Sahara claims Sebi order based on old facts

Facing orders for freezing of bank accounts and attachment of properties, Sahara group Thursday night claimed the actions taken by Sebi are based on "old facts" and the orders for attaching assets of individuals is incorrect on part of the market regulator.

The group was reacting to Sebi's orders for freezing of bank accounts and attachment of properties of two Sahara firms, SIRECL and SHCIL, as also those of Subrata Roy and three other directors.

"As per Sahara, the total liability is not likely to exceed Rs 5120 crore, which amount has already been deposited with Sebi," a Sahara group spokesperson said, adding that it has filed an interim application before the apex court seeking permission to furnish security for the remaining instalments.

"... since Sahara has already redeemed significant number of OFCD holders and any further payments to Sebi would amount to double payment. The said interim application is pending and is likely to come up next week," the spokesperson said in a statement.

"Further, Thursday's order of Sebi for attachment of the assets is based on old facts and details of assets as of January, 2012. Since, then facts have changed in view of redemptions made by Sahara from time to time. This fact of redemption was known to Sebi. Hence, today's order does not take into account the changed facts and circumstances," he added.

The group also said that the liability to refund the monies is of SIRECL and SHICL and therefore "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, While claiming that there are number of other companies in the country where not a single investor has got back one rupee.