Markets regulator remains silent but could probe possible violations of takeover code or under fraudulent trade practices, say lawyers.
The regulator acted on the basis of a June 2011 complaint from the Office of the Directorate of Income Tax.
PE firms are looking at various ways to protect their nominee directors.
Cyprus, in accordance with the conditions set by the International Monetary Fund and European Union for a Euro 10-billion bailout package, had agreed to impose a tax on bank deposits in the country.
Every Rs 1-cr FII inflow has coincided with a Rs 11-cr investor wealth erosion.
Sahara accuses regulator of injustice, bad intent.
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