“SEBI CHAIRMAN HAS RECENTLY MISCHIEVOUSLY MISLED EACH AND EVERYONE ABOUT SAHARA OFCD ISSUE. WELL, RIGHT FROM THE BEGINNING SEBI’S ONE POINT PROGRAMME HAS BEEN TO HIT AND DESTROY SAHARA BY MISCHIEVOUSLY MISLEADING CAMPAIGN OF MISINFORMATION THROUGH MEDIA TRIAL.”
Kindly go through the following and you shall also convincingly agree to our above opening statement :
- For promoting OFCD first time, we got written permission from the Registrar of Companies (RoC) Kolkata under the Ministry of Corporate Affairs in 2001.
As per Companies Act 60B(9), we submitted prospectus to same Registrar (filing the return) with the details of around 1.87 crore investors with their names, addresses, amounts etc.
We are now being mainly accused that with more than 50 investors, it does not remain private placement.
- Even after informing of 1.87 crore investors in 2007 (more than 50 investors) as mentioned above, no objection was raised by RoC or SEBI or any Government Departments.
- In 2008, again we got permission from 2 RoCs, one Kanpur RoC and the other Mumbai RoC for raising funds through OFCD.
Throughout these 10 years, all RoCs as per Companies Act regularly did inspections, investigation and regularly took Balance Sheets and returns and other documents every year.
SO RoCs GAVE PERMISSIONS AND THEY WERE OUR REGULATORS.
Following are the points which shall clearly expose SEBI’s malafide intentions :-
Most Surprising : On 21 st April 2010, on some complaint lodged with SEBI, they (SEBI) wrote to 2 Regional Directors of Ministry of Corporate Affairs concerning two Registrars of Companies who issued the necessary permissions to Saharas for the issuance of OFCDs by Sahara India Real Estate Corporation Limited and Sahara Housing Investment Corporation Limited, claiming that these two companies were unlisted and had not filed their DRHPs with them, so SEBI wrote clearly that these two companies are not under the purview of SEBI, so SEBI requested RD under Ministry of Corporate Affairs to take necessary action. 
In reply to a question in the LokSabha regarding CitiCorp (with huge number of OFCDs), the Executive Director, SEBI informed the Finance Minister and in turn the State Minister, Finance, informed the Lok Sabha on April 30 th, 2010 that in the matters of unlisted companies issuing securities to several thousands of persons, SEBI does not exercise any jurisdiction.
In November same year, SEBI reversed their stand and submitted through Affidavit in Lucknow High Court that SEBI is regulator of Sahara OFCDs. SEBI should be severely punished for LYING in the Parliament or LYING in the Affidavit. Any other citizen would have been jailed for such an act but SEBI Seniors are Rajas, having immunity from any punishment.
Below are some of the landmark instances which further prove our opening statement.
- Shri Mohan Parasarnji, The then Additional Solicitor General of India (and now Solicitor General of India), had also expressed his opinion in the Hon’ble Court on the query raised by the Ministry of Corporate Affairs that Sahara was right and SEBI was wrong.
- Dr.Ashok Nigam ji, Additional Solicitor General of India, Government of India appearing on behalf of the Ministry of Corporate Affairs, submitted through Affidavit in the Hon’ble Court that Sahara was right and SEBI was wrong.
- In addition, there were 05 other legal luminaries whose opinion was in Sahara’s favour, including those of two former Chief Justices of India and one ex-Chairman of Securities Appellate Tribunal (SAT).
- Again on 10.02.2011, the Law Ministry with the signature of the then Hon’ble Law Minister of India, Respected Shri Verrappa Moily ji, officially communicated to the Ministry of Corporate Affairs (MCA) that Sahara was right and SEBI was wrong. MCA had, in fact, asked for its opinion, but they never produced it anywhere. But, somehow, Sahara got the copy and produced it in the court, but there was still no reaction against SEBI in the Hon’ble Court.
- Even SEBI took a stand in the Kalpana Bhandari Case before the Hon’ble Bombay High Court that it did not exercise jurisdiction over unlisted public companies which did not intend to list their shares.
- Similarly, before the Hon’ble Delhi High Court in ‘Society for Consumers and Investors Protection Vs. Union of India’, SEBI took a view that it did not command jurisdiction, under Section 55A of the Companies Act, 1956, over unlisted public companies which did not intend to get listed.
- Further, in response to the Prayag Infotech Hi-Rise Ltd., letter dated 27 th January, 2009, SEBI took a similar stand that unlisted companies did not come under its regulatory purview.
BUT SAHARA IS BEING SINGLED OUT FOR SEVERE PUNISHMENT AND THAT TOO WITH RETROSPECTIVE EFFECT.
WHY GOVERNMENT DEPARTMENTS (RoCs AND EVERYBODY) WERE NOT PUNISHED. HAD THEY NOT REPEATEDLY GIVEN PERMISSIONS, SAHARA WOULD NOT HAVE FACED TODAY’S HUGE PROBLEM, INJUSTICE.
Is it only Sahara which is solely responsible for the sanctity of law and legal system of the country that everybody should be hell bent upon punishing Sahara with retrospective effect?
Now about present situation :
- Almost 3 years back we had informed with the reputed Chartered Accountant firm certificate that the liability of these two companies, with interest, was Rs. 24000 crores
- And before the judgement was passed on 31 st August (of course, some payments dragged upto 20 th September due to huge violence amongst public and to save our workers in field from physical violence throughout the country we had to continue some repayments after Hon’ble Supreme Court order on 1 st September 2012) our liability was only Rs. 2610 crores.
- So we declared that our remaining liability on 20 th September was around Rs.2610 Crores and Rs.2500 Crores we declared as buffer amount subject to final verification of amounts. And these figures were also certified by the same Chartered Account Firm. AND ALMOST SIX MONTHS BACK WE DEPOSITED RS.5120 CRS. WITH SEBI, BUT TILL NOW SEBI HAS NOT PAID EVEN A RUPEE TO ANY INVESTOR.
VERY IMPORTANT : HAS SEBI BEEN ACTING AGAINST SAHARA FOR LAST 3 YEARS IN THE INTEREST OF SMALL INVESTORS??!!
- Our old liability of Rs. 24000 crore, which was declared earlier by none else but us, was readily accepted and taken over by SEBI, as it suited them to act against us. But they are not ready to accept Rs. 2610 crore current liability declared by us after repayments. It must be noted that it were we who provided the figure of Rs. 24000 crore, it was not investigated by SEBI or anybody else.
- It is important to note that there is not a single complaint against Sahara. Had the payments not been made, there would have been violence, complaints throughout the country. But there is nothing.
BUT THE FACT IS THAT THERE SHALL REMAIN AROUND Rs. 2000 CRORE WITH SEBI, WHICH WILL COME BACK TO SAHARA.
Nobody is listening to us that the future of 11 Lac worker’s families who are earning bread & butter from Sahara is at grave stake and they will be on the street.
WE NEED ONLY JUSTICE
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