SEBI Warns the Public against Dealings with Sahara

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The Securities and Exchange Board of India (SEBI) urged the public not to enter into any dealings with two firms of Sahara Group whose properties are attached by SEBI.
SEBI warns investors against their dealings with Sahara.

SEBI shows ‘danger sign’ to the investors against their dealings with Sahara.

On February 13, the Securities and Exchange Board of India ordered the attachment of all movable and immovable properties of Sahara India Real Estate Corp Ltd and Sahara Housing Investment Corp Ltd. Along with the attachment of properties of these firms, the properties of their three promoters and directors also were attached by SEBI, the Market Regulator.

SEBI froze the projects of both the Sahara firms as they failed to comply with the Supreme Court order. In 2012 August, SC had ordered these firms to repay over Rs.24000 Cr to the OFCD investors. Additionally the SC had empowered the Market regulator to seize the property of these forms in case if these firms failed to pay the amount within the prescribed time.

In a statement SEBI requested the investors and the public not to enter into any business deals with Sahara Group. The statement added that entering into business relations with Sahara would be disastrous to the investors as they will be doing so at their own peril.

Sahara's days gets darkened as SEBI warns the investors and the public not to enter in to any sort of business deals with the group.

Sahara’s days gets darkened as SEBI warns the investors and the public not to enter in to any sort of business deals with the group.

SEBI stated that it has already attached the properties of these two subsidiary firms of Sahara. SEBI added that it has attached all movable and immovable properties and bank accounts of all Sahara promoters including the Subrata Roy. Properties of other promoters – Vandana Bhargava, Ravi Shankar Dubey and Ashok Roy Choudhary also were attached.

In a notice to the public, SEBI warned the people not to enter into any sort of business with the above listed persons. SEBI also has frozen the accounts of these persons.

The attached assets include Aambey Valley township project in Pune as well. Besides this ultra-luxury residential project, around 64 other projects of the firms will be affected with the SEBI’s attachment order. Most of these projects are being built under Sahara City Homes.