Track2Realty-Agencies: The Sahara group today moved the Supreme Court seeking review of the verdict ordering it to refund Rs. 24,000 crore, raised from investors through optionally fully convertible debentures (OFCDs).
Track2Realty-Agencies: Sahara Group on Friday, Sep 28, assured the Supreme Court that its two companies, which had raised Rs 24,000 crore through Optionally Fully Convertible Debentures (OFCDs) from their investors will refund the amount within three months.
Sahara India has accused market regulator SEBI of not accepting data, since Monday, of the three crore investors of the company who had invested in its optionally fully convertible debentures (OFCDs). Sahara sent the data to SEBI following a Supreme Court order to furnish documents relating to investors, supporting redemption documents, application forms, approval and allotment of bonds to the market regulator.
The Sahara Group has clarified their stand in public after the jolt by the Supreme Court asking them to refund within three months Rs. 24,029 crore it had collected between 2008 and 2011 from over 2.96 crore investors, flouting mandatory regulatory provisions and the Company Act. In the wake of media onslaught after the Court asked two Sahara Companies to pay 15% interest on the amount, the Group in a statement has following version in its defence.
The Sahara Group, fresh after a string of acquisitions of Marquee Hotel properties in the UK and the US, is in talks with US-based Oasis West Realty to pick up a controlling stake in Beverly Hilton Hotel, a landmark Los Angeles property that has been hosting the Golden Globe Awards.
Sahara Infrastructure and Housing, of late being in the news for market regulator Securities and Exchange Board of India’s (SEBI) rap for mopping up Rs 17,400 crore through debentures and delayed project completion has now announced another 68 projects within FY 2012 – 13 across India. A statement issued by Sahara claims to introduce 10 lifestyle township projects, of which 9 will be self sufficient integrated townships under the brand name of ‘Sahara City Homes’ and 1 under the brand name of ‘Sahara Grace’.
Sahara India today announced it would develop a new city near Dhaka called Notun Dhaka and has signed agreement with the Bangladesh government to invest in housing sector of neighbouring nation.
Sahara India, US-based Turner Construction Company and Acropolis Capital Group have together formed a construction company that plans to build realty projects undertaken by the Sahara India Group worth $2.5 billion over the next five years in India, the companies said on Thursday. The group has plans to build projects worth $25 billion over the next 20 years.
The Sahara group’s appeal against the order of the Securities Appellate Tribunal (SAT) will come up for hearing in the Supreme Court on Monday, Nov 28.
The SAT on Tuesday, September 18, upheld an order passed by SEBI against two Sahara group companies and directed them to return money raised from the public in violation of securities regulations with an interest of 15%.