Sebi sends Sahara Group order to ED
The communication has been made on Wednesday by Sebi. This is only one of the several issues which will now rear up in the running of the group’s day-to-day operations. The immediate casualty could be its plans to open a retail chain, Q-Shop.
Industry sources maintain that the group may face rough times at the hands of other regulators examining the manner in which Sahara made overseas acquisitions like the Grosvenor House hotel in London.
Legal experts said that if Sahara is looking for any relief, it can only get from the Supreme Court. In fact, in a late evening statement on Wednesday, the company hinted at the same when it said: “...As regards the instalments to be deposited with Sebi as per the order of the Hon’ble Supreme Court, Sahara has filed interim application before the Hon’ble Supreme Court inter alia praying that Sahara be permitted to furnish security through a credible financial institution instead and in place of the payment of the balance instalments, since Sahara has already redeemed significant number of OFCD holders and any further payments to Sebi would amount to double payment. The said interim application is pending and is likely to come up next week.”
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