The Sahara Group has accused the Securities and Exchange Board of India of acting in vengeance, after the capital market regulator failed to acknowledge a vehicle carrying documents of its investors.
Sahara, in a statement on Wednesday, said a truck sent from its headquarters in Lucknow was refused entry by Sebi as it reached after the close of business hours on September 10, the deadline imposed by the Supreme Court.
A source at Sebi, however, said the truck was refused entry as Sahara failed to meet the deadline set by the Supreme Court and it would strictly follow the directives laid out by the apex court.
The Sahara Group has claimed it intimated Sebi about the delay due to bad weather, but the regulator refused to accept the consignment.
The Supreme Court on August 31 directed two Sahara Companies, Sahara India Real Estate Corp and Sahara Housing Investment Corp, to furnish all documents pertaining to invest-ors with Sebi, which is given full authority to recover money from Sahara and set up a mechanism for repayment to genuine investors.
Sahara said it had been working overtime to accomplish the challenging task of providing documentation of such a huge number of depositors and accused Sebi of non-corporation.