Sahara threatens to challenge RBI ban on deposits

Sahara threatens to challenge RBI ban on deposits

BS Reporter / Mumbai June 5, 2008, 13:50 IST

Terming the Reserve Bank of India's ban on accepting fresh deposits "legally unsound and wanting in prudence and application of mind", Sahara India Financial Corporation Ltd has said that it will soon initiate legal proceedings.

At the same time, it asked its 42.5 million depositors not to panic and added that Sahara's other businesses -- life insurance, mutual funds, real estate, media & entertainment, consumer products and tourism