Timeline of Sahara India Case Updates: 2010 to 2022
The Sahara Group is one of the most prominent business conglomerates in India. It was founded by Subrata Roy, who is also the chairman and managing director of the group. The Sahara group has had its share of controversies over the years, but the one that has been making headlines recently is their alleged involvement in a Ponzi scheme. Let’s take a look at all the updates on this case so far.
Sahara India Case Updates: From Start to Still Yet to be Finished
If you’re following the Sahara India case updates, you know that it’s been a roller coaster of ride. Here’s a timeline of all the major developments in the case so far.
The Securities and Exchange Board of India (SEBI) passed an order initiating an investigation into Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Corporation Limited (SHCL).
The reason for the initiation of the investigation was a complaint that alleged irregularities in the way that the two companies had raised money through optionally fully convertible debentures (OFCDs).
Specifically, it was alleged that the companies had violated certain provisions of the Companies Act, 1956 and the SEBI regulations.
Sahara Prime City, a real estate project being developed by SIRECL and SHCL, ran into delays.
In response to this, SEBI passed an interim order against SIRECL and SHCL, prohibiting them from raising any more money through OFCDs. The order also directed the companies to refund all the money that had been raised through OFCDs within three months.
The Allahabad High Court gave a stay on the SEBI order. This meant that SIRECL and SHCL were not required to refund the money that had been raised through OFCDs.
SEBI called for the schemes of investors who had invested in OFCDs. The purpose of this was to determine whether or not the investors had been properly informed about the risks involved in investing in OFCDs.
The Allahabad High Court vacates the stay in the Sahara Group case. This necessitates the company to share full details of investors with SEBI. The order also directs SIRECL and SHCL to refund all the money that had been raised through OFCDs within three months.
Sahara Group files a petition in the Supreme Court seeking a stay on the Allahabad High Court order. The group also challenges the legality of the SEBI investigation.
The Supreme Court dismissed the Sahara Group’s petition and ordered SIRECL and SHCL to refund all the money that had been raised through OFCDs within three months. The court also directs SEBI to pass an appropriate order with respect to investor protection.
Furthermore, the court asks Sahara Group to submit a list of all the investors who have invested in OFCDs.
July to August 2011
Sahara Group files an appeal in the Securities Appellate Tribunal (SAT) against the SEBI order. The group challenges the legality of the SEBI investigation and argues that the order to refund all the money raised through OFCDs is unjust and unfair.
The Supreme Court asks Sahara Group to pay Rs. 2400 crore within 90 days to investors. The court also ordered SIRECL and SHCL to submit a list of all the investors who have invested in OFCDs.
Sahara Group gets more time from the Supreme Court to refund money.
SEBI ordered Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Corporation Limited (SHCL) to refund the money to investors along with 15% interest. The order also freezes the accounts of these two companies.
Sahara Group files a petition in the Supreme Court seeking a review of the SEBI order. The group argues that the order is unjust and unfair.
The Supreme Court dismisses the Sahara Group’s petition and upholds the SEBI order. The court ordered SIRECL and SHCL to refund all the money that had been raised through OFCDs within three months.
What is the Sahara India Case Status in 2022?
The case is still ongoing. In February 2018, the Enforcement Directorate (ED) raided the premises of the Sahara Group in connection with an alleged money laundering case. In May 2018, the ED attached assets worth Rs 2,622 crore belonging to the Sahara Group. In August 2018, a court in Mumbai issued warrants against Subrata Roy and two directors of the Sahara Group in connection with an alleged cheating case. The case is still pending and a decision has not been reached yet.
What Does the Future Hold for Investors in Sahara India Group Scheme?
It is still unclear what the future holds for investors who are trapped in the Sahara Scam. The case is still pending and a decision has not been reached yet. It is possible that the investors will get their money back, but it is also possible that they will not. Only time will tell what the outcome of this case will be.
The Sahara India case has been ongoing for quite some time and has seen a few twists and turns. We’ve compiled all the updates for you in one place so that you can stay up to date on the latest happenings. What do you think will happen next in this complex case?