Capital Market Regulator – SEBI approached a local court, filing criminal charges against the Sahara Group which said that it was SEBI regulator who  refused to accept the documents of Sahara Group.

Capital Market Regulator – SEBI appealed for criminal proceedings against Sahara Group head Mr. Subrata Roy and other managing directors of the group. SEBI alleged that the group has violated some regulatory orders.

Earlier on August 31, Supreme Court had ordered India Real Estate Corporation and Sahara India Housing Corporation to refund Rs.17400-Crore.  The SC had been convinced that the prescribed amount was collected from about 3-Crore investors through Optionally Fully Convertible Debentures (OFCDs). These OFCDs offered 15% interest to the investors. Continue reading →