SC dismisses Sahara appeal for more time to refund investors

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fe Bureau: New Delhi, Feb 26 2013, 01:40 IST

Sebi on February 13 ordered the freezing of the assets and bank accounts of two Sahara group companies, saying they had failed to obey a Supreme Court order to repay investors in a case involving more than Rs 24,000 crore. Around 100 bank accounts of the group were affected by the order.

The market regulator had also ordered freezing all bank accounts and properties in the name of Roy and three other directors of the two firms. The assets ordered to be attached included those related to the group’s Aambey Valley resort town near Pune, other real estate assets in Delhi, Mumbai and at other places across the country, shares, mutual funds and various other investments.

Last week, Sebi cautioned investors and the general public against transacting with Sahara companies or persons associated with these companies. “Anyone transacting with them (Sahara India Real Estate Corp, Sahara Housing Investment Corp and their three promoters and directors) would be doing so at their own peril,” it said.

In a statement issued after the Sebi order, Sahara said the directives were based on “old facts” and had not taken into account redemptions it had made since January 2012. Besides, the group said that its total liability was unlikely to exceed the Rs 5,120 crore it had deposited with the regulator. It added that the orders for attaching assets of individuals are “incorrect”.

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L N Bhola | 26-Feb-2013Reply | Forward

SEBI should be non partial /and neutral authority when it comes to deliver 'ruthless verdict'.Sahara has messed up, and has created a 'bigger corporate fraud'-even bigger than Harshad Mehta.Harshad Mehta has taken the loopholes in the operational modules in the market, but Sahara is fooling the Supreme Authority -SEBI in Brad Day Light Public Robbery.If Sahara is unable to reurn the main withij stipulated time frame, SEBI should freeze the entire Group's account and book Mr Subrat Roy-for fudging.