Coming down heavily on Sahara in an investor refund case involving over Rs 24,000 crore, regulator Securities and Exchange Board of India (SEBI) has ordered freezing of bank accounts and attachment of all investments and properties of two Sahara firms and their top executives, including group chief Subrata Roy. SEBI’s action comes within days of the Supreme Court saying that the market regulator was free to freeze accounts and attach properties if Sahara group firms were not depositing the money with it for refund to investors. Passing two separate orders, together running into 160 pages, against Sahara Housing Investment Corporation Ltd (SHICL) and Sahara India Real Estate Corporation Ltd (SIRECL), SEBI said that the two companies had raised Rs 6,380 crore and Rs 19,400 crore respectively from bondholders and "various illegalities" were committed in raising of these funds.
With regard to Subrata Roy and three other directors, namely Vandana Bhargava, Ravi Shanker Dubey and Ashok Roy Choudhary, SEBI ordered freezing of all bank and demat accounts of these four persons, as also attachment of all movable and immovable properties in their name with immediate effect.
1 comment:
The Sahara Parivar has always helped in building a image of better India with contributions in various fields,I wont believe that a organisation which has done so much for the welfare of the Nation will do any such disregardly act.
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