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Markets regulator <keyword id="35210" type="General" weightage="20" keywordseo="Sebi" source="Orion">SEBI</keyword> on Tuesday said it has recovered pending dues worth Rs 6.57 crore from Sahara India Real Estate Corporation, its chief <keyword id="31933" type="General" weightage="80" keywordseo="subrata-roy" source="Orion">Subrata Roy</keyword>, and others in the case pertaining to flouting norms in issuance of optionally fully convertible debentures. "In view of the payment of the amount of Rs 6.57 crore due under the certificate, the said certificate is hereby completed," the Securities and Exchange Board of India (SEBI) said in its recovery order. The amount included interest and other charges. The regulator in December ordered the attachment of bank and demat accounts of Sahara India Real Estate Corporation (now known as Sahara Commodity Services Corporation), Subrata Roy, <keyword id="1595961" type="General" weightage="50" keywordseo="ashok-roy-choudhary" source="Orion">Ashok Roy Choudhary</keyword>, Ravi Shanker Dubey and <keyword id="15891249" type="General" weightage="50" keywordseo="vandana-bharrgava" source="Orion">Vandana Bharrgava</keyword> to recover Rs 6.42 crore for violating regulatory norms in the issuance of OFCDs (Optionally Fully Convertible Debentures). This amount included interest, all costs, charges and expenses. The recovery proceedings were initiated against these entities after they failed to pay Rs 6 crore fine imposed on them by SEBI in June 2022. The case relates to the issuance of OFCDs by Sahara India Real Estate Corporation and Sahara Housing Investment Corporation during 2008-09. The companies raised money through the public issue of securities by issuing OFCDs without following the various procedures intended to protect the interest of the investors, in respect of public issues, prescribed under the norms. According to SEBI, the subscription towards the OFCDs was solicited by the two companies from the general public throughout the country, without adequately informing them about the risks involved in the instruments. The issuance was allegedly done in contravention of the provisions of the SEBI's ICDR (Issue of Capital and Disclosure Requirements) Regulations and PFUTP (Prohibition of Fraudulent and Unfair Trade Practices). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/news/sky-gazers-in-for-celestial-treat-tonight-with-5-planets-forming-an-arc/articleshow/99063586.cms">Sky gazers in for celestial treat tonight with 5 planets forming an arc</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/electronic-manufacturing-services-firm-avalon-technologies-865-crore-ipo-to-open-on-april-3/articleshow/99063995.cms">Electronic manufacturing services firm Avalon Technologies’ ₹865 crore IPO to open on April 3</a>

SEBI recovers dues worth ₹6.57 crore from Sahara Group firms, Subrata Roy & others

Sebi on Monday ordered the attachment of bank and demat accounts of <keyword id="31906" type="General" weightage="50" keywordseo="sahara-group" source="Orion">Sahara Group</keyword> firm, its chief <keyword id="31933" type="General" weightage="100" keywordseo="subrata-roy" source="Orion">Subrata Roy</keyword> and others to recover Rs 6.42 crore for violating regulatory norms in the issuance of optionally fully convertible debentures (OFCDs). The recovery proceedings against five entities -- <keyword id="486078" type="General" weightage="50" keywordseo="sahara-india-real-estate-corporation" source="Orion">Sahara India Real Estate Corporation</keyword> (now known as Sahara Commodity Services Corporation), Subrata Roy, <keyword id="1595961" type="General" weightage="80" keywordseo="ashok-roy-choudhary" source="Orion">Ashok Roy Choudhary</keyword>, Ravi Shanker <keyword id="20551" type="General" weightage="80" keywordseo="dubey" source="Orion">Dubey</keyword> and Vandana <keyword id="15888278" type="General" weightage="80" keywordseo="bharrgava" source="Orion">Bharrgava</keyword> -- for Rs 6.42 crore, includes interest, all costs, charges and expenses, the Securities and Exchange Board of India (Sebi) said in the attachment order. In its notice, Sebi asked all banks, depositories and mutual funds not to allow any debit from accounts of Sahara India Real Estate Corp, Subrata Roy, Ashok Roy Choudhary, Dubey and Bharrgava. However, credits have been permitted. Further, the market watchdog has directed all banks to attach all accounts, including lockers, of the defaulters. The regulator, in its order in June, levied a fine totalling Rs 6 crore on Sahara India Real Estate Corp, Subrata Roy, Ashok Roy Choudhary, Dubey and Bharrgava. The case relates to the issuance of OFCDs by Sahara India Real Estate Corporation and Sahara Housing Investment Corporation during 2008-09. They raised money through the public issue of securities by issuing OFCDs without following the various procedures intended to protect the interest of the investors, in respect of public issues, prescribed under the norms, as per Sebi order. According to Sebi, the subscription towards the OFCDs was solicited by the two companies from the general public throughout the country, without adequately informing them about the risks involved in the instruments. The issuance was allegedly done in contravention of the provisions of the Sebi's ICDR (Issue of Capital and Disclosure Requirements) Regulations and PFUTP (Prohibition of Fraudulent and Unfair Trade Practices). SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/capital-intensive-cyclical-and-value-stocks-to-continue-their-outperformance/articleshow/95659482.cms">Capital-intensive, cyclical and value stocks to continue their outperformance</a> <a href="https://www.businessinsider.in/thelife/personalities/news/top-five-billionaires-in-2022-elon-musk-gautam-adani-and-bill-gates/articleshow/96509847.cms">After a round of musical chairs, Musk, Gates and Adani are among 2022’s top 5 billionaires</a> <a href="https://www.businessinsider.in/stock-market/news/sah-polymers-ipo-to-open-on-dec-30-price-band-set-at-61-65-a-share/articleshow/96514593.cms">Sah Polymers IPO to open on Dec 30, price band set at ₹61-65 a share</a>

SEBI orders attachment of bank, demat accounts of Sahara group firm, Subrata Roy and others

In what could be India’s biggest land sale, over 4,700 acres owned by the <keyword id="31906" type="COMPANY" weightage="100" keywordseo="Sahara-group">Sahara Group</keyword> across 14 Indian states have been put on the block by HDFC Realty and SBI Capital Markets. As the sale goes through, the deal is expected be worth Rs 6,500 crore. However, the fact that the properties have huge chunks of agricultural land located in rural areas could affect the amount of the deal. 
 
As per Sahara, it has a total land bank of 33,633 acres out of which the Aamby Valley City located near Lonavala accounts for 10,600 acres. Similarly, about 1,000 acres is spread across various towns and cities of Uttar Pradesh, the capital of which houses the company headquarters. 
 It was early this month that the honourable Supreme Court had released Sahara chief <keyword id="31933" type="PERSON" weightage="100" keywordseo="Subrata-Roy">Subrata Roy</keyword>, who has been in Tihar Jail since March 2014, and group director Ashok Roy Choudhary on a parole for four weeks. It was then that the court had said that Sahara could sell its properties to raise Rs 5,000 crore as a bank guarantee and another Rs 5,000 crore to get bail. 
 After this order, the market regulator authority Securities and Exchange Board of India (SEBI) had mandated that HDFC Realty and SBI Capital Markets auction 60 <keyword id="2065987" type="UNKNOWN" weightage="100" keywordseo="Sahara-properties">Sahara properties</keyword> across the country. 
 
 
The locations of these lands are as follows: Ujjain and Indore in Madhya Pradesh, Ajmer in Rajasthan, Aligarh, Bahraich, Bareilly, Muzaffarnagar, Lucknow, Noida in UP, Guwahati in Assam, Salem in Tamil Nadu, and Porbander and Baroda in Gujarat. 
 
<a href="http://i.huffpost.com/gen/4312180/images/o-SUBRATA-ROY-facebook.jpg">Image source</a>

Auctioneers expect to raise Rs 6,500 crore by selling 4,700 acres of Sahara land

Starting August 5 and for the following 10 days, Delhi’s Tihar jail will have the sort of visitors who generally find themselves working in very different circumstances. They’ll be coming to see Sahara chief Subrata Roy, who’s trying to raise Rs 10,000 crore as a get-out-of-jail card by selling or mortgaging real estate assets. 
 So how is Tihar preparing for this unusual event? A large 30x18 ft conference room with an attached bathroom and a 12x12 ft annexe inside the <keyword id="2456860" type="ORGANIZATION" weightage="20" keywordseo="Tihar-court">Tihar court</keyword> complex are being readied for Roy and two Sahara directors, Ashok Roy Choudhary and <keyword id="709634" type="PERSON" weightage="20" keywordseo="Ravi-Shankar-Dubey">Ravi Shankar Dubey</keyword>, who are also lodged in the same prison. 
 
Jail authorities have sent a letter to Delhi Lieutenant-Governor Najeeb Jung to notify the conference room as a special jail but with certain relaxations — phones and laptops, WiFi connectivity and visitors from 6 am to 8 pm on all days except Sundays and gazetted holidays. 
 The <keyword id="31906" type="COMPANY" weightage="20" keywordseo="Sahara-group">Sahara Group</keyword> will pay for the privileges. The room, which is used for confidential meetings and press briefings by the directorgeneral of prisons, has a 52-inch TV for making presentations, video-conferencing and a table that seats 25. 
 
It also has wood-paneled walls and is fully air-conditioned. 
 
Visitors coming to meet Roy to be frisked 
 
All Visitors Coming to meet Roy to be Frisked Roy’s guests — corporate bigwigs, investors, top lawyers, merchant bankers, et al — will get vegetarian meals, snacks and tea prepared in the jail canteen, which is manned by a few longtime inmates. All visitors will be subject to frisking. 
 
The Sahara chief has been in Tihar jail since March over the issue of refunds to investors in a financial instrument issued by two group companies in violation of norms. The Securities and Exchange Board of India says Sahara has to pay more than Rs 37,000 crore by way of the refund amount and interest. 
 While Sahara says it has already paid much of the money that is due, the <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> has told Roy that he needs to raise Rs 5,000 crore in cash and Rs 5,000 crore by way of bank guarantees to get bail. 
 
The Sahara boss and the two directors are currently housed in a section for inmates above 60. As with other parts of the jail, no cellphones and laptops are allowed and jammers restrict all forms of electronic communications. That’s why Roy and his team need to be relocated. “We can’t switch off the jammers just for one person. It will send a wrong message to others. It could become a precedent of sorts if we allow him privileges inside the jail and other inmates might start asking for similar things then,” said a senior jail official, who did not want to be named. 
 The court order permits Roy and his team to conduct business meetings and negotiations in the designated area. The most valuable properties on the Sahara list are its three international hotels — Grosvenor House Hotel in London and <keyword id="999813" type="COMPANY" weightage="20" keywordseo="The-Plaza">The Plaza</keyword> and Dream Downtown Hotel in New York. 
 
ET reported last month that those looking to buy the properties include the Poonawalla family based in Pune, an investor group linked to the Qatar royal family and Sultan Hassanal Bolkiah of Brunei. 
 
The Poonawallas have made an offer of £550 million for the London property. One of the world’s largest luxury property investors Madison has offered $800 million for Sahara’s New York hotels. 
 
The terms under which Sahara has been allowed to set up the deal room are listed in the affidavit filed by Rajesh Kumar, superintendent of Central Jail No 3 at Tihar. 
 
“They will have to submit a list of visitors to the superintendent in advance. Confidentiality will be maintained,” said the jail official cited above. 
 
In his affidavit, Kumar had also suggested a second option — a guest house at the new residential complex, which is a type V government accommodation with three double rooms, a single room and two toilets — but the conference facility was found more suitable to conduct business. The conference room is within the Tihar court complex, which usually convenes once a month to deal with petty offences. 
 
“It already is a secure place. There is one common entry and exit point that will be monitored by CCTV cameras,” said another official aware of the planning. 
 
Roy and the two directors will stay at the annexe attached to the conference room and will be free to conduct business through the night considering that they will be dealing predominantly with people in the US and Europe. However, secretarial staff will only be allowed at visiting hours. 
 
Tihar jail is a 200-acre facility, the largest prison complex in South Asia, and has different wards for different types of inmates — firsttimers, hardcore criminals and those over 60. Roy and the two directors are housed in a single room in the over-60 block where there are regular medical check-ups and sevadars to take care of prisoners’ basic needs. 
 For health reasons, Roy sometimes asks for khichdi from the jail canteen for which he pays, said the <keyword id="2456859" type="UNKNOWN" weightage="20" keywordseo="first-jail-official">first jail official</keyword> cited above. He sticks to himself for the most part and is usually meditating on his own, the person said.

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