Sebi to ask Subrata Roy led Sahara about unverified investors - Indian Express

PTI : New Delhi, Tue Jul 09 2013, 15:29 hrs 'These cases will be referred to Saharas in due course, for their explanation/clarification.' (AP) Unable to verify or trace a large number of bondholders in Sahara refund case, Sebi has begun a process to consult the business conglomerate for verifying the genuineness of such investors. Sahara group, on its part, has said that it would fully cooperate with the market regulator to verify the credentials of its over three crore bondholders. Supreme Court had asked two Sahara firms -- Sahara India Real Estate Corp Ltd (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) -- to refund through Sebi more than Rs 24,000 crore to over three crore bondholders with interest. Saharas were also asked to provide Sebi with details of these bondholders, so that Sebi could refund their money after verifying their credentials. However, a pilot verification project undertaken by Sebi found that a vast majority of these investors were not traceable, the market regulator said in a status report presented before its board late last month. "These cases will be referred to Saharas in due course, for their explanation/clarification," Sebi informed its board. Subsequently, Sebi is now putting in place a mechanism to hold consultations with Saharas for verification of those investors who are either untraceable or whose credentials it is not able to verify, a senior official said. When contacted, Sahara group said it would fully cooperate with Sebi, but also accused the market regulator of not "taking any assistance" from it despite its repeated requests. "Sahara is cooperating with Sebi, but Sebi is not cooperating and is not taking any assistance from Sahara in spite of repeated request made by Sahara," a Sahara India spokesperson said. The Supreme Court had passed its first order in the case on August 31, 2012, asking Saharas to deposit the investors' money and related documents with Sebi for refund process. Later on December 5, 2012, the Supreme Court allowed the group to deposit the money in three installments -- Rs 5,120 crore immediately, Rs 10,000 crore within first week of January 2013 and the remaining balance by February first week. ... contd. ALSO READ US job data: Asian shares gain, dollar near 3-yr high BSE Sensex soars 121 pts on recovery in Indian rupee Stock market: 14,000 sub-brokers shut shop BSE Sensex sheds 171 points as Indian rupee hits record low, ICICI Bank shares drop Please read our terms of use before posting comments TERMS OF USE: The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s). via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNEy6UIbJCxhXw0HpBRE1wQUCm8JoQ&url=http://www.indianexpress.com/news/sebi-to-ask-subrata-roy-led-sahara-about-unverified-investors/1139562/

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