After finding discrepancies between what investors claim Sahara owes them and the group’s books, the Securities and Exchange Board of India has raised the matter.
“It is suspected Sahara continued to collect money even after the order barring them from doing so, which could be the reason it is not reflected in their records,” said a person familiar with the matter.
The regulator is said to have written to Sahara Group and is awaiting a reply.
An email sent to Sebi didn’t elicit a reply.
Sahara claimed on being told about the issue, it had written to the regulator and was now awaiting clarity on the matter.
Investors are said to have been caught in a situation in which they don’t get back all the money they are owed, despite all requirements for a refund being fulfilled.
Sahara Group had raised about Rs 24,000 crore (Rs 240-billion) from three million investors through private placement of debentures.
Two group companies, Sahara India Real Estate Corporation and Sahara Housing Investment Corporation, had raised the money by issuing optionally fully convertible debentures.
In November 2010, Sebi had passed an order asking Sahara to stop fund-raising activities.
A source said it was suspected Sahara continued raising money even after the order was passed.
The Supreme Court had endorsed Sebi’s view that there were irregularities
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