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Sahara India

Also the liability to refund the money is of SIRECL and SHICL and therefore "attachment of assets of the individuals” by Sebi is incorrect.  (Feb 14, 2013 | post #3)

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Sahara India

I don’t think the freezing is done for right coz the actions taken by Sebi are based on "old facts" and the orders for attaching assets of individuals are incorrect on part of the market regulator.  (Feb 14, 2013 | post #2)

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Unanswered Questions Raised on SEBI

Sahara started the offering in 2001 and closed it in 2007. Subsequently, it submitted its prospectus giving details of 1.97 crore investors to the concerned Registrar of Companies (RoC). The number of investors, above 50, was not objected to by the authorities. Then in 2008, the two companies took permissions again from two different RoCs to raise funds through optionally fully convertible debentures (OFCDs), through the private placement route and raised money from about three crore investors, all of whom were claimed to be people associated with the Sahara group. In 2009, when Sahara Prime City, one of the group companies approached Sebi to go public, the regulator suddenly asked SIRECL and SHICL to refund all the OFCD money to investors. That began the battle. The Case raised some questions ►If with government permission a business is done for 11 years, can the rules be changed and the entity punished with retrospective effect? ►Can a regulator give one statement in Parliament and after a few months give a contradictory statement through an affidavit in court? ►Can Sebi state through a letter to RoC that an entity is not under it and RoC should take action, but after seven months contradict itself and issue prohibitory orders against the same entity saying it was under its purview and not MCA, the nodal ministry for RoC? Sahara has already redeemed significant number of OFCD Holders. Thus any further payments to SEBI would amount to double payment.  (Feb 13, 2013 | post #1)

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SEBI totally made a mistake

Sahara has already redeemed significant number of OFCD Holders. Thus any further payments to SEBI would amount to double payment. Supreme Court would hear the review petition of Sahara group and come up with fair decision.  (Feb 13, 2013 | post #3)

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SEBI totally made a mistake

The Supreme Court is soon expected to hear a review petition by the Sahara group. I genuinely feel Sahara will b able to make its point clear regarding the payment to the investors  (Feb 13, 2013 | post #2)

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SEBI totally made a mistake

As per Sahara, the total liability is not likely to exceed Rs. 5120 Crores and this amount has already been deposited with SEBI. With regard to the installments to be deposited with SEBI as per the order of the Hon’ble Supreme Court, Sahara has filed Interim Application before the Hon’ble Supreme Court pleading that Sahara be permitted to furnish security through a credible financial institution in place of the payment of the balance installments, since Sahara has already redeemed significant number of OFCD Holders. Thus any further payments to SEBI would amount to double payment. The said Interim Application is pending and is likely to come up next week. Further, today’s order of SEBI for attachment of the assets is based on old facts and details of assets as of January, 2012. Since, then facts have changed in view of redemptions made by Sahara from time to time. This fact of redemption was known to SEBI. Hence, today’s order does not take into account the changed facts and circumstances. As per the order of the Hon’ble Supreme Court, the liability to refund the money is of SIRECL and SHICL. Hence, attachment, of assets of the individuals by SEBI is incorrect. Whereas not only company has paid to SEBI enough amount which is much higher than outstanding liabilities of two companies, the fact also remains in the whole affair that Sahara is genuinely concerned about investors. There are number of companies in India including Golden Forest Company where after Hon’ble Supreme Court’s order to repay and the committee appointed (whose chairman was retired Chief justice of Delhi High Court) to repay was paid. But from 2004 till now, not a single investor has got back one rupee.  (Feb 13, 2013 | post #1)

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Modi Builders-Among The Top Builders In India

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Modi Builders Properties

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