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Attachment of assets of individuals by SEBI incorrect: Sahara

The SEBI on Wednesday froze more than 100 bank accounts of two of Sahara's companies.

CNN-IBN

Updated:February 13, 2013, 11:54 PM IST
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Attachment of assets of individuals by SEBI incorrect: Sahara
The SEBI on Wednesday froze more than 100 bank accounts of two of Sahara's companies.

New Delhi: The Sahara group on Wednesday responded to the crackdown on two of its companies by SEBI by saying that it was "genuinely concerned for its investors". The group added that since the liability to refund "the monies (of investors) was that of (two Sahara companies) SIRECL and SHICL", the attachment of assets of individuals by SEBI was incorrect.

"As per the order of the Hon'ble Supreme Court, the liability to refund the monies is of SIRECL and SHICL. Hence, attachment, of assets of the individuals by SEBI is incorrect. Whereas not only company has paid to SEBI enough amount which is much higher than outstanding liabilities of two companies, the fact also remains in the whole affair Sahara is genuinely concerned for investors," the group said in its statement.

The SEBI on Wednesday froze more than 100 bank accounts of the two companies. Sources said that the immovable assets of the two companies were also frozen.

The SEBI had also attached the assets and properties of SIREC and SHIC, the sources added.

The action came days after the Supreme Court had questioned SEBI over the delay in action against Sahara. The apex court said the SEBI was free to freeze accounts and seize properties of Sahara Group's two companies for defying court order of refunding Rs 24,000 crore to investors.

With additional information from PTI

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