SEBI warns investors against Sahara Group firms
22 February 2013
The Securities & Exchange Board of India today cautioned investors and the general public against having any transaction Sahara Group companies and persons associated with them.
The SEBI warning comes close on the heels of the attachment of bank accounts, investments and all other assets of two Sahara group firms, Sahara India Real Estate Corp Ltd and Sahara Housing Investment Corp Ltd and their promoters, including group chief Subrata Roy.
"Anyone transacting with (these companies and their three promoters and directors) would be doing so at their own peril," (SEBI) said.
The regulator said that in furtherance to a Supreme Court order directing the refund of investors' money collected by these Sahara firms, it has ordered "attachment of all moveable and immoveable properties, bank accounts and demat accounts of these two companies and its promoters and directors, namely Subrata Roy, Vandana Bhargava, Ashok Roy Choudhary and Ravi Shankar Dubey".
The SEBI notice said, "Investors and the general public are advised to exercise caution and take note of the said orders before transacting with the aforesaid entities/persons in any manner whatsoever."
On 13 February, SEBI passed two separate orders, together running into 160 pages, directing attachment of properties and freezing of accounts.