SEBI Freezes Sahara's Bank Accounts

Bangalore: The ongoing battle between SEBI (The Securities and Exchange Board of India) and Sahara Group took a new turn after SEBI issued a new report that states Sahara Group failed in front of the Supreme Court’s order.

As a result of this, SEBI issued an order to freeze all the bank accounts as well as the properties of Subrata Roy and other high dignitary’s names. This includes three directors from Sahara Group.  

Supreme Court has already affronted Sahara Group for their failure in paying to the investors. Sahara group had raised funds from more than thee crore investors and when it came to repay these investors an amount of 24,000 crore, Sahara failed to repay. The Supreme Court issued an order in August 2012 to repay their 30 million investors along with 15 percent interest.

The 1,020 acres’ Amby Valley near Mumbai is estimated to be purchased from all these funds. Sahara also owns the Grosvenor Hotel in London and was looking forward to purchase the Plaza Hotel in New York. Sahara’s 59 percent stake in the Versova project is also included in this along with their other projects.

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