New Delhi: Giving more trouble to Subrata Roy promoted Sahara Group, the Securities and Exchange Board of India (SEBI) on Saturday issued a public warning to bond holders of two of its companies.

The notice stated that SEBI had received complaints from investors that they were being forced by Sahara agents to forcefully switch to some of its other schemes like the retail scheme Sahara Q Shop. Some investors, on the other hand have complained that the switchover has happened without their consent.

The Apex Court had said that if Sahara India Real Estate Corp Ltd (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) fail to refund the amount, Sebi can attach their properties and freeze bank accounts.

Notably, Sahara Group has been ordered to refund money received from investors and furnish documents to SEBI by the end of November. Also, the company has been asked to deposit all the documents to the Sebi, which would then identify the subscribers and refund the amount to them. The amount to be refunded stands at a whopping is Rs 17, 400 crore.

In August, the Supreme Court had directed SIRECL and SHICL to refund investors' money worth Rs 24,000 crore within three months with 15 percent interest for violating norms in raising funds from the public.


Latest News from Business News Desk