The central government will examine 18 realty firms which are alleged of forgeries and dubious investment schemes.
NEW DELHI: Receiving complaints from various sources against some realty firms, the central government is planning to scan these firms. The government said that it has received complaints against 18 realty firms across the country and will scan their schemes and policies. Continue reading →
Subrata Roy Sahara was questioned by the Securities and Exchange Board of India on Wednesday. SEBI questioned three other directors of the Sahara group.
Subrata Roy Sahara was questioned by SEBI.
MUMBAI: On last Wednesday, the Securities Exchange Board of India questioned Subrata Roy Sahara and three other directors. Though the main thrust of the questioning was to find out the details of Sahara assets, no information is out yet.
Sahara chief and the other directors have presented the details of their personal assets. A Sahara Group press statement which was released after the SEBI questioning said that Subrata Roy Sahara has only Rs.3 Cr worth personal assets.
Earlier the market regulator had warned that they would sell the seized Sahara properties if the Sahara Chief and the directors did not appear in front of them on April 10.
The seized properties include Aamby Valley, a posh project near Pune, and some land parcels in Delhi, Gurgaon and Mumbai.
Ashok Roy Choudhary, Ravi Shanker Dubey and Vandana Bhargava, the three other directors of Sahara Group, were also questioned. Continue reading →
Sahara Group Chairman Subrata Roy invited Securities and Exchange Board of India executives for an open debate. Mr. Roy said that the debate could be a live- telecast.
Sahara challenges SEBI, invites for a televised debate
The dispute between Securities and Exchange Board of India and Sahara Group dates back to 2008. The issue began when two subsidiary firms of Sahara Group sold convertible bonds worth $3 billion. Nearly 30 million small investors bought the bonds.
Both Sahara India Real Estate Corporation and Sahara Housing Investment Corporation were alleged to break the codes of conduct of SEBI. The firms’ sale of convertible bonds was termed illegal.
The market regulator claimed that the sale was against the public interest and their norms. SEBI further called it as an entirely ‘private placement.’
Additionally SEBI found out that many ‘illegalities’ crept into the deal. So the regulator ordered the firms to submit the entire list of the investors. Further they ordered the firms to repay the amount to the investors. Once the Sahara failed to comply with the order, it ordered seizure of its properties. Continue reading →
Securities & Exchange Board of India, SEBI the market regulator, asked the Supreme Court of permission to arrest Subrata Roy, the chief of Sahara Group of companies.
SEBI demands the arrest of Subrata Roy, the chief of Sahara.
SEBI has decided to go harsh against the Sahara Group of companies. This was all the more clear with their appeal to the Apex court for permission to arrest the Sahara Chief. SEBI has demanded the arrest of Subrata Roy Sahara.
Along with the Sahara Chief, other two directors like Ravi Shankar Dubey and Ashok Roy Choudhary also are likely to be arrested soon, if the Supreme Court permits the market regulator; for their failure to comply with the SC order, given on August 31 last year.
As per the August 31 order, two Sahara Group firms– Sahara Housing Investment Corp and Sahara India Real Estate Corp were ordered to pay a fine of over Rs.24000 Cr to the investors. The fund was raised through OFCDs.
However, the apex court; finding some illegality in the list of investors, asked these firms to pay off the fund with the market regulator. The order further had empowered SEBI to seize the properties of the firms, in case of failure from their part to pay the amount in time. Continue reading →
Leading Sahara group in to more trouble, a Delhi-based investor approached the Supreme Court last day. He requested the SC to give directions to redeem his investments.
Sahara to face more troubles
Requesting Supreme Court to give directions to redeem his investments; the petitioner claimed that he is one of the real OFCD investors in the Sahara List, a Delhi-based investor approached SC. The petitioner claimed that he had invested in one of the Sahara group companies.
He requested the Apex court to direct the Sahara group firms – Sahara India Real Estate Corp (SIRECL) and Sahara Housing Investment Corp (SHICL) to pay back his due.
Though there were around 3Crore investors as per the list produced by Sahara before the SC and SEBI, this is the first time one of the investors came up against the firms. However finding some dubious facts in the investors’ list, SC had ordered the subsidiary firms of Sahara to refund over Rs.24000 Cr to the investors as a fine. Continue reading →
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 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. Continue reading →
Recently Securities and Exchange Board of India- SEBI attached all the bank accounts and realty assets of two Sahara group companies. The SEBI order is expected to freeze the realty projects of the group.
SEBI orders freezing of all properties owned and held by Sahara firms.
Freezing the accounts and real estate assets of two Sahara group companies, Securities and Exchange Board of India attached their properties. The order of SEBI will affect the real estate projects of the firms. Aamby Valley City project, an ultra-luxury township project with golf club and other modern facilities, is one of them.
Under the SEBI order, Sahara India Pariwar’s Aamby Valley project will stand frozen. The villa and timber chalet project; being developed at Lonavala in Pune, spreads over 707 acres. This is considered as one of the major projects of Sahara India Pariwar. Continue reading →
The Supreme Court of India severely criticized Sahara Groups for not refunding Rs. 27,000-Crore to its investors. SC further ordered the Sahara Groups to refund the amount to the investors within a week.
Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) were given a fine of Rs. 27,000-Crore. The group was ordered to refund the amount collected from nearly 3-Crore investors. The Supreme Court found out that the order is not yet accomplished by Sahara Groups. Continue reading →
SEBI fails to bring legal action on the Sahara real estate firm even after they fail to comply with the SC’s order.
SC versus Sahara
Supreme Court, the Apex Court of India condemns SEBI over its light and soft dealings with Sahara Group. The the market regulator SEBI (Securities and Exchange Board of India), is invested with the duty of protecting the investors’ interests in securities. SEBI, through appropriate regulations, promotes the development of the securities market.
Supreme Court of India said that SEBI has failed in completing the Court’s order against the Sahara Group. Later August 31 Order of SC demanded Sahara Group to furnish all documents which are related to investments of more than 24,000-crore. The Sahara Group has failed to implement this order. Continue reading →
Sahara Prime City, which aims to raise Rs 3,450 crore from an IPO, will utilize Rs 2,668 crore in the next 3 years to part-fund development of about nineteen thousand housing units across the country.
At present, Sahara Prime City is developing nine integrated townships and one residential complex in cities such as Lucknow, Indore, Nagpur, Ahmedabad, Jaipur, Solapur and Cochin. The group’s ambitious Ambey Valley project is not a part of Sahara Prime City.
Sahara Prime City plans to develop 16 more integrated townships and would pump in another Rs 1426.83 crore from the proceeds of the IPO.
The DRHP said it would develop 13.41 million square feet of residential space in the upcoming projects across the country, including Bangalore, Chandigarh, Jabalpur, Jodhpur, Porbandar, Haridwar and Pune.