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Subrata Roy News: Sahara Group’s head Subrata Roy has been jolted by the market regulator. The Security and Exchange Board of India (SEBI) has ordered that the company had ignored the rules while issuing OFCDs. In such a situation, Rs 6.42 crore has to be recovered from Subrata Roy and his rights.
For this, SEBI has now ordered to attach the property of Sahara Group head Subrata Roy and its officers. SEBI has said in its order in this matter that this action is being taken against Sahara chief and other officials in the matter of issuing Optional Fully-Convertible Debentures (OFCD). For this, a total of Rs 6.42 crore will be recovered from Sahara Group.
Know what is the matter?
SEBI has said in its order that Rs 6.42 crore will be recovered from Subrata Roy, Ravi Shankar Dubey, Vandana Bhargava, Ashok Roy Chowdhary and Sahara India Real Estate Corporation, which has now become Sahara Commodity Services Corporation. SEBI has said in its notice that all banks, mutual fund units and depositories have been ordered not to allow any withdrawal from the demat account of any name or company given in the above list.
The thing to note is that these people can definitely deposit money in these accounts. Along with this, SEBI has ordered the banks to freeze the lockers along with the bank accounts of all these people. Earlier, SEBI had imposed a fine of Rs 6 crore on the officials of Sahara Group in June.
Action will be taken on non-payment of money-
Let us tell you that in the year 2008-09, Sahara did not follow the rules while issuing OFCD. In such a situation, due to not protecting the interests of the investors and not following the rules, SEBI has ordered to recover a total of Rs 6 crore by attaching the property of Sahara and its officials in this case. Earlier, SEBI had ordered everyone to pay the fine, but when Sahara did not deposit the fine, the market regulator ordered attachment of the property.
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