The Supreme Court on Monday asked Subrata Roy Sahara and two Sahara firms to reply to the contempt petition filed by SEBI.
On Monday, Supreme Court gave one week time to both Sahara firms and Subrata Roy for replying to the contempt petition filed by Securities and Exchange Board of India.
The contempt petition states that these two group firms of Sahara and its chief have violated each and every line of the August 31 verdict of Supreme Court, which had ordered them to repay over Rs.24000 Cr to its investors.
Last year August 31 SC had ordered them to repay the investors the amount as the apex court found irregularity in the OFCD scheme through which these firms raised the fund.
During the period between 2008 and 2011, two Sahara firms had raised the funds through OFCD investments from around three crore investors. Sahara Housing Investment Corporation (SHICL) and Sahara India Real Estate Corporation (SIRECL) were those two firms.
Meanwhile SEBI’s demand to surrender the passport of Sahara chief was strongly refuted by C.A. Sundaram, his counsel.
The complaint of the market regulator was heard by Justices K S Radhakrishnan and J S Khehar. Adv. Arvind Datar appeared for the market regulator.
In February SEBI had ordered attachment of all Sahara properties which were bought with the fund raised from three crore investors.
SEBI complained that these companies have not been cooperating with them. It added that these firms on the other hand were trying to mislead the market regulator.
Questioning the attachment order of SEBI, Sahara firms stated that they have already repaid their investors. The firms say that they have already sold the properties.
Though the properties are attached, SEBI could not collect the title deeds of any of the properties. Title deeds are necessary for putting them on auction.
Supreme Court questioned Sahara firms for refunding the investors when they were ordered to do it through the market regulator. Thus it pulled off the firms for manipulating the courts.
Sahara is the only company that has worked for decades in far flung areas where even Government banks did not want to operate. Introduced the concept of ‘Savings’ and ‘Earnings’; Crores of lives are connected with Sahara Group. Government should support such companies rather than harassing them.
Sahara India Pariwar is really a Tiger when it comes to supporting millions of its customers and taking any wrong doing head on; kudos to Subrata Roy for his candid and honest approach… fight on
My family has been associated with Sahara India for past 30 years and we have all benefited greatly from them. There are millions like us who trust Sahara and are confident Subrata Roy will come out a winner against these malicious people in govt authorities yet again.
When nobody cared about people like us Sahara India helped us with employment. I am proud to be associated with Sahara
Subrata Roy Sahara is the most dynamic first generation entrepreneur India has seen in recent times. This negative campaign against him needs to end soon. The old establishment does not let any new person climb the ladder of success as they want wealth to remain in the hands of the few.
Latur, Gujarat, Uttrakhand, the list is huge where Sahara has done genuine social work in times of need of the local people. Sahara Group is still taking care of hundreds of Kargil Martyrs families even today when people in power only used their names to build buildings in Mumbai
If the government asks any public sector bank to return all deposited money in few weeks to its depositors, the bank will close. It is only Sahara that has the strength and support of its depositors that it is not only fighting for their just cause and have also deposited over Rs.5000 crores with SEBI
Subrata Roy is a fighter. A Lion amongst men cannot be tamed with frivolous allegations. The government and authorities ought to support him rather than arm twist Sahara Group
Hamaray liye to Subrata Roy hi hamaray ‘Rashtriya Sahara’ hain. These cases against Sahara India are flawed because they are not for public benefit but on the whims of a few in SEBI
Subrata Roy Sahara has shown light where there has been dark for centuries. The grass roots of India is where his customers are; the government does not care about except in election times. We believe in Sahara