Sahara Tries a Comeback!
The Sahara Pariwar, probably India’s biggest money circulation scheme, is storming back into its core business of raising deposits even as regulators struggle to sell its assets. Last week, the group’s patriarch, Subrata Roy, was on an 18-city tour including Ahmedabad, Vadodara, Jaipur, Ranchi, Nagpur, Guwahati, Hyderabad, etc, to pump up his depositor and agent base in a blitz of publicity which included plastering the city with hoardings to welcome him with the reverential pre-fix Param Pujyania!
 
Sahara executives give a positive spin to his two years in jail pointing out that he paid the Securities and Exchange Board of India (SEBI) and did not run away from the country (in an obvious reference to Formula One partner Vijay Mallya). While Mr Roy was touring north India, SEBI was in the Supreme Court (SC) battling a contempt petition against the group for ‘obstructing’ the sale of the lush Amby Valley, a spectacular weekend retreat near Mumbai frequented by the rich and famous. The SC had ordered two realty companies of the Sahara group to refund over Rs24,000 crore with 15% interest in August 2012. 
 
Sahara presents the image of company wronged by SEBI, despite paying up large sums of money- Rs19,000 crore by  its accounts. The issue of its non-existent/fictitious investors (SEBI has found claimants for only Rs64 crore, despite huge effort) is also being spun as SEBI’s unwilling to verify investors; it claims the income-tax department had no issue with its interest payments and tax deduction at source between 2009 and 2013. Meanwhile, at the end of October, the SC also dismissed Sahara Mutual Fund’s plea against SEBI cancelling its mutual fund licence on the grounds that it was not ‘fit and proper’. 
 
And yet, the Sahara supremo is telling people on his expensive Bharat darshan that the group is set to bounce back. The question is: Bounce back with what business? Media reports say that he is looking at media, online education, hospitals and maybe even a comeback into aviation. These are highly-regulated businesses and it is unclear whether the plans are mere spin-doctoring by the audacious group. 
Comments
Ramesh Poapt
4 years ago
besahara all!
Sunil Reddy
4 years ago
after Nov 8 , 2016 Modi announced DEMO note ban so far one arrested like this with Shell companies
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