Subroto Roy Sahara Group Likely to Drown – Be Wary

We are proud of this fact and would like to place this on record that we had asked our readers not to invest in Sahara group and this warning was given to them well more than 3 years+ in advance and to be precise in Sep 2008  After publication of our post even spokesman of Sahara also commented on our post and tried to justify their company actions. You can access this post of ours with Warning - Do Not Invest in Sahara Group and also read the comments by their company spokesman way back in Year 2008. Click on the given link in green.

Now finally the last nail has been dug in the coffin of Sahara as SAT has issued an order against Sahara which will have far reaching consequences. SAT is where appeals against orders issued by market watchdog Securities & Exchange Board of India (Sebi) are heard.

Subrata Roy’s Sahara Group, sponsor of the Indian cricket team, owner of the Pune IPL franchise, part-owner of the F1 Force India team and runner of a shadowy business empire that has fallen foul of two regulators, has got its comeuppance at the Securities Appellate Tribunal (SAT).

On Tuesday, SAT told two of Subrata Roy’s companies, Sahara  Commodity Services Corporation (SCSC, formerly Sahara India Real Estate Corporation) and Sahara Housing Investment Corporation (SHIC), that Sebi’s 23 June order to return all the money they had collected through optionally fully convertible debentures (OFCDs) stands. They have been given six weeks to comply and return the money.

It is likely that the two Sahara companies will have to return nearly Rs 24,029 crore raised via the OFCD scheme. OFCDs are debentures which investors can convert into shares at their option.

The Sebi order of 23 June essentially put a stop to Sahara Group’s Ponzi operations of raising money from here and there to run its various businesses. The order, pronounced by former board member KM Abraham, noted that the two companies, which had a minuscule net worth of a few lakh rupees when they started raising money through OFCDs privately in 2008 and 2009, were planning to collect as much as Rs 40,000 crore between them by bypassing Sebi.

We are glad that our forewarning would have had helped a number of readers get saved from investing in Sahara group and this was only by way of our forethought, vision, planning and correct authenticated sources who provide us with high quality information which is 100% accurate.

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