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Thursday, June 23, 2011

Great SEBI orders, continued

Today we get the privilege of reading another amazing SEBI order: on Sahara. You might like to see some of the other orders which have caught my eye.

It takes immense competence and integrity to go after the facts and write a top quality order like this. The individuals and institutions who add up to this capability are the essence of attacking India's problem of corruption.

Does someone know how much money will have to flow back from Sahara to the investors of India, as a consequence of this order? And how will Sahara do fund-raising to meet this obligation? Within how much time will this money flow back? Other than 45 days to appeal at SAT, what are the other delays which could arise?

1 comment:

  1. A Sahara India statement also said that Sebi has been vindictive and malicious towards the Sahara Group and this has been apparent from the chain of events, over the last one and a half years. "Over the last many years we have been facing a lot of oppressive, restrictive, unfair and unreasonable actions from various government authorities," it said. It is definitely the prime duty of the government to go deep into the matter and do justice to us, said the statement.

    It said investors are being ensured that there interest is protected. It also emphasized that the matter is still subjudice and there is no direction/ order of the Hon'ble courts against Sahara. The Sahara release claimed that in last 32 years of its operation, the Group has never acted against the law or the sprit of the law or earned even a rupee illegally. The release also went to add that "unjustified acts of various regulators, departments are now forcing us (Sahara) to come out with every detail...all an appropriate time."

    Source : TimesofIndia


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