Market regulator Sebi has begun prosecution proceedings against two Sahara firms and their top officials, while accusing them of failing to provide documents related to three crore investors as per a Supreme Court order.
In the high-profile case involving repayment of money to bondholders of two Sahara group firms, the Securities and Appellate Tribunal on Thursday dismissed a plea for extension of deadline for submitting investor documents to the market regulator Sebi.
The company is seeking more time to submit documents related to about three crore investors in the case involving two of its group companies.
The undistributed funds totalling over Rs 25,000 crore lying with the capital markets regulator Sebi's account have come back into focus after the demise of Sahara Group's chief Subrata Roy. Roy passed away in Mumbai on Tuesday night at the age of 75 after battling a prolonged illness. He faced multiple regulatory and legal battles in connection with his group firms that were accused of circumventing regulations with ponzi schemes, allegations his group always denied.
The regulator, in a public notice, said investors of Sahara India Real Estate Corporation Ltd and Sahara Housing Investment Corporation Ltd should take investment decision at their own risk.
The Tribunal adjourned till Monday this matter, which was listed for 'admission' this morning.
Sebi says Sahara investors refunded over Rs 42 cr.
A bank account is a must to get the refund and those without it have been asked by Sebi to open an account with a scheduled bank.
'Two esteemed foreign investors with huge funds are coming with us in our real estate and city development businesses.'
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