SC dismisses Sahara appeal for more time to refund investors
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”.