Scam in sahara

But SAT held the Sebi findings to be correct. How and to whom would they then return the money? The income tax authorities had found Scam in sahara the beneficiary investors were existent and accordingly confirmed the repayments made in those particular years.

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Sahara also charged that Sebi was making "baseless allegations" against it and accused it of not accepting "60 truckloads of documents", while the regulator countered these charges by saying that the documents given by them were "hopelessly mixed up".

Any company seeking money from more than 50 persons have to take the approval of Sebi in doing so, in which case the company would have to make all the disclosures required as per Sebi norms.

By August 31, the date of Supreme Court order, the group repaid majority of its OFCD investors between May the last date of hearing and by August 30, the final order. Firstly, laws protecting whistleblowers are imperative.

What is BJP saying? Than what is a convertible Debenture? Aparajita Pande First there was Ketan Parekh. OFCD holders can become shareholders of the company if they chose to do so. Subrata Roy is founder-chairman of Sahara Group.

Scam or fraud: Sahara India Pariwar — money related

Despite the double payment for single liability, Sahara India has been continuously depositing money of around Rs 20, crore including interest earned in Sahara-Sebi account. Later, Sebi began an exercise for refund to genuine investors from Rs 5, crore deposited by Saharas.

Debenture is the acknowledgement given by the company to u. These are issued by the company to potential investors in order to raise money.

Sahara India Pariwar investor fraud case

Despite the double payment for single liability, Sahara India has been continuously depositing money of around Rs 20, crore including interest earned in Sahara-Sebi account. Firstly, although SEBI has the right to create rules and regulations by which capital markets abide, it does not have the right to implement them without the approval of the federal government.

There has been many emotional pitches by Sahara group, which claims to have a networth of over Rs 68, crore and assets worth over Rs 1. Sahara has claimed that the said bonds are hybrid product, thus does not come under the jurisdiction of SEBI, instead is governed by Registrar of Companies ROC under Ministry of Corporate Affairs, from which the two companies of Sahara has already taken permission and submitted the red herring prospectus with ROC before issuing the bonds.

Then, Sahara group approached the Supreme Court in August SC directs Subrata Roy to appear personally.

What is Sahara scam, why TMC is linking BJP chief Amit Shah with it: Explained

But SAT held the Sebi findings to be correct. On Octobera shocking revelation was made when only around 4, investors in two Sahara group companies had come forward to claim refunds from the Securities and Exchange Board of India Sebiwhich had asked those who had purchased bonds issued by the entities to claim their money.Jul 01,  · Sahara India Pariwar investor fraud Scam in sahara topic.

Sahara - SEBI case is the case of the issuance of Optionally Fully Convertible Debentures issued by the two companies of Sahara India Pariwar to which Securities and Exchange Board of India had claimed its jurisdiction and objected on why Sahara has not taken permission from it.

Corporate Frauds in the Backdrop of Sahara Case Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising.

If you continue browsing the site, you agree to the use of cookies on this website. What is Sahara scam? The case is about optional fully convertible debentures that two of Sahara Group's unlisted companies - Sahara India Real Estate and Sahara India Housing Investment - issued during The debentures garnered Rs 17, crore from 30 million investors.

Every address was a fake, except for the one belonging to Anthony Caputo, the purported mastermind of a bold credit scam at the Desert Inn and Sahara hotels in And Caputo’s address was a. Very few investors in Sahara’s firms have come forward to reclaim their money despite SEBI’s repeated notices.

What was the scam about? ‘Sahara vs SEBI’ case involves the issuance of Optionally Fully Convertable Debentures (OFCD) by the two companies of Sahara India Pariwar.

Then, Sahara group approached the Supreme Court in August During the hearing, the apex court asked the group to repay an amount of over Rs 24, crore to Sebi within 90 days.

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Scam in sahara
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