Sahara India Group has criticized market regulator SEBI’s move to make its order public when the matter is pending before the Supreme Court. SEBI, on Thursday, had directed two Sahara group companies, Sahara India Real Estate Corp (SIRECL) and Sahara Housing Investment Corp (SHICL), to refund the money raised from investors through optionally fully convertible debentures (OFCDs) with an annual interest of 15% from the date of receipt of money.
“When a matter is sub-judice at the apex court, it is not appropriate for SEBI to go public by putting its order on the website…especially when the SC has categorically said that the order of SEBI will not be given effect to. In this case, SEBI could have simply placed its order before the apex court and maintained the sanctity of the order passed by the honorable court,” the Sahara India spokesman said. “A responsible regulator like SEBI should protect the interest of investors but in our case from November 2010… they (SEBI) are continuously scaring investors.”
A Sahara India statement also said that SEBI has been vindictive and malicious towards the Sahara Group and this has been apparent from the chain of events, over the last one and a half years. “Over the last many years we have been facing a lot of oppressive, restrictive, unfair and unreasonable actions from various government authorities,” it said. It is definitely the prime duty of the government to go deep into the matter and do justice to us, said the statement.
It said investors are being ensured that there interest is protected. It also emphasized that the matter is still subjudice and there is no direction/ order of the Hon’ble courts against Sahara. The Sahara release claimed that in last 32 years of its operation, the Group has never acted against the law or the sprit of the law or earned even a rupee illegally. The release also went to add that “unjustified acts of various regulators, departments are now forcing us (Sahara) to come out with every detail…all names…at an appropriate time.”
