Sahara sends two truck-loads of papers to SEBI, third truck on its way!

SEBI is reportedly thinking about hiring a place or godown for storing these documents and has also asked Sahara to categorise all these papers in proper manner before submission

Market regulator Securities and Exchange Board of India (SEBI)'s woes with Sahara Group are growing as it sought to approach the Supreme Court on the business conglomerate's non-compliance to the 10th September deadline for submission of documentary evidence of money collected from investors through issue of debentures, reports PTI.


According to sources, SEBI is thinking about hiring a place or godown for storing these documents and has also asked Sahara to categorise all these papers in proper manner before submitting it to the market regulator.


Sahara Group is believed to have dispatched two truck-loads of documents to SEBI's headquarters in Mumbai on the issue related to Supreme Court-directed refund of Rs24,000 crore to an estimated three crore investors, while a third truck is said to be on its way and would reach on Thursday.


Officials at neither SEBI nor Sahara group were willing to speak specifically about the ongoing stand-off between them.


However, SEBI sources said Sahara did not comply with the 10th September deadline, set by the apex court, with regard to the money collected through an instrument called 'Optionally Fully Convertible Debentures (OFCDs).


Sources in the know said a truck full of documents containing such documents reached SEBI's headquarters on 10th September evening after the office hours, although the company sources claimed that the regulator was intimated hours in advance about their consignment being stuck at a toll gate on way to SEBI offices.


While the consignment was not received by SEBI as it reached after office hours, another truck full of documents reached SEBI offices on Tuesday and a third consignment is expected to reach there on Thursday, sources said.


While the officials say that SEBI is fully equipped to handle such high volume of documents, it may still seek the apex court's guidance on Sahara not meeting the deadline.


Speaking to reporters in Delhi recently, SEBI Chairman UK Sinha had said that that the regulator is fully equipped with any matter related to concern of shareholders and investors.


He was replying to reports about SEBI setting up a special 'Sahara cell' to deal with the case, wherein the Supreme Court has upheld the regulator's order directing the group to refund thousands of crore collected from investors with interest.


The apex court on 31st August directed two Sahara companies to refund around Rs24,000 crore to their investors within three months with 15% interest per annum.


It said that if the companies--Sahara India Real Estate Corp (SIREC) and Sahara Housing Investment Corp (SHIC) -- fail to refund the amount then SEBI can attach properties and freeze bank accounts of the companies.


The Court has also appointed one of its retired judges Justice BN Aggarwal to oversee SEBI's action in this regard.


Reacting to the court order, the Sahara group had assured its depositors and investors that their money is safe and there will not be any delay in payment commitment to them.




5 years ago

as my money is with sahara since 2005 jab paisa lagaya tab loan le k lagaya sahara ppl. per viswaas kerk. ab paisa mangte hai to 3,4 months k baad milega . paise ki jaroorat hai aur apna hi paisa ni mil pa ra . in 3,4 mahine me to paise ki tangi se hum suiside ker leenge aur jiska jimmewaar sahara INDIA PARIWAAR HOGA . AUR MR. SUBRORO ROY HONGE .MR. SUBROTO NE TO LAGTA HAI APNE PARIWAAR KO PAALNE SOCHTE HAI BAAKI KE NA TO PARIWAAR HAI NA HI BACHCHE. WE NEED OUR MONEY BACK BADLY.


Vikas Gupta

In Reply to prerna 5 years ago

Whatever u say, there is no effect either on Subroto Roy or any of his employees.

anand desai

5 years ago

If you cannot Convince then Confuse.... This seems to be Sahara's strategy in dumping around a million sheets of crap papers . SEBI itself I doubt has the ability to browse through and understand. They will keep on dumping such stuff on the regulators thereby creating confusion; buying time and on the other hand technically being correct of having provided the info.Crazy Company'''' Crazier Regulator

Nem Chandra Singhal

5 years ago

SEBI would have think of it, before hand as it is dealing with private comapnies whose work culture are different than the Govt. Institutions. Not assessing such risks is the failure of SEBI. Always Danda will not work.

Vikas Gupta

5 years ago

Sahara Group Companies are 1 of the most Corrupted & manupulated group of India. I was working with Sahara as a Worker & I know the management & the Employees. They are the most corrupt ones right from Top to bottom.

Vinay Isloorkar

5 years ago


Attack, they say, is the best form of defence.The "emotionally yours" Sahara group has scored a point. Give the devil his due. Mt sympathies for the moment lie with Sahara.

Vinay Isloorkar, Pune

ICICI, HDFC Bank follow SBI; revise FD rates by up to 0.5%

Following SBI's move to cut interest rates on deposits to 1%, both ICICI Bank and HDFC Bank also reduced their interest rates on fixed deposits by 0.5%

Mumbai/New Delhi: Country's two largest private sector lenders ICICI Bank and HDFC Bank have revised interest rates on fixed deposits by up to 0.50% each, a week after State Bank of India (SBI), the largest lender in the country, reduced term deposits rates, reports PTI.


ICICI Bank has reduced interest rates of retail fixed deposits by 0.5% for tenures ranging from 91 days to less than 5 years, the bank said in a statement. "ICICI Bank has also rationalised the interest rate on retail fixed deposits of tenure up to 45 days," it said.


Under the revised rates effective from 11th September, the bank, which earlier had a peak offering of 9.25%, will now offer 8.75% for a deposit under Rs15 lakh in the 390-day to less-than-two-year period, according to the information available on its website.


Meanwhile, HDFC Bank has revised interest rate on fixed deposits by up to 0.50% on select maturities.


For deposits of maturity between six months 17 days and nine months 15 days, the upward revision is 0.5% to 7.75%. Term deposits for nine months 16 days would earn 0.25% lower interest at 7.75%.


The rate on nine months 17 days to 1 year fixed deposit would go up by 0.5% to 7.75%, as per the data posted on the bank's website.


Last week, state-run lender SBI slashed interest rate on fixed deposits up to 1% across various maturities.


SBI Chairman Pratip Chaudhuri had said its deposit rate cut of up to 1% was aimed at protecting the margins as deposits have grown much faster than advances in recent months.


J&K Police arrests Kandahar hijack suspect Mehrajuddin alias Javed

Mehrajuddin alias Javed, a close associate of Syed Salahuddin and underworld don Dawood Ibrahim, has provided logistic support for hijacking of the Indian aircraft to Kandahar from Nepal in 1999

Jammu: In a major breakthrough, Jammu and Kashmir Police has arrested a top militant who is suspected to have provided logistical support to hijackers of IC-814 in 1999 and was operating for the last 25 years in the state, reports PTI.
Mehrajuddin alias Javed, a close associate of United Jihad Council (UJC) chief Syed Salahuddin and underworld don Dawood Ibrahim, was arrested during an operation in Kishtwar forest belt, a senior police officer told PTI today.
His name had figured in the IC-814 hijack case as he had provided logistic support for hijacking of the Indian aircraft to Kandahar from Nepal, the officer said.
The Indian Airlines plane, with mainly Indians passengers, had taken off from Nepal on 24 December 1999 and just as it entered Indian airspace, the militants hijacked it to Kandahar in Afghanistan. The hijackers also killed one passenger.
The hijacking ended when the Indian government released three terrorists including Maulana Masood Azhar and Ahmed Omar Saeed Sheikh for the safe return of the passengers.
Mehrajuddin was one of the first five militants including Salahuddin who crossed over into PoK in 1987 to get arms training.
He belongs to militancy affected Sopore town of north Kashmir and was a member of UJC, an umbrella group of several militant outfits.
During interrogation, Mehrajuddin has given details about his relation with Syed Salahuddin and Dawood Ibrahim, who figure in the list of 20 most wanted persons India has given to Pakistan.
Police has described his arrest as a big catch.
Mehrajuddin has worked for almost all militant organisations including Islamic Front, Muslim Mujahiddin, Hizbul Mujahiddin and others.


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