Saturday, November 3, 2012

SAHARA FACES FORCED CLOSURE

SEBI has filed a contempt petition against the Sahara Group in the Supreme Court for not complying with the apex court’s directions relating to refund of around Rs 24,000 crore raised by two of the Group’s firms from investors through optionally fully convertible debentures. SC may direct SEBI to use police force to seize the properties of Sahara.

Sahara India Real Estate Corporation and Sahara Housing Investment Corporation  have not followed the court’s direction to furnish within 10 days the information about the investors. The petition has been filed two weeks after the apex court asked Sebi to take action as per the law for not following its directions to refund around Rs 24,000 crore to investors within three months.

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