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Sahara India slams SEBI for going public with order news
25 June 2011

Sahara India Group, yesterday, slammed market regulator Sebi's move to go public with its order, when the matter was pending before the Supreme Court. On Thursday, the market regulator said it 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 per cent from the date of receipt of money.

Sahara India spokesman told the Times of India, that when a matter was sub-judice at the apex court, it was 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 would not be given effect to.

He added that 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.

He added that a responsible regulator like SEBI was expected to protect the interest of investors but in its case from November 2010, the regulator was continuously scaring investors.

A statement by the company also alleged that the regulator had been vindictive and malicious towards the Sahara Group which was evident 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 added that it was the prime duty of the government to go deep into the matter and do justice to us, said the statement.

The statement said that investors were being assured that their interest was protected. The statement also emphasised that the matter was still subjudice and there was no direction/order of the Hon'ble courts against Sahara.

Claiming that in last 32 years of its operation, the group had never acted against the law or the sprit of the law or earned even a rupee illegally, it said "unjustified acts of various regulators, departments are now forcing us (Sahara) to come out with every detail...all an appropriate time."

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Sahara India slams SEBI for going public with order