SEBI freezing Sahara accounts, attachment of properties

Stating then acting on the toughest move against Sahara Group, the regulator SEBI has ordered the freezing of bank accounts of two Sahara Group companies.

The regulator has also announced its decision in two separate orders, second order is about the attachment of investments and properties of defaulting two Sahara firms, their top executives, including group chairman Subrata Roy, sources said.

The two companies are: Sahara Housing Investment Corporation Ltd (SHICL) and Sahara India Real Estate Corporation Ltd (SIRECL),

As per reports, SEBI’s order to freeze Sahara‘s bank accounts comes into effect immediately

Bedside Subrata Roy and three other directors- Vandana Bhargava, Ravi Shanker Dubey and Ashok Roy Choudhary have alleged and asked to furnish all their movable and immovable properties.

Moreover, within time period of 21 days, two Sahara companies have to furnish details of their investments which are on their names and can not dispose in its order.

SEBI action came within days after the Supreme Court said that SEBI was free to freeze accounts and attach properties of Sahara group if not refunding Rs.24,000 crore with 15 per cent interest to investors that it raised from investors.

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