Sahara group apologises for earlier ads against Sebi

The Sahara group apologised for its earlier advertisements expressing regret for ‘unintentional wrongs, disrespectful feelings, hurt and annoyance.’

The group had come out with a number of advertisements following a regulatory investigation into a Rs 24,000-crore money raising exercise by the group. 

It had accused the Securities and Exchange Board of India (Sebi) of malice and its officers of carrying out personal vengeance.

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The latest advertisement issued in a number of major publications on Tuesday, said that the ads had been put out to ensure the security and improve the morale of its workers. 

“These advertisements were put out under most unwilling compulsions with excruciatingly high cost, yet we had to do it for the morale and security of our workers, for rightfully maintaining faith amongst esteemed investors on the ground of absolute truth, and for the credibility and goodwill of Sahara, which we have arduously earned in last 37 years,” it said.

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The decision to come out with the latest ad is said to have come after discussions with two senior advocates, when they realised that the ads were working against them. 

It also said that it had become the victim of a ‘media trial.’ 

“This kind of media trial has always been a bigger problem for us than the court trial, which has never been a big problem for law abiding citizens. We shall definitely not put the blame on all media companies for this, no, never,” it said.

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Nevertheless, they said that it was not the group’s intention to malign anyone’s image or disrespect an institution even if they ‘conveyed things several times, which were not in good taste for a few.’ 

“With all humility and truly from our deep inside we regret for conveying wrong to many. All esteemed concerned are requested to kindly pardon us for our most unwilling compulsions. For whatever unintentional wrongs, disrespectful feelings, hurt and annoyance have been caused by our conveying, we offer our unconditional apologies to the respected institution or respected persons or personalities,” it added. 

An email sent to a representative did not immediately receive a reply.