Sahara group has been engaged in a long-running regulatory and legal battle with Sebi.
Sahara and Peerless are classified as residuary non-banking finance companies (RNBCs), which are now required to invest 100 per cent of their deposits in approved securities, including government bonds, fixed deposits with banks and mutual funds.The RBI has also asked the two RNBCs to submit alternative business plans.
Sahara India Financial Corporation on Tuesday got a fresh lease of life, with the Reserve Bank of India allowing it to accept fresh deposits that mature in three years. The move ends the two-week-long uncertainty over fates of the 42.5 million depositors of the Subroto Roy-controlled residuary non-banking company.
At the same time, the bench comprising Justice Arijit Pasayat and Justice P P Naolekar said that the interim order of Lucknow Bench of Allahabad high court staying the RBI action against SIFCL will not be in operation. SIFCL will now appeal to RBI on June 12 for a personal hearing.
Late 'big bull' Harshad Mehta, largest car maker Maruti and liquor major Shaw Wallace are among top 20 corporate and individual income tax defaulters, Lok Sabha was informed on Friday.
The NBFC was registered on December 1998, with an office in Lucknow.
SC wanted to know how it encashed securities deposited with RBI.
Star India Pvt. Ltd. was awarded the team sponsorship rights of the Indian team on Monday for a period of three years after Sahara's bid was declared ineligible by the BCCI in Chennai.
RBI has sought to stop one of its firms from disposing off assets.
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