SEBI freezes bank accounts of two Sahara group firms
Market regulator Securities Exchange Board of India (SEBI) ordered freezing of bank accounts and attachment of properties of two Sahara group firms – Sahara Housing Investment Corporation Ltd (SHICL) and Sahara India Real Estate Corporation Ltd (SIRECL), and top executives, including its chairman Subrata Roy for failing to refund more than Rs. 24,000 crore to investors.
What is the case?
In August 2012 decision the apex court had ruled that finance schemes run by SIRECL and SHICL who raised Rs. 6,380 crore and Rs. 19,400 crore respectively from bondholders were illegal and ordered it to repay as much Rs. 24,000 crore to up to millions of investors
In December 2012, the court allowed the company to pay the money in three instalments, including an immediate payment of Rs. 5,120 crore, followed by an installment of Rs. 10,000 crore in the first week of January 2013, and the remainder by the first week of February 2013. In a latest development, the Supreme Court allowed SEBI to freeze accounts and seize properties of Sahara group’s two companies for defying court orders
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Month: Current Affairs - February, 2013
Megha
March 1, 2013 at 11:04 amAccording to me, Sebi is being unfair towards Sahara India. It’s strange that when on September 10, 2012 Sahara trucks carrying the document of investors details reach Sebi office at 7 pm, Sebi refuses to accept by saying office is close. But now when it comes to signing and releasing freezing of asset order against Sahara at 9 pm, sebi offices are open. I see the current situation also as a malicious intent to destabilize the image and position of the company.