Sahara India: The big news related to the investors of Sahara India is that SEBI has imposed heavy fine on some people including Subrata Roy Sahara and his companies for violating the rules.
Sahara India: If your money is also stuck in Sahara India, then you must know this news. Markets regulator SEBI has imposed a hefty fine of Rs 12 crore on two companies of Sahara Group, Subrata Roy and three others.
The companies that have been fined
include Sahara Commodity Services Corporation Limited and Sahara Housing Investment Corporation Limited along with Subrata Roy and three others. .
Penalty to be deposited within 45 days
This penalty has been imposed by SEBI in 2008 and 2009 for violation of regulatory rules in issuing voluntary fully convertible debentures. Ashok Roy Chowdhury, Ravi Shankar Dubey and Vandana Bhargava are also among the persons who have been fined by SEBI. The amount of penalty has to be deposited jointly within 45 days.
This case pertains
to the Voluntary Complete Conversion Debentures (OFCD) issued by Sahara India Real Estate Corporation Limited (now Commodity Services Corporation Limited) and Sahara Housing Investment Corporation Limited. Both the companies had issued OFCDs in 2008 and 2009. It allegedly violated SEBI’s ICDR (Capital and Disclosure Requirements) Regulations and PFUUP (Prevention of Fraudulent and Unfair Trade Activities Rules) rules.
The money of more than three crore investors was
told by the companies that the money raised from such lakhs of Indians could not take advantage of the facilities related to the bank. Pankaj Choudhary, Minister of State for Finance, had also told in the information given in the Lok Sabha last days that Sahara India Real Estate Corporation Limited (SIRECL) got 19400 crores from 232.85 lakh investors and Sahara Housing Investment Corporation Limited (SHICL) got 75 lakhs from investors. 6380 crore was collected.
On behalf of SEBI, investors were asked for information and asked to claim their respective amounts. But the information about the investors could not be found. When the companies of Sahara Group could not pay, the court sent Rai to jail. Subrata Roy has spent almost two years in jail. Presently he is out on parole for the last 5 years.