Supreme Court Of India IMAGE.
In what cannot but be seen as a brazen attempt to violate the spirit of the Supreme Court's orders on the return of investor funds emonly/em after due verification of the documents, the Sahara Group is reported to be continuing to make direct refunds without Sebi's consent.
On 31 August, the Supreme Courta href=http://www.firstpost.com/business/finally-sc-order-2-sahara-firms-to-pack-up-and-repay-20000-cr-438087.html directed two Sahara group companies/a - Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC) - to refund an estimated Rs 24,000 crore raised from investors through optionally full convertible debentures (OFCDs) by 30 November. The payment has to be made directly to Sebi, which then has to verify the documents of investors and get the payments organised only to bonafide claimants.
But even as the deadline for payment approaches, the Sahara Group appears to be cocking a snook at both the regulator and the Supreme Court by asking its commission agents to make refunds clandestinely.
a href=http://www.business-standard.com/india/news/sahara-collecting-consent-lettersofcd-investors-showing-refunds/493971/emBusiness Standard/em said today/a that Sahara agents have been asked to collect sehmat patras (consent letters) from OFCD holders indicating that their money has been returned. The newspaper reports attempts by Sahara or its agents to doctor the documentation, by pre-dating the consent letters to dates as early as April - well before the Supreme Court verdict.
The newspaper, after talking to some unnamed Sahara agents, says that the agents have been ordered to collect these letters, failing which their commissions are being stopped. A chunk of the money has been transferred to the Sahara Q-Shop plan, another money raising plan being marketed as a retail venture.
[caption id=attachment_539453 align=alignleft width=380