The regulator Securities and Exchange Board of India finally ordered attachment of assets of Sahara India Real Estate Corporation and Sahara Housing Investment Corporation.
The regulator Securities and Exchange Board of India finally ordered attachment of assets of Sahara India Real Estate Corporation and Sahara Housing Investment Corporation.
The capital markets regulator has also ordered a freeze on all bank and demat accounts of Subrata Roy Sahara, Vandana Bhargava, Ravi Shanker Dubey and Ashok Roy Choudhary -- the promoters and directors of the two companies with immediate effect.
Sebi asked the two companies along with directors to furnish details of all the movable and immovable properties standing in their names with 21 days. The companies and directors will not be allowed to dispose of any property specified in the order.
All accounts and investments of Sahara Housing in all banks have been ordered transferred to the Sebi -Sahara refund account. Sebi also directed the Sahara companies to disclose nature of development rights and names of partnership companies where Sahara Housing has stakes. Sebi has asked Sahara India Real Estate and Sahara Housing to deposit the cash balances and fixed deposits worth Rs 1,655 crore and Rs 309.19 crore to Sebi with immediate effect.
The order comes after the Supreme Court on February 6, 2013, pulled up Sebi for not taking action against the companies as per its August 31, 2012 order which had asked it to attach properties and freeze bank accounts of the companies. The court had also given Sebi a free hand to take action against two Sahara group companies for defying court orders by not refunding full Rs 24,029 crore along with 15% interest to investors within stipulated time of three months.
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