Companies & Sectors
SEBI summons Subrata Roy, three others, threatens ex—parte settlement

If Subrata Roy and three other promoters, directors of Sahara fail to appear before SEBI on 10th April, the market regulator would ex parte settle the terms of proclamation of sale of their and the companies' assets

The Securities and Exchange Board of India (SEBI) has summoned Sahara group chief Subrata Roy and other top executives for a personal appearance on 10th April before the market regulator. 
SEBI, on 26th March had issued the summons to Mr Roy, and three directors Vandana Bhargava, Ashok Roy Choudhary and Ravi Shankar Dubey and wants to ascertain details of their personal assets as well as assets and investments of the Sahara group companies. 
The market regulator had also asked Sahara India Real Estate Corporation and Sahara Housing Investment Corporation and their four promoter, directors to provide details of their assets and investments before 8th April.
In case, the Sahara executives decide not to appear before SEBI, the market regulator may settle ex-parte the terms of proclamation of sale of their and the companies’ assets.
On 13th February, SEBI passed two separate orders, together running into 160 pages, directing attachment of properties and freezing of accounts. It had said that in furtherance to a Supreme Court order directing refund of investors’ money collected by the two Sahara group companies, it ordered “attachment of all moveable and immoveable properties, bank accounts and demat accounts of these two companies and that of its promoters and directors Subrata Roy, Vandana Bhargava, Ashok Roy Choudhary and Ravi Shankar Dubey”.
It was after the Supreme Court said that the regulator was free to freeze the accounts and attach properties if the Sahara firms were not complying with the apex court’s earlier orders of August 2012 towards refund of investors’ money totalling over Rs24,000 crore.
The assets ordered to be attached included those related to the group’s Aamby Valley resort town near Pune, other real estate assets in Delhi, Mumbai and at other places across the country, shares, mutual funds and various other investments.
Passing the attachment orders, SEBI said that the two companies had raised Rs6,380 crore and Rs19,400 crore, respectively from bondholders and “various illegalities” were committed in raising of these funds.
On various occasions, the Sahara group had accused SEBI and its top officials, including UK Sinha of not providing an opportunity for a meeting to present its points of view.
Last week too, Sahara in a statement had accused SEBI chief UK Sinha of not providing it an opportunity since last one year. Sahara said that “rich men’s SEBI do not understand, recognise poor Investors”. 



Vinay Joshi

4 years ago

SEBI as of now has incurred more than 56CR on this Sahara episode.

The expense billing will continue & increase. [as of now it stands at 55.85CR]

Smartly Sahara had sent 31K large cartons in 128 lorry loads to SEBI.

Now enters SHCIL, [SHCIL Projects Ltd, warehouses?!] storage, digitization, scanning, [NOT TIMELY BOUND],data creation, contract worth 26CR!?

What automatic 'ROBOT' system does the SHCIL Projects have in its warehouse at Navi Mumbai, a safeguard, 'VAULT', scanning of documents? As of now what is known of the scanned info?

Another 30CR contract, UTI Infra.. re redemption issues!

This is overseen as per the apex court order by the retired judge at a monthly salary of 5L, accommodation as suitable, travelling etc;

These expenses were to be borne by Sahara, including SEBI's staff related to the issue.

Sahara has yet not paid a farthing in respect of the 'verification' bills sent by SEBI!?



Is SEBI really fighting a long drawn battle against Sahara?

For CIS, KYC is zero!?

Now after the Cobrapost report the RBI has awakened, which earlier denied it,it seems that its probe has found evidence of instances of the violations of the said banks.[it's closely guarded a secret by RBI.]

Today, the aviation ministry mulls ID for frequent fliers, profiling them!? So? What use?

In spite of the financial system having KYC, things remain same - common person harassed.

Let's see if SEBI can pursue on Sahara & IN ADDITION, RIL, insider trading! FinMin dominates!?


Arun Mehta

4 years ago

One only hopes SEBI will 'walk their talk'and really do the ex-parte settlement.Else , SaharaShree will once again prove ,he can do what he perceives as in the interests of "Bharat Mata"Expect one more sets of full page ads soon enough in the mainstream media.

RIL encounters gas in first exploration well in 5 years

Sources said the resource found may be significantly more than RIL’s pre-drill best case gross prospective resource of 819 billion cubic feet of gas and 56 million barrels of liquids for the well

Reliance Industries (RIL) has encountered natural gas in the first exploration well it spud in more than five years on the flagging natural gas fields in KG-D6 block to supplement falling output with new reserves. 
The MJ-1 exploration well on the Dhirubhai-1 and 3 gas fields in the KG-DWN-98/3 or KG-D6 block has sniffed natural gas while drilling, sources privy to the development said. 
The drilling, they said, has not yet been completed and the company will decide on testing the natural gas found once the well reaches target depth by this weekend. 
The well is being drilled over 2 km deeper than, and directly beneath, the producing D1&D3 fields in the block. 
Sources said the resource found may be significantly more than RIL’s pre-drill best case gross prospective resource of 819 billion cubic feet of gas and 56 million barrels of liquids for the well. 
The well is targeting a Mesozoic synrift clastic reservoir, similar to the producing MA oil and gas field in the same block. 
RIL had drilled MJ-1 well in early March after the government permitted companies to drill exploration wells in areas where exploration period had long expired. 
Dhirubhai-1 and 3 (D1&D3) gas fields, the largest among the 18 gas finds on KG-D6 block, have proved to be more difficult to produce than previously predicted. RIL has drilled the probe well on the fields to study reservoir characteristic, sources said. 
D1&D3 reservoir has seen sharper-than-expected drop in pressure and water and sand ingress in production wells, leading to a drop in output. 
The fields have seen output fall from 53-54 million cubic metre per day achieved in March, 2010 to about 12 mscmd this month. Together with less than 6 mscmd output from MA oilfield in the same block, KG-D6 is producing about 17 mscmd. 
MJ-1 well will probe the Mesozoic synrift clastic reservoir lying below the D1-D3 (Pliocene) Mining Lease area. 
While RIL is the operator of KG-D6 block with 60% interest, UK's BP Plc holds 30% and Niko has the remaining 10%. 
Sources said RIL had more than a year back proposed to drill the MJ-1 well but permission for that came this year. 
The approval came with the riders that the cost of such wells will not be allowed to be recovered unless it leads to a commercial oil and/or gas discovery. 




4 years ago

Come 2014,Reliance will find all the Gas,as rates will be changed by then to more then two/three times.Right now as per the agreement with Govt,they have to supply at lower rate,so they are finding all sorts of excuses.

Sensex, Nifty getting oversold: Tuesday Closing Report

If the Nifty continues to make lower lows, it may go down to the level of 5,450

The market pared early gains and settled in the negative for the fifth day in a row on persistent selling by foreign institutional investors. If the Nifty continues to make lower lows, it may go down to the level of 5,450. The National Stock Exchange (NSE) witnessed a volume of 56.02 crore shares and advance-decline ratio of 419:902.
The Indian market opened higher on supportive global cues and upgrade of ICICI Bank and Reliance Communications to ‘overweight’ by Morgan Stanley. Markets in Asia were higher in morning trades on easing of inflation in China and hopes that the Bank of Japan will continue with its growth building measures. US stocks pared early losses and ended higher on a late recovery ahead of the commencement of the earnings season.
Back home, the Nifty opened 26 points higher at 5,569 and the Sensex resumed trade at 18,481, a gain of 43 points over its previous close. The benchmarks were range-bound in the positive terrain for a major part of the morning session.
Buying support from capital goods, banking, metal and auto sectors pushed the indices to their highs at around 12.30pm. At this point the Nifty rose to 5,603 and the Sensex went up to 18,566.
However, the optimism was short-lived as the market soon pared its gains and edged lower on selling in heavyweights. The decline persisted in late trade as selling intensified with the benchmarks touching their lows towards the end of the trading session. The Nifty fell to 5,487 and the Sensex declined to 18,207 at their respective lows.
The market closed in the negative for the fifth straight day on selling by foreign institutional investors, who are concerned about the prevailing political environment in the country.
The Nifty finished the trading session with a loss of 48 points (0.86%) at 5,495 and the Sensex dropped 211 points (1.15%) to close at 18,226.
Among the broader indices, the BSE Mid-cap index dropped 1% and the BSE Small-cap index declined 0.84%.
BSE Auto (up 0.41%) was the only sectoral index which settled in the green. The top losers were led by BSE IT (down 2.10%); BSE TECk (down 1.88%); BSE Oil & Gas (down 1.65%); BSE PSU (down 1.57%) and BSE Fast Moving Consumer Goods (down 1.44%).
Six of the 30 stocks on the Sensex closed in the positive. The chief gainers were Tata Motors (up 2.26%); TCS (up 1.10%); Jindal Steel & Power (up 0.73%); NTPC (up 0.25%) and ICICI Bank (up 0.12%). The top losers were Wipro (down 12.19%); ONGC (down 2.91%); Infosys (down 2.36%); State Bank of India (down 2.30%) and GAIL India (down 2.22%).
The top two A Group gainers on the BSE were—Opto Circuits (up 2.46%) and Tata Motors (up 2.26%).
The top two A Group losers on the BSE were—Wipro (down 12.19%) and Motherson Sumi Systems (down 5.61%).
The top two B Group gainers on the BSE were—Yashraj Containeurs (up 19.98%) and Tirupati Inks (up 19.95%).
The top two B Group losers on the BSE were—Kriti Nutrients (down 19.32%) and KSE (down 19.21%).
Of the 50 stocks on the Nifty, 13 ended in the green. The key gainers were Cairn India (up 2.07%); Tata Motors (up 2.06%); TCS (up 1.30%); Ambuja Cement (up 0.89%) and NTPC (up 0.60%). The major losers were Reliance Infrastructure (down 3.54%); ONGC (down 3.50%); GAIL India (down 2.61%); SBI (down 2.59%) and Punjab National Bank (down 2.50%).
Markets across Asia closed mostly higher on easing of China’s consumer price index to 2.1% in March from 3.2 in the previous month. Speculations of fresh stimulus from the Bank of Japan also support the gains.
The Shanghai Composite gained 0.44%; the Hang Seng advanced 0.92%; the Jakarta Composite rose 0.28%; the KLSE Composite added 0.08%; the Nikkei 225 rose 0.15% and the Straits Times climbed 0.70%. Among the losers, the Seoul Composite declined 0.49% and the Taiwan Weighted fell 0.35%.
At the time of writing, the CAC 40 of France was up 0.49%; the DAX of Germany rose 0.22% and UK’s FTSE 100 was 0.40% higher. At the same time, the US stock futures were marginally higher.
Back home, foreign institutional investors were net sellers of equities amounting to Rs163.95 crore on Monday. On the other hand, domestic investors were net buyers of shares aggregating Rs212.72 crore.
Cairn India today said that it has struck fresh oil in the Barmer Block in Rajasthan. The company has made its latest oil discovery, the 26th discovery so far in the RJ-ON-90/1 block, following recent policy clarity by the Government of India to conduct exploration activity in development blocks. The stock surged 2.07% to close at Rs291.35 on the NSE.
Pipe maker Maharashtra Seamless said on Monday that its Board has approved Rs100 crore share buy back at a price not more than Rs300 a scrip through the open market. The shares proposed to be bought back are within 10% of the company’s paid up capital and free reserves. The stock jumped 5.27% to close at Rs225.90 on the NSE.



We are listening!

Solve the equation and enter in the Captcha field.

To continue

Sign Up or Sign In


To continue

Sign Up or Sign In



The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)