Sahara sends two truck-loads of papers to SEBI, third truck on its way!
MDT/PTI 13 September 2012

SEBI is reportedly thinking about hiring a place or godown for storing these documents and has also asked Sahara to categorise all these papers in proper manner before submission

Market regulator Securities and Exchange Board of India (SEBI)'s woes with Sahara Group are growing as it sought to approach the Supreme Court on the business conglomerate's non-compliance to the 10th September deadline for submission of documentary evidence of money collected from investors through issue of debentures, reports PTI.


According to sources, SEBI is thinking about hiring a place or godown for storing these documents and has also asked Sahara to categorise all these papers in proper manner before submitting it to the market regulator.


Sahara Group is believed to have dispatched two truck-loads of documents to SEBI's headquarters in Mumbai on the issue related to Supreme Court-directed refund of Rs24,000 crore to an estimated three crore investors, while a third truck is said to be on its way and would reach on Thursday.


Officials at neither SEBI nor Sahara group were willing to speak specifically about the ongoing stand-off between them.


However, SEBI sources said Sahara did not comply with the 10th September deadline, set by the apex court, with regard to the money collected through an instrument called 'Optionally Fully Convertible Debentures (OFCDs).


Sources in the know said a truck full of documents containing such documents reached SEBI's headquarters on 10th September evening after the office hours, although the company sources claimed that the regulator was intimated hours in advance about their consignment being stuck at a toll gate on way to SEBI offices.


While the consignment was not received by SEBI as it reached after office hours, another truck full of documents reached SEBI offices on Tuesday and a third consignment is expected to reach there on Thursday, sources said.


While the officials say that SEBI is fully equipped to handle such high volume of documents, it may still seek the apex court's guidance on Sahara not meeting the deadline.


Speaking to reporters in Delhi recently, SEBI Chairman UK Sinha had said that that the regulator is fully equipped with any matter related to concern of shareholders and investors.


He was replying to reports about SEBI setting up a special 'Sahara cell' to deal with the case, wherein the Supreme Court has upheld the regulator's order directing the group to refund thousands of crore collected from investors with interest.


The apex court on 31st August directed two Sahara companies to refund around Rs24,000 crore to their investors within three months with 15% interest per annum.


It said that if the companies--Sahara India Real Estate Corp (SIREC) and Sahara Housing Investment Corp (SHIC) -- fail to refund the amount then SEBI can attach properties and freeze bank accounts of the companies.


The Court has also appointed one of its retired judges Justice BN Aggarwal to oversee SEBI's action in this regard.


Reacting to the court order, the Sahara group had assured its depositors and investors that their money is safe and there will not be any delay in payment commitment to them.

1 decade ago
as my money is with sahara since 2005 jab paisa lagaya tab loan le k lagaya sahara ppl. per viswaas kerk. ab paisa mangte hai to 3,4 months k baad milega . paise ki jaroorat hai aur apna hi paisa ni mil pa ra . in 3,4 mahine me to paise ki tangi se hum suiside ker leenge aur jiska jimmewaar sahara INDIA PARIWAAR HOGA . AUR MR. SUBRORO ROY HONGE .MR. SUBROTO NE TO LAGTA HAI APNE PARIWAAR KO PAALNE SOCHTE HAI BAAKI KE NA TO PARIWAAR HAI NA HI BACHCHE. WE NEED OUR MONEY BACK BADLY.
Vikas Gupta
Replied to prerna comment 1 decade ago
Whatever u say, there is no effect either on Subroto Roy or any of his employees.
anand desai
1 decade ago
If you cannot Convince then Confuse.... This seems to be Sahara's strategy in dumping around a million sheets of crap papers . SEBI itself I doubt has the ability to browse through and understand. They will keep on dumping such stuff on the regulators thereby creating confusion; buying time and on the other hand technically being correct of having provided the info.Crazy Company'''' Crazier Regulator
Nem Chandra Singhal
1 decade ago
SEBI would have think of it, before hand as it is dealing with private comapnies whose work culture are different than the Govt. Institutions. Not assessing such risks is the failure of SEBI. Always Danda will not work.
Vikas Gupta
1 decade ago
Sahara Group Companies are 1 of the most Corrupted & manupulated group of India. I was working with Sahara as a Worker & I know the management & the Employees. They are the most corrupt ones right from Top to bottom.
Vinay Isloorkar
1 decade ago

Attack, they say, is the best form of defence.The "emotionally yours" Sahara group has scored a point. Give the devil his due. Mt sympathies for the moment lie with Sahara.

Vinay Isloorkar, Pune
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