Is money trapped in ‘Sahara’? This big news came, SEBI recovered 6.57 crores from the company

SEBI-Sahara Case: The money of lakhs of people in the country is stuck in different schemes of Sahara group. Now a big news has come regarding this that market regulator SEBI has recovered the dues of Rs 6.57 crore from Sahara group.

Sahara Group Chairman Subrata Roy

Image Credit source: File Photo

A big news has come about Sahara Group. Market regulator SEBI has banned Sahara Group’s company Sahara Real Estate Corporation. (Sahara India Real Estate Corporation) 6.57 crore pending dues have been recovered. These dues have been recovered from Sahara group chief Subrata Sahara and others.

This case is related to the issuance of Operationally Fully Convertible Debentures (OFCD) by this company of Sahara Group (now Sahara Commodity Services Corporation). In this case, Sahara was found violating the rules, so SEBI imposed a fine on the company. The amount recovered is inclusive of interest and all other charges.

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Attachment order was given in December

In December, Sebi had ordered attachment of Sahara India Real Estate Corporation as well as bank accounts and demat accounts of Subrata Roy, Ashok Roy Chowdhary, Ravi Shankar Dubey and Vandana Bhargava. Rs 6.42 crore was to be recovered from all of them for violating the rules related to OFCD.

Due to failure of all of them to deposit the dues of Rs 6 crore in June 2022, SEBI started the process of attachment and recovery.

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OFCD case is of the year 2008

This matter of issuance of OFCD of Sahara India Real Estate Corporation is during 2008-09. The company raised money from the common people by issuing OFCDs. While for this he did not follow the complete process of SEBI. SEBI had started action against Sahara Group to protect the interest of the investors.

Let me tell you, the money of lakhs of people across the country is stuck in the Sahara Group. Lakhs of people had invested in different companies and schemes of the group by buying bonds etc., but after the investigation by SEBI, Subrata Roy was sent to jail and the business of the group came to a standstill, people’s money is stuck.

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