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Long Road to Justice
Three years ago, Securities and Exchange Board of India (Sebi) started making enquiries into the fund raising by two Sahara group firms based on an anonymous complaints. It soon turned into a full-blown investigation which later resulted in a protracted and high profile legal battle under the direct supervision of the Supreme Court. Even after the final order by the Supreme Court on August 31, the matter did not achieve closure as Sahara continued to make new statements and appeals in lower courts.
Sahara Group chief Subrata Roy accused Sebi officials of being vengeful and even challenged him for a live TV debate. But the apex court put it all to an end by taking strong exception to the conduct of the group on Monday. Even as the group's legal brains are working on explaining why their chief and key officials should not be detained, let us look back at the eventful journey of Sebi's struggle to bring to a big business group to book:
Nov 24, 2010 | Sebi bars two Sahara cos, Subrata Roy from raising funds
Securities and Exchange Board of India (Sebi) has asked two entities of Sahara Group not to mobilise funds from equity markets or from issuance of any security to the public while restraining group supremo Subrata Roy from approaching public for raising money.
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Nov 26, 2010 | Sahara moves HC challenging Sebi ban on raising funds
A Sahara firm has moved the Allahabad High Court challenging market regulator the Securities and Exchange Board of India's (Sebi) order barring some group entities and its promoters, including Chairman Subrata Roy, from raising funds from public for non-disclosure of information.
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Dec 1, 2010 | HC respite to Sahara; asks Sebi to file response by Dec 4
Giving respite to the Sahara Group entities, banned by market regulator from accessing public fund, the Allahabad High Court has asked the Securities and Exchange Board of India (Sebi) not to take any "coercive" action against the company and file its response by December 4.
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Jan 4, 2011 | Sebi approaches apex court in Sahara group case
Securities and Exchange Board of India (Sebi) has moved the Supreme Court against a high court order staying the market regulator’s ban on a Sahara group company raising funds from the public. Sebi’s petition is likely to be taken up by the apex court on January 5.
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Jan 5, 2011 | Sahara can raise funds, but Sebi can seek details
The Supreme Court has declined to interfere in the dispute between the Securities and Exchange Board of India (Sebi) and the Sahara group and has allowed the company to raise funds from investors. It has, however, said that the market regulator can seek relevant information from Sahara directly.
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Jan 8, 2011 | Sebi warns investors of 2 Sahara companies
The Securities and Exchange Board of India (Sebi) has informed investors in optionally fully convertible debentures (OFCDs) of two Sahara group companies that it would not be able to provide redress to any investor on any complaint in connection with these instruments.
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Jan 19, 2011 | RBI cautions depositors against Sahara group firms
The Reserve Bank of India has warned investors against putting money in Sahara group companies’ deposits. In a public notice, the central bank said it had got complaints from “some individuals” that the Sahara group have been mobilising deposits from the public under the generic name of Sahara Pariwar and Sahara India Pariwar.
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Jan 22, 2011 | Ministry examines Sebi charges against Sahara
The corporate affairs ministry has started examining the charges levelled by the Securities and Exchange Board of India (Sebi) against two Sahara group companies over fund raising without proper approvals.
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Apr 16, 2011 | Sebi public notice against Sahara group companies
The Securities and Exchange Board of India (Sebi) has taken a tough stance against two Sahara group companies after recent reports suggested they were raising money from the public though the regulator had barred them from doing so. The capital market regulator issued a public notice, reiterating the facts of the ongoing investigations against Sahara India Real Estate Corporation and Sahara Housing Investment Corporation.
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Apr 18, 2011 | Sebi moves apex court on Sahara
The Securities and Exchange Board of India (Sebi) has filed a caveat in the Supreme Court claiming that any petition on its ongoing case against two Sahara group entities cannot be decided without its knowledge.
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Apr 26, 2011 | Sahara takes co-op route to beat Sebi, RBI bans
After being barred by the country’s central bank, the capital market regulator and the Allahabad High Court from raising money from the public, the Sahara group has moved to a new regulatory territory — the co-operative society
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May 02, 2011 | SC adjourns Sahara case, allows more time to file documents
The Supreme Court today adjourned the hearing of the petition filed by the Sahara Group against the orders of the Allahabad High Court which necessitated the company to share full details of investors participating in its fund raising exercise with the market regulator Sebi.
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May 10, 2011 | SC questions Sahara on fund-raising
The apex court has asked Sahara India Real Estate Corporation to produce before it on May 12 the proforma in which investors were asked to apply for debentures. A bench headed by Chief Justice S H Kapadia also asked the corporation to produce the list of its agents employed to raise money.
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May 12, 2011 | Sahara firm gets notice for using third-party account
A Sahara group company, which has raised Rs 4,843 crore by issuing optionally fully convertible debentures (OFCDs), is not using its own bank account to handle this money.
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SC tells Sebi to probe Sahara scheme
Asking Sebi to proceed with its probe into Sahara group's Optionally Fully Convertible Debentures (OFCD) scheme, the Supreme Court today said investors may not have any knowledge about these products and might feel cheated like in the Harshad Mehta scam.
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May 18, 2011 | MCA refuses to intervene in Sebi-Sahara case
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Jan 8, 2011 | Sebi warns investors of 2 Sahara companies
The Securities and Exchange Board of India (Sebi) has informed investors in optionally fully convertible debentures (OFCDs) of two Sahara group companies that it would not be able to provide redress to any investor on any complaint in connection with these instruments.
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Jan 19, 2011 | RBI cautions depositors against Sahara group firms
The Reserve Bank of India has warned investors against putting money in Sahara group companies’ deposits. In a public notice, the central bank said it had got complaints from “some individuals” that the Sahara group have been mobilising deposits from the public under the generic name of Sahara Pariwar and Sahara India Pariwar.
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Jan 22, 2011 | Ministry examines Sebi charges against Sahara
The corporate affairs ministry has started examining the charges levelled by the Securities and Exchange Board of India (Sebi) against two Sahara group companies over fund raising without proper approvals.
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Apr 16, 2011 | Sebi public notice against Sahara group companies
The Securities and Exchange Board of India (Sebi) has taken a tough stance against two Sahara group companies after recent reports suggested they were raising money from the public though the regulator had barred them from doing so. The capital market regulator issued a public notice, reiterating the facts of the ongoing investigations against Sahara India Real Estate Corporation and Sahara Housing Investment Corporation.
Click here for more
Apr 18, 2011 | Sebi moves apex court on Sahara
The Securities and Exchange Board of India (Sebi) has filed a caveat in the Supreme Court claiming that any petition on its ongoing case against two Sahara group entities cannot be decided without its knowledge.
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Apr 26, 2011 | Sahara takes co-op route to beat Sebi, RBI bans
After being barred by the country’s central bank, the capital market regulator and the Allahabad High Court from raising money from the public, the Sahara group has moved to a new regulatory territory — the co-operative society
Click here for more
May 02, 2011 | SC adjourns Sahara case, allows more time to file documents
The Supreme Court today adjourned the hearing of the petition filed by the Sahara Group against the orders of the Allahabad High Court which necessitated the company to share full details of investors participating in its fund raising exercise with the market regulator Sebi.
Click here for more
May 10, 2011 | SC questions Sahara on fund-raising
The apex court has asked Sahara India Real Estate Corporation to produce before it on May 12 the proforma in which investors were asked to apply for debentures. A bench headed by Chief Justice S H Kapadia also asked the corporation to produce the list of its agents employed to raise money.
Click here for more
May 12, 2011 | Sahara firm gets notice for using third-party account
A Sahara group company, which has raised Rs 4,843 crore by issuing optionally fully convertible debentures (OFCDs), is not using its own bank account to handle this money.
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SC tells Sebi to probe Sahara scheme
Asking Sebi to proceed with its probe into Sahara group's Optionally Fully Convertible Debentures (OFCD) scheme, the Supreme Court today said investors may not have any knowledge about these products and might feel cheated like in the Harshad Mehta scam.
Click here for more
May 18, 2011 | MCA refuses to intervene in Sebi-Sahara case
The Ministry of Corporate Affairs (MCA) has said it will not be party to the ongoing dispute between Sahara Group of companies and market regulator, the Securities and Exchange Board of India (Sebi).
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June 23, 2011 | Sebi asks Sahara to refund Rs 4,843 cr to investors
In the biggest refund order in its two-decade history, the Securities and Exchange Board of India (Sebi) has directed two Sahara group companies to return at least Rs 4,843 crore collected under their debenture schemes to investors. The two companies are Sahara Commodity Services Corporation and Sahara Housing Investment Corporation.
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June 25, 2011 | Sahara alleges media trial by Sebi
The Sahara group has criticised the Securities and Exchange Board of India (Sebi) for making an order against two group companies public and accused the regulator of resorting to “a media-trial in a sub judice case”. A Sebi official declined comment.
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June 27, 2011 | Sahara moves SC against Sebi order for refund to investors
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June 23, 2011 | Sebi asks Sahara to refund Rs 4,843 cr to investors
In the biggest refund order in its two-decade history, the Securities and Exchange Board of India (Sebi) has directed two Sahara group companies to return at least Rs 4,843 crore collected under their debenture schemes to investors. The two companies are Sahara Commodity Services Corporation and Sahara Housing Investment Corporation.
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June 25, 2011 | Sahara alleges media trial by Sebi
The Sahara group has criticised the Securities and Exchange Board of India (Sebi) for making an order against two group companies public and accused the regulator of resorting to “a media-trial in a sub judice case”. A Sebi official declined comment.
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June 27, 2011 | Sahara moves SC against Sebi order for refund to investors
The Supreme Court will hear on July 4 a Sahara group firm’s plea challenging a Sebi order directing the company to return money collected from investors through a scheme along with 15 per cent interest.
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July 03, 2011 | Sahara 'mega development' pushed up OFCD sale
An aggressive marketing plan launched by the Sahara group for its sales staff in July 2009 helped it ramp up average monthly collections under its controversial debentures schemes by more than a third.
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July 08, 2011 | SC rejects Sahara plea over OFCD
The Supreme Court has declined the Sahara group's plea to issue a notice to the government in on a dispute with market regulator Sebi. The Securities and Exchange Board of India had directed the firm to return funds raised from investors under an optionally fully convertible debentures (OFCD) scheme along with 15% interest.
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July 15, 2011 | SC directs Sahara to approach SAT
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July 15, 2011 | SC directs Sahara to approach SAT
The Securities Appellate Authority (SAT) will now decide the case between the Securities and Exchange Board of India (Sebi) and two Sahara group firms – Sahara Housing Investment Corporation and Sahara India Real Estate Corporation.
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Aug 31, 2011 | Sahara to wind up parabanking by Dec, repay Rs 9k cr
In the largest repayment offer of its kind, Sahara India Financial Corp (SIFCL), the parabanking arm of Sahara India Pariwar, has committed to repay all its 19 million-plus depositors by December this year.
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Sept 03, 2011 | Over 4 mn Sahara accounts unclaimed
Sahara India Financial Corporation (SIFCL), the para-banking arm of Sahara India Pariwar, says around five million of its deposit accounts are unclaimed or unpaid.
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Sahara India Financial Corporation (SIFCL), the para-banking arm of Sahara India Pariwar, says around five million of its deposit accounts are unclaimed or unpaid.
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Why did the central government register its debenture-issue prospectus and then take well over a year to suddenly say it didn’t agree, asked counsel for the Sahara group of companies at the Securities Appellate Tribunal (SAT).
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Sept 08, 2011 | SAT asks Sahara to give details of OFCDs
The Securities Appellate Tribunal has asked two Sahara group firms to file an affidavit, detailing their money raising activity. The tribunal said it wanted to know the total amount of money raised, the process and the details of investors in the issues of optionally fully-convertible debentures (OFCDs) done by the two companies — Sahara India Real Estate Corp and Sahara Housing Investment Corp.
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Sept 09, 2011 | Sahara raised money by public issue: Sebi
The filing of documents like the prospectus and information memorandum by Sahara India Real Estate Corp and Sahara Housing Investment Corp while issuing optionally fully convertible debentures (OFCDs) proves these were intended to be public issues, the counsel for Securities and Exchange Board of India (Sebi) said.
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The Securities Appellate Tribunal has asked two Sahara group firms to file an affidavit, detailing their money raising activity. The tribunal said it wanted to know the total amount of money raised, the process and the details of investors in the issues of optionally fully-convertible debentures (OFCDs) done by the two companies — Sahara India Real Estate Corp and Sahara Housing Investment Corp.
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Sept 09, 2011 | Sahara raised money by public issue: Sebi
The filing of documents like the prospectus and information memorandum by Sahara India Real Estate Corp and Sahara Housing Investment Corp while issuing optionally fully convertible debentures (OFCDs) proves these were intended to be public issues, the counsel for Securities and Exchange Board of India (Sebi) said.
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