Sebi extends Sahara deadline

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Earlier, the technical bids were scheduled to be opened on November 22, while a pre-bid meeting was held by Sebi with the interested parties on November 7. (Reuters) Earlier, the technical bids were scheduled to be opened on November 22, while a pre-bid meeting was held by Sebi with the interested parties on November 7. (Reuters)
SummaryEarlier, the technical bids were scheduled to be opened on November 22, while a pre-bid meeting was held by Sebi with the interested parties on November 7.

is also in the process of appointing investigating agencies to assist it in this matter, while it is also hiring a Registrar and Transfer Agent (RTA) for investor data and payment processing related works in the case.

The RTA's job would involve scanning and verification of investor documents, setting up and managing of toll-free investor helpline and grievance redressal cell and processing of payments to the genuine investors.

Sebi begins prosecution proceedings against Sahara group

Market regulator Sebi has begun prosecution proceedings against two Sahara firms and their top officials, while accusing them of failing to provide documents related to three crore investors as per a Supreme Court order.

The prosecution proceedings have been launched against Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (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 that "as Saharas did not submit the documents as per the order dated August 31, 2012 of the Supreme Court, Sebi has filed 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 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 Rs 24,000 crore collected from about three crore investors, through red herring prospectuses (documents for raising public funds) in March 2008 and October 2009, along with 15 per cent annual interest to Sebi by November 30, 2012.

The Sahara companies were also asked to furnish within ten 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 money on the basis of the two RHPs and refund the amount to them with interest on their production of relevant documents providing payments and after counter-checking

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