The Supreme Court has refused to allow Sahara group chief Subrata Roy to leave the country till the companies provide details of refunding Rs.20,000 crore to investors. Photo: PTI
New Delhi: The Sahara group, whose legal battle with the Securities and Exchange Board of India (Sebi) continues in the Supreme Court over the refund of over Rs.20,000 crore to investors, has made a surprise announcement of plans being afoot to hire over 56,000 new employees this year along with investments to the tune of nearly Rs.32,400 crore. In three-page newspaper advertisements, the group has invited applications for senior positions across business verticals within and outside country and said that these more than 56,000 new jobs need to be filled by the end of 2014. At the same time, it has also claimed that the group, which calls itself Sahara India Parivar, is "committed to creating four lakh (400,000) salaried positions in next three years".
The businesses for which job applications have been invited include fast-moving consumer goods (FMCG) and retail, dairy, poultry, luxury real estate and lifestyle, food factory, low-cost housing, corporate social responsibility (CSR), education and cruises. Besides job details, the group also disclosed specific investment targets for at least four business verticals and these investments total to an amount of Rs.32,394 crore.
For its Luxury Retail: Sahara Global Mastercraft Ltd business, the group said that an investment of Rs.1,400 crore would be made over five years, while Rs.5,172 crore would be invested in Food and Beverages and Entertainment: QSR. Its International Business: Macedonia business is expected to see an investment of Rs.13,922 crore in dairy projects and Rs.9,600 crore in hospitality projects.
Further, healthcare would see an investment of Rs.2,300 crore for five-seven years, according to the public notice. The group also claimed a huge asset base with a market value of "1,52,518 crore and a land bank of 36,631 acres. This recruitment drive comes at a time when the group is caught in a legal battle with the Sebi, which had charged it of raising over Rs.24,000 crore through various "illegalities" in issuance of certain bonds through two firms. These two firms —Sahara India Real Estate Corp Ltd (SIREC) and Sahara India Housing Investment Corp Ltd (SHIC)—were asked to refund the money to investors, while the Supreme Court also asked the group to comply with Sebi orders. Sahara group later deposited Rs.5,120 crore with the Sebi and claimed that it was way above the outstanding amount due to be returned to investors, as more than Rs.20,000 crore was already refunded directly.
The Supreme Court has refused to allow Sahara group chief Subrata Roy to leave the country till the companies provide details of refunding Rs.20,000 crore to investors. The court last week asked the group to furnish all the documents to reveal the source of Rs.22,885 crore which it claims to have refunded to the investors. Besides, the group was directed to place all documents, including the bank statements, sought by the Sebi before 11 February, when the court would take up the case for further hearing. PTI
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