Sebi extends Sahara deadline
"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 the records produced by Sahara firms.
Sebi further said in a public notice that it has been receiving "complaints from investors that they are being forced by Saharas/their agents/officials to switch-over their investments to other schemes in Sahara Group Companies like Sahara Q Shop Unique Products Range Ltd, Sahara Credit Cooporative
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