated with an amount not exceeding Rs 43,000, on a contribution of Rs 1 lakh, in the form of cash or cash equivalents — this effectively works out to a compounded annual interest rate of 12.5%.

A Sahara lawyer, Keshav Mohan, has also written a letter stating that an embargo has been imposed on sale of assets owned by the group, while bank accounts of entire Sahara group have already been frozen by Sebi. "If case by case the court allows to sell assets, it will be a distress sale which would not fetch more than 20-25% of the real value of the asset. Moreover, money from the sale of bigger assets will only come in long-term instalments in view of Indian financial strength," he said in a statement.

Sahara India Real Estate had floated optionally fully convertible debentures as an open-ended scheme and collected Rs 19,400,86,64,200 from March 25, 2008, to March 13, 2011. The company had a total collection of Rs 17,656,53,22,500 as on August 31, 2011, after meeting the demand for premature redemption. The above -mentioned amounts were collected from 2,21,07,271 investors.

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