Action against Sahara to continue: Sebi chief – Times of India

by The Technical Blogs

MUMBAI: Sebi chairperson Madhabi Puri Buch on Thursday said the Sahara matter will continue for the capital markets regulator even after the death of the group’s founder Subrata Roy.
Roy died in Mumbai on Tuesday after a prolonged illness at the age of 75.
Speaking to reporters on the sidelines of a Ficci event, Buch said that for Sebi, the Sahara matter was about an entity’s conduct and added that it will continue regardless of whether an individual is there or not.
When asked why the refunds have been too less, Buch said the monies were returned through a Supreme Court-appointed committee basis the evidence of the claims made by investors. It has been reported that refunds of only Rs 138 crore have been made to investors, even though the Sahara group was asked to deposit over Rs 24,000 crore with Sebi for further refunds.
Sahara group has faced many allegations, including that of running a Ponzi scheme. Troubles for Roy started in November 2010 with Sebi asking two of Sahara group’s entities not to mobilise funds from equity markets or from issuance of any security to the public, while restraining Roy from approaching the public for raising money.
Roy was arrested in 2014 on the orders of the Supreme Court after he failed to appear before it in a contempt case arising out of non-refund of more than Rs 20,000 crore to investors by the two companies. While he was later granted bail, troubles for his various businesses continued.
The two Sahara group companies raised funds in 2007-08 through OFCDs. In June 2011, Sebi asked them to refund money collected from investors.agencies

Source link

Related Posts

Leave a Comment


Copyright @2020  All Right Reserved – Designed and Developed by DSF SEO COMPANY