29 October, 2020

Cell-By Date

Will Subrata ‘Sahara’ Roy’s troubles with SEBI and the SC ever end?

Illustration by Saahil
Cell-By Date

Why ‘Sahara Shri’ is in the spot that he is today

How did SEBI vs Sahara begin?
Sahara Prime City prop­osed an IPO in ’08; two sister firms, SIRECL and SHICL, caught SEBI’s eye. They had issued OFCDs worth Rs 24,000 cr. In Nov ’10, SEBI demanded details of its ‘three crore subscribers’.

Who were Sahara’s OFCD subscribers?
Sahara gave a list to SEBI, which questioned its authenticity. SC asked retired Justice B.N. Aggarwal to verify the list. Sahara still stands by list; says it’s not responsible if people gave wrong addresses.

What action has been taken against Sahara?
SEBI ordered the two Sahara firms to refund investors in June 2011. The SC upheld this in Aug ’12. In November ’12, SEBI files conte­mpt plea. In ’13, Sahara Group told not to part with its properties.

Why was Roy jailed?
In Feb ’14, Subrata Roy fails...



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