Sebi begins prosecution proceedings against Sahara
The prosecution proceedings have been launched against Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corporation (SHCIL), as also their promoter/directors — Ashok Roy Choudhary, Ravi Shankar Dubey, Vandana Bhargava and Subrata Roy Sahara — Sebi said.
The market regulator further said “as Saharas did not submit the documents as per the order dated August 31, 2012, of the Supreme Court, Sebi has filed a contempt application before the Supreme Court”.
While the Sahara Group spokesperson did not offer any comment on the Sebi move, the companies last week approached the Securities Appellate Tribunal, seeking time till January 31, 2013, for submission of documents.
The apex court had asked SIRECL and SHCIL to refund an estimated R24,000 crore collected from about 3 crore investors, through red herring prospectuses in March 2008 and October 2009, along with 15% annual interest to Sebi by November 30, 2012.
The Sahara companies were also asked to furnish within 10 days all documents in their custody, particularly the application forms submitted by subscribers, the approval and allotment of bids and all other documents to Sebi so as to enable it to ascertain the genuineness of the subscribers as well as the amounts deposited.
The Supreme Court had also asked Sebi to identify the subscribers who had invested the
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