Citizens' Issues
Subrata Roy continues his tirade against SEBI after personal appearance

The Sahara group chief and three others made a personal appearance before SEBI. However, Mr Roy continued his tirade saying that the market regulator was more worried about his personal assets than refunding the money to investors of Sahara

 
Sahara group chief Subrata Roy and three other top executives on Wednesday made a personal appearance before market regulator Securities and Exchange Board of India (SEBI). However, after meeting with SEBI officials, the Sahara group chief once again alleged that the market regulator was more interested in knowing his personal assets than refunding money to its investors.
 
Speaking to media persons after the meeting, Mr Roy said, “My personal assets appear to have troubled SEBI. I was asked about my personal assets and I told them that I have declared all my assets.” 
 
While expressing concern over the delay in refund by SEBI, the Sahara group chief accused the market regulator of not having taken any steps for months to return the money to those investors who have not been refunded yet.
 
The market regulator sought information about their personal assets and investments in a case involving refund of Rs24,000 crore to over three crore investors of Sahara group companies.
 
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. 
 
During the meeting today, which lasted for about an hour, the market regulator had also asked, Mr Roy and three other directors about the assets and investments of Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corporation (SHICL). SEBI also asked them to produce original title deeds of all assets and investments of the two Sahara group companies. 
 
The Sahara group claimed that it had already returned a bulk of the total Rs24,000 crore to investors directly and its total outstanding liability was less than Rs5,120 crore given to SEBI towards investor refund.
 
In its summons, SEBI has threatened to settle ex-parte the terms of proclamation of sale of their and the companies’ assets, in case, the Sahara executives decide not to appear before it.
 
Earlier, 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”. 
 
Meanwhile, three independent members of the Sahara group have resigned from the boards of various group companies. This includes, Amitabha Ghosh, former deputy governor of Reserve Bank of India (RBI), S Mohan, retired judge from the Supreme Court and AC Mukherhee, former chairman of New India Assurance Company.
 
Mr Ghosh was on the board of Sahara Life and Sahara Prime City, besides being on the Board of Trustees of Sahara Mutual Fund. Mr Mukherjee was an independent director on the board of Sahara Life, while Mr Mohan was an independent member on the Board of Trustees of Sahara Mutual Fund.
 

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COMMENTS

CA PRADEEP AGARWAL

4 years ago

What is bugging Mr Roy, incase clean, action will speak itself, and not words, wrong words if spoken can land him in trouble.

skp

4 years ago

Sahara must be sued for Financial criminal offence and CBI should now probe the case. SEBI should refund the deposited amount to identified investors.Why unnecessary delay??

Rakesh

4 years ago

How much money does this guy has?
He can control everything, no one has yet to take any action against him. SEBI is behind him since last few months.
All corrupt people.

manoharlalsharma

4 years ago

Where are 100d's of listed compnise?diapeared with 1000n'ts crores.this prob only mean that person who do not wan't support illegal wants of politicos.

Arun Mehta

4 years ago

Saharsshri has bowled a googly at SEBI declaring a mere asset of 3 Crs.

Arun Mehta

4 years ago

The true disciple of "Bharat Mataa" has finally been forced to give due recognition to SEBI by his gracious presence before SEBI along with his Co-Directors.At this stage one can only imagine as to what could have transpired.For one thing is sure one can expect a new series of full page Press ad to put forth his side of the story to the denizens/subjects of "Bharat Mataa"

REPLY

sachchidanand

In Reply to Arun Mehta 4 years ago

it is horrendous even to think that the biggest sponsor of sports , Sahara, is made to sweat out at SEBI office ! I am sure the sports in India will suffer greatly, if Sahara stops spending on sports. BCCI must be nervous & all sports bodies must be shievering !

Arun Mehta

4 years ago

The true disciple of "Bharat Mataa" has finally been forced to give due recognition to SEBI by his gracious presence before SEBI along with his Co-Directors.At this stage one can only imagine as to what could have transpired.For one thing is sure one can expect a new series of full page Press ad to put forth his side of the story to the denizens/subjects of "Bharat Mataa"

Vaibhav Dhoka

4 years ago

Is SAHARA chiefs accusation CONTEMPT of SC order?

Car sales in India likely to expand 3-5% in FY14: SIAM

In 2012-13, sales of passenger cars fell to 18,95,471 units from 20,31,306 units in the previous fiscal

Passenger car sales in India are forecast to grow 3%-5% in the ongoing fiscal on expectations of an improvement in overall macro-economic conditions, despite witnessing a fall of 6.69% during 2012-13, the Society of Indian Automobile Manufacturers (SIAM) today said.

 

The industry body also said total sales of all vehicles in the country during 2013-14 will grow by 6%-8% per cent with contributions from almost all segments.

 

“There are concerns and uncertainties for the future, but there is also hope. In recent times, we have seen some positive policy decisions from the government. Macro-economic recovery is also expected,” SIAM president S Sandilya told the media.

 

Besides, he said a slew of new models are also expected that will “excite the market” and models with upgraded features may help the car segment to register better sales in this fiscal.

 

Pointing out that the buying pattern of customers is changing from small cars to bigger cars and utility vehicles, Sandilya said, “The utility vehicle (UV) sales will continue to increase at a good rate on account of new model launches by many players.”

 

According to its projections for 2013-14, passenger car segment is pegged to grow by 3%-5%, while the UV segment is likely to go up by 11%-13%.

 

“Overall, the passenger vehicle sales are estimated to rise by 5%-7% in this financial year,” he added.

 

In 2012-13, sales of passenger cars fell to 18,95,471 units from 20,31,306 units in the previous fiscal.

 

SIAM, however, had projected the car sales to grow by 10%-12% at the beginning of last fiscal that was later revised downwards thrice during the year. In its last forecast in January this year, car sales growth projection was lowered to just 0%-1% for last fiscal, but it was missed.

 

Outlining the concerns, Sandilya said the current slow economic growth, general low sentiment of the public, high interest rates and high fuel prices, mainly petrol, can impact sales of vehicles during the current fiscal.

 

On the overall vehicles sales, he said auto sales of all categories are estimated to rise by 6%-8% in 2013-14.

 

Sandilya mentioned SIAM has forecast the two-wheeler segment to register a growth of 6%-8% in 2013-14.

 

“We are seeing a revival of scooter demand and it is growing with new models being launched. Sales of motorcycles depend a lot on rural sentiments,” he added.

 

Talking about the commercial vehicle segment, Sandilya said the manufacturers are likely to see an overall growth of 7%-9%, primarily led by light commercial vehicles, which is estimated to rise 10%-12% in FY14.

 

“The concern is medium and heavy commercial vehicles, which is projected to rise 1%-3%. The sales are likely to remain sluggish over the next few quarters with probably marginal recovery during the second half,” he added.

 

Sandilya, however, said the SIAM forecast will be dependent on many factors such as monsoon, government policies, stability of government at the Centre, international crude prices and currency fluctuations.

 

“The probability of meeting the forecast is 0.7, which is two-thirds,” he added.

User

The whistleblower should be given fair treatment; instead he is harassed

Ravi Kapoor, an activist from Bhayender, says that it is nothing but systematic harassment to citizens who dare to complain against a corrupt police officer

When you complain about corruption to the Anti-Corruption Bureau (ACB), be prepared to be the victim of harassment. You must be sure not to rest thinking that the government will do everything to punish the guilty. Even if there is an arrest of the guilty person, there can be harassment from others in the system that is supporting the man who is caught. Mahesh Girme, Assistant Police Inspector of Dahisar Police station was arrested on a complaint to ACB (Worli) in Mumbai for taking a bribe of Rs11,000. And that was the beginning of more trouble for Ravi Kapoor, the man who had complained against Mr Girme.

 

Ravi Kapoor, an activist from Bhayender (near Mumbai), complained against Mr Girme, Assistant Police Inspector of Dahisar Police station (State registered FIR No.12 of 2013 under Prevention of Corruption Act).

 

As a resident of Bhayender (around 60 kilometres from office of ACB-Worli), Kapoor has to start his journey at around 5:30am to reach ACB office at 9:00am.  He was kept waiting for around four to six hours then without doing any fruitful work on 1 April 2013.  He was asked to re-visit next day then the same was repeated again. It is nothing but systematic harassment to citizens who dare to complain against a corrupt police officer. The whistleblower should be give fair treatment; instead he is harassed.

 

Kapoor claims that he has been informed on condition of anonymity by a senior police officer that Mr Girme and Mohan Patil (ACP, ACB-Worli) are good friends and hence there is the possibility that Mr Patil has tried to weaken the case to protect Mr Girme.

 

When Kapoor was called inside Mr Patil’s office, he says that Mr Patil took his voice recording, and this was completed at around 5pm on the same day. Then, Mr Patil ordered Kapoor to re-visit him on next day at 11am. On 2 April 2013, Kapoor, along with social worker, Reshma, reached ACB office at around 10.45am.  They were kept waiting and then called and asked to come again at 11am on next day. On 3 April 2013 the two of them reached at 11am, they were kept waiting for around three hours thirty minutes and then called into the office. Mr Patil recorded only the statement of the social worker which was over in ten minutes. She is a witness, according to Kapoor in the bribe case.

 

On 4 April 2013, Kapoor reached ACB-Worli office at 11 am, and he was kept waiting till 5pm.  Kapoor complains, “Mohan Patil, ACP-ACB asked me some questions such as the postal address of my native place, and also some irrelevant questions like what I have done for the last 18 years in Mumbai city. Mr Patil asked me to produce the address, names, details of merchants with whom I had done cloth business in the year 1995-96. I said that there is no connection in asking me such stupid and irrelevant questions. Finally I left his office at 5pm.”

 

Kapoor adds that Reshma received a phone call on her mobile on 5 April 2013 from a land line number of Dahisar Police station. The caller introduced himself as a police constable speaking on behalf of his superior, Mr Rane.  Mr Rane wanted to know why there was a compliant made to higher authorities when the matter could be resolved by him. Mr Rane joked, “Why are you not complaining against IPS & IAS officers who are taking bribes for lucrative postings in the police department.”

 

The phone call ended with a request to visit Mr Rane at Dahisar Police station to settle the matter and to give further statements in favour of Mr Girme before the ACB.

 

Kapoor adds that in this connection, he has already written a letter to the home minister copy to Mumbai Police Commissioner on 4 April 2013.

 

Kapoor has concluded his complaint to Moneylife with the request, “Take appropriate departmental action, and as deemed fit on merits, against the guilty police constable. He has not made an entry in the Police Station dairy for the phone call to Reshma on her mobile.”

User

COMMENTS

yash

4 years ago

please dont get carried away by this post.
Ravi Kapur is not an activist nor a whistleblower.
Ravi kapur and Reshma themselves are big frauds.
It has been found that he has names like Amit,ravikapur,Manoj bansal,Agarwal etc. cases against him are already registered at Dahisar and Miraroad Police stations and are in police custody right now.
He and his accomplice ms Reshma saiyad alias sajjadi saiyad meets ladies working at financial institutes as model coordinators.they also have introduce themselves as police officers and grab money from them wid their sweet talks .
Ravi kapur and Reshma are not activist from bhayander infact they are frauds and criminals and should be punished severely.he is only misleading people to save himself from his punishment so that he is free to cheat more people.
congratulation to police force for taking right action against him.
kapurs claim about Acp Patil and Girme to be friends is totally rulled out,bec if that was a case then why would Mr Mohan Patil Trap girme in first place.
Action against Mr Girme was taken by Anti corruption because he was found guilty, but by complaining against girme does not mean that accused Ravi kapur and Reshma should be saved from punishment.kapur is only distracting attention of police force and public.
More about Ravikapur alias bansal alias amit alias manoj and Reshma alias sajjadi can be read in times of india,Midday,Pudhari,Loksatta,
dna,afternoon and also found at dahisar and MiraRoad Police Stations.

Samir Zaveri

4 years ago

CONGRATULATION MUMBAI POLICE, ONCE MORE TIME, FOR THE YEAR (2013) YOU WILL BE SURE AWARDED 1ST FOR MOST CORRUPT DEPARTMENT, I READ IN MID DAY NEWS PAPER MUMBAI EDITION DT,12-04-2013 THAT 37 MUMBAI POLICE PERSONNEL HAVE BEEN SUSPENDED (SUSPENSION MEANS PAID HOLIDAY) FOR TAKING BRIBES (STING OPERATION REVEALED). KEEP CONTINUE NO.1 IN RACE OF CORRUPTION..ENJOY...1ST RANKER...

Vaibhav Dhoka

4 years ago

Such harassment was witnessed by me when I filed a complaint against Kotak securities Ltd and its franchisee Mateo Cons.Ltd at EOW Pune police commissionaire. It is routine for them.Even superiors don't act which definitely shows NEXUS.

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