SEBI vs SAHARA
For the kind attention of our esteemed Investors,Customers,Business Associates, beloved Karyakartas and the Citizens of our nation.
Sahara India Pariwar, the World 's Largest Family and a truly India Company, has been making sincere efforts over the last few months to comply with the order of the Hon'ble Supreme Court of India pertaining to the ongoing litigation with the Securities and Exchange Board of India SEBI
Yet ,in spite of all our committed efforts and sincere hard-work, all our proposals have been turned down by SEBI under the pretext of complying with the order of the Hon'ble Supreme Court. SEBI only knows their intention best.To cite an instance ,in March 2012, Sahara had offered one property as security to protect the interest of its esteemed investigation government approved valuer name not disclosed had given the valuation of 8.72 crore per acre for the said land , which was also accepted by a nationalized banks as security of its dues .However SEBI on the basis of certain misrepresentations and concealment ,obtained from the same valuer a valuation for the assets located in a similar location of 54 lack per acre.The difference was almost 100:6 as this property was valued at 16 times lesser than ours .SEBI of reasons best known to them obtained a very less value . almost 9 times less than the government circle rate.
As yet another example ,SEBI has placed irrelevant facts before the Hon' able Court about the valuation of two prestigious properties belonging to our group, submitted by us to SEBI recently, which has needlessly prolonged the matter. SEBI has tried to convince ever one that in a no development zone , nothing at all can be developed The connotation of these words is as such, yes but the fact is that throughout the country development of residential , commercial it establishments etc.are allowed and townships are developed in no n development zones.
Further, an amount of 5120 Crore was deposited by Sahara with SEBI almost a year ago but a major protein of it is yet to be disbursed. In fact , till date only an amount of around 30 lack has been disbursed ,which is not equivalent to even a days interest on the said total amount deposited with (SEBI)
We ,at Sahara reiterate the fact that we have been a disciplined , committed , quality conscious and low abiding business organization over the past 35 years of our existence and even in the mist of this challenging phase of life , we are committed to enthusiastically com;y with the directions given by the Hon' ble supreme court of India. we do have the highest regard and full faith in our judicial system and firmly believer that just can be delayed but can never be denied.
We would like to confidently reassure our esteemed depositors , customers, business associates our beloved Karyakartas and well wishers across the globe that their'Sahara will successfully overcome these challenges and will go on to make continuous , qualitative and quantitative progress in every sphere of activity for all times to come.
For the kind attention of our esteemed Investors,Customers,Business Associates, beloved Karyakartas and the Citizens of our nation.
Sahara India Pariwar, the World 's Largest Family and a truly India Company, has been making sincere efforts over the last few months to comply with the order of the Hon'ble Supreme Court of India pertaining to the ongoing litigation with the Securities and Exchange Board of India SEBI
Yet ,in spite of all our committed efforts and sincere hard-work, all our proposals have been turned down by SEBI under the pretext of complying with the order of the Hon'ble Supreme Court. SEBI only knows their intention best.To cite an instance ,in March 2012, Sahara had offered one property as security to protect the interest of its esteemed investigation government approved valuer name not disclosed had given the valuation of 8.72 crore per acre for the said land , which was also accepted by a nationalized banks as security of its dues .However SEBI on the basis of certain misrepresentations and concealment ,obtained from the same valuer a valuation for the assets located in a similar location of 54 lack per acre.The difference was almost 100:6 as this property was valued at 16 times lesser than ours .SEBI of reasons best known to them obtained a very less value . almost 9 times less than the government circle rate.
As yet another example ,SEBI has placed irrelevant facts before the Hon' able Court about the valuation of two prestigious properties belonging to our group, submitted by us to SEBI recently, which has needlessly prolonged the matter. SEBI has tried to convince ever one that in a no development zone , nothing at all can be developed The connotation of these words is as such, yes but the fact is that throughout the country development of residential , commercial it establishments etc.are allowed and townships are developed in no n development zones.
Further, an amount of 5120 Crore was deposited by Sahara with SEBI almost a year ago but a major protein of it is yet to be disbursed. In fact , till date only an amount of around 30 lack has been disbursed ,which is not equivalent to even a days interest on the said total amount deposited with (SEBI)
We ,at Sahara reiterate the fact that we have been a disciplined , committed , quality conscious and low abiding business organization over the past 35 years of our existence and even in the mist of this challenging phase of life , we are committed to enthusiastically com;y with the directions given by the Hon' ble supreme court of India. we do have the highest regard and full faith in our judicial system and firmly believer that just can be delayed but can never be denied.
We would like to confidently reassure our esteemed depositors , customers, business associates our beloved Karyakartas and well wishers across the globe that their'Sahara will successfully overcome these challenges and will go on to make continuous , qualitative and quantitative progress in every sphere of activity for all times to come.
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