SEBI Asks Investors To Be Cautious About Dubious Schemes

Issuing advertisements, market regulator SEBI has asked the investors to be cautious against dubious collective investment schemes.

The advertisements issued by the Securities and Exchange Board of India (SEBI) ask the investors to be cautious against the collective investment schemes (CIS). The SEBI –Ads were mainly against the schemes initiated by MPS Greenery Developers and Rose Valley Real Estate and Construction. Continue reading

Supreme Court Halts Proceedings On Saharas’ Pleas

After hearing the request of the Securities and Exchange Board of India; the Supreme Court has asked SAT and Allahabad HC to halt all proceedings on the pleas filed by Sahara firms.

The Supreme Court, after hearing the request filed by Securities and Exchange Board of India, halted Allahabad High Court and the Securities Appellate Tribunal from hearing all the pleas filed by SHIC, SIREC and Subrata Roy. Continue reading

Sahara Grabs another Piece of Bangalore Land for Rs.149 Cr

With the plan to construct a commercial and hotel project in Bangalore, Sahara has bought a plot here at a price of Rs.149 Cr.

BANGALORE: Even when the group is stepping on hot live-coals spread by the Securities and Exchange Board of India, and the order of Supreme Court, Sahara has no change, no fear. Continue reading

SEBI asks for SC hearing on all Sahara Cases

Securities and Exchange Board of India- SEBI, in a new petition requested Supreme Court to hear all cases against the Sahara firms and its chief.

Filing a new petition, Securities and Exchange Board of India– SEBI asked the Supreme Court to hear all the cases against the two Sahara Firms and its chief. Continue reading

18 Realty Firms to Face Government Probe

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

Sahara Firms, Roy asked to reply SEBI within a week

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. Continue reading

Securities Appellate Tribunal to Hear Sahara’s Plea

Securities Appellate Tribunal will hear the plea of Sahara against the market regulator SEBI.
Will Subrata Roy Sahara have a chance to smile when Securities Appellate Tribunal hears them?

Will Subrata Roy Sahara have a chance to smile when Securities Appellate Tribunal hears them?

MUMBAI: Sahara –SEBI case is yet to get another twist as the pleas of Sahara firms against the market regulator is to be heard by the Securities Appellate Tribunal.

SAT will hear four petitions filed by Subrata Roy, the chairman and the managing worker of Sahara, two other Sahara firms and their top executives.

Subrata Roy Sahara has pleaded with Securities Appellate Tribunal against the market regulator which has attached the assets of Sahara groups and the top executives.

The Securities Appellate Tribunal will hold a “preliminary hearing.” The petitions of Sahara firms and the top executives will be heard in the meeting. Continue reading

Subrata Roy Sahara Faces SEBI Questioning

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.

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 challenges SEBI, invites for a televised debate

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

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

SEBI Wants Sahara Chief’s Arrest, Asks for SC’s Permission

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 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

Sahara Group in Deep Troubles: Delhi-Based Investor Moves SC

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

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

SEBI Warns the Public against Dealings with Sahara

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. Continue reading

SEBI Attaches Sahara’s Assets: Freezes Realty Projects

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.

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

Sahara Groups Rebuked By SC for Failing to Refund

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

SC Condemns SEBI’s Feather Touch Approach to Sahara

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

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

SEBI’s Approval of New AIFs Widens Real Estate Investment

Securities and Exchange Board of India (SEBI) approved two more entities with the view of setting-up Alternative Investment Funds (AIFs). AIFs are regarded as newly created class of pooled in investment in private equity (PE), other hedge funds. This will invite real estate investment also. Continue reading

Sahara Prime City to use Rs 2860 crore from IPO

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.