SEBI & SAHARA

Sahara group of company is undoubtedly an achievement of Subrat Roy which he started from zero, say. After serving few years in defence when he took retirement and came to Lucknow, he continued with financial business which became an asset for him to go ahead in society. Sahara paid him maximum for which he is able to become a multimillionaire having aviation companies, formula one team, cricket team and gorgeous hotels in London and Newyork. In a bad period of life when Securities and Exchange Board of India (SEBI) lodged cases against two companies of Sahara alleging that unlawfully from general people the said company is collecting money unauthorisingly; the Supreme Court after hearing the same, became convinced that not abiding with the law of SEBI; Sahara Chief collected money from the people who are remaining far away from bank. As SEBI failed to identify those investors, court gave time bound warning to return back money to them. When Sahara failed, Supreme Court interfered and told to deposit with SEBI Rs.25,700 crore and again as the company failed Supreme Court send Mr. Roy to jail. To work out the court order, Subrat Roy again appealed Supreme Court for parole and in 2016 it has been granted. From that day onwards; according to SEBI it received Rupees Fifteen Thousand Crores from Sahara,and  the rest amount to pay is Rs.10,700 crores. With Court-parole Subrat Roy is free now. SEBI again went to Supreme Court recently. The principal amount of fine with 15% interest now increased the amount which stood at 62,200 crores with interest. The top court told to clear  the above said SEBI’S amount. If not, then parole will be cancelled. In other hand, Mr. Roy objected heavily about 15% interest rate. Even he informed the apex court; when already money has been returned back by the Sahara to the depositors, if SEBI will take the amount, then this will be a second time payment. SEBI appealed that if Subrat Roy is unable to deposit Rs.62600 crore,  then his parole should be cancelled immediately. It is found out that agents are collecting money for Sahara and returning back also. So, whatever may be the problem in between Sahara and SEBI, the common man who happen to be a depositor should not be in loss at any cost.    

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