Sahara Group
New Delhi- The two Sahara group firms who are subjected to refund a sum of Rs. 24,000 crore to their investors will have their plea heard by the same bench which had refunded on August 31 2012. The Sahara firms are subjected to pay 15 percent interest to their investors. The bench which had refunded will be [...] Continue Reading »
New Delhi- Interest was evinced by four entities -Karvy, CAMS, NSDL and CDSL regarding the genuineness of about three crore investors in the Sahara case bidding for the job. This was done on behalf of market regulator Sebi (Securities and Exchange Board of India). A process to select an In-Person Verification (IPV) agency to conduct a face to face verification amongst the three [...] Continue Reading »
Three days of the 90-day deadline given by the Supreme Court to the Sahara Group to repay over 22 million investors in its bonds have passed and it looks like the only way the Sahara Group can repay its debt is by selling off its assets. The Supreme court had confirmed Securities and Exchange Board [...] Continue Reading »
The recent Supreme Court ruling against Sahara Group implies an indictment of not only Sahara but the regulatory system as a whole. Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC) were instructed by the Supreme Court to refund over Rs 24,000 crore collected through optionally fully convertible debentures (OFCDs). Sahara case [...] Continue Reading »
The Sahara Group seems to have taken the hit from the apex court. The Supreme Court has directed Sahara India Real Estate Corporation Ltd and the Sahara Housing Investment Corporation Ltd — to refund over Rs 24,400 crore collected from 2.21 crore depositors through an instrument known as optional fully convertible debentures. The Bench has [...] Continue Reading »
Tata Housing has announced that it is planning to launch eight to 10 projects in the country this financial year in spite of overall slump in the sector. Under its affordable housing segment, ‘Smart Value Homes’, Tata Housing has forayed into Gujarat by launching Shubh Griha in Ahmedabad. Along with its domestic operations, it has [...] Continue Reading »
The realty builder Parsvnath Developers planned to sell its commercial land in Connaught Place, New Delhi. The Sahara group and the ICICI are the major contenders for the land. It’s a 1.18 acre land at kasturba Gandhi Marg. Parsvnath Builders were bought the land in 2008, and planned to construct a retail cum office complex [...] Continue Reading »
Sahara group of companies to face more trouble in future as ministry of corporate affairs (MCA) has expressed its support to market regulator Sebi’s June 23 order against the two companies of Sahara. Both Sebi and MCA work in tandem for protecting rights of small investors. Securities Appellate Tribunal (SAT) is scheduled to hear the [...] Continue Reading »
Market regulator SEBI on June 23 had directed two Sahara group companies — Sahara India Real Estate Corp (SIRECL) and Sahara Housing Investment Corp (SHICL) — to refund the money raised from investors through optionally fully convertible debentures (OFCDs) with an annual interest of 15 per cent from the date of receipt of money. Sahara [...] Continue Reading »
Sahara Group negotiated the Rs 70 crore a year Rent deal for commercial property at Bandra-Kurla Complex. The deal, touted as the highest ever for a commercial property in terms of annual rent. According to real estate sources, the UP-based Sahara Group negotiated the deal for a lease amount of Rs 225 a sq ft [...] Continue Reading »
