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Thursday 21 August 2014

Sahara India Pariwar investor fraud case




Subrata Roy, owner of Sahara who started his company in 1978 as chit fund. In starting, he had run his business by collecting small amount of Rs.20 from small people like paanwala, rickshaw wala and then he made largest employment company in India. According to India today in 2004, Subrata Roy was most powerful person. And in 2012, Sahara India Pariwar was 2nd largest employer after Indian railway.
But in 2011, SEBI ordered Sahara to refund 24,000 cr  to their investors, but against that Sahara said that they have repaid the half of the amount and only 5200 cr is due to pay. SEBI felt that Sahara has breach the norms of capital market and company’s act. SEBI claimed that Sahara has raised black money of politicians and invested in their other business. And Sahara has opposed all this claims by saying that they have obeyed all rules and raised funds from their shareholders. S.C has ordered Sahara to repay the amount by 28th October. NYBC has also ready to help for 5000 cr to Sahara.

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