In the Sahara group's Subrata Roy case, the angle of political or corporate rivalry behind the case has always existed.
Two seemingly isolated events were instrumental in SEBI being alerted to the September 2009 filing of the DRHP by Sahara Prime City. On January 4, 2010, a certain Roshan Lal, who claimed to be an Indore-based chartered accountant, sent a letter to the National Housing Bank (NHB), requesting that the housing sector regulator look into anomalies in bond issues of Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL).
Lalís note was forwarded by the NHB to SEBI. A month earlier, the capital markets regulator had got a somewhat similar note from an Ahmedabad-based advocacy group named the Professional Group for Investor Protection.
Sahara group lawyers have stated on record that Enam Securities, the merchant banker in the Sahara Prime City issue, sent a response to Lalís address in Indoreís Janata Colony, but the address was untraceable.
While the identity of Lal remains a mystery, based on the contents of his complaint and that of the Ahmedabad-based group, SEBI, on November 24, 2010, issued an order banning the Sahara Group from raising money from the public in any form.