The quantity included curiosity and different expenses.
The restoration proceedings have been initiated in opposition to these entities after they didn’t pay Rs 6 crore fantastic imposed on them by Sebi in June 2022.
Markets regulator Sebi on Tuesday mentioned it has recovered pending dues price Rs 6.57 crore from Sahara India Real Estate Corporation, its chief Subrata Roy, and others within the case pertaining to flouting norms in issuance of optionally absolutely convertible debentures.
“In view of the cost of the quantity of Rs 6.57 crore due below the certificates, the mentioned certificates is hereby accomplished,” the Securities and Exchange Board of India (Sebi) said in its recovery order.
The amount included interest and other charges.
The regulator in December ordered the attachment of bank and demat accounts of Sahara India Real Estate Corporation (now known as Sahara Commodity Services Corporation), Subrata Roy, Ashok Roy Choudhary, Ravi Shanker Dubey and Vandana Bharrgava to recover Rs 6.42 crore for violating regulatory norms in the issuance of OFCDs (Optionally Fully Convertible Debentures). This amount included interest, all costs, charges and expenses.
The restoration proceedings have been initiated in opposition to these entities after they didn’t pay Rs 6 crore fantastic imposed on them by Sebi in June 2022.
The case relates to the issuance of OFCDs by Sahara India Real Estate Corporation and Sahara Housing Investment Corporation during 2008-09. The companies raised money through the public issue of securities by issuing OFCDs without following the various procedures intended to protect the interest of the investors, in respect of public issues, prescribed under the norms.
According to Sebi, the subscription towards the OFCDs was solicited by the two companies from the general public throughout the country, without adequately informing them about the risks involved in the instruments.
The issuance was allegedly done in contravention of the provisions of the Sebi’s ICDR (Issue of Capital and Disclosure Requirements) Regulations and PFUTP (Prohibition of Fraudulent and Unfair Trade Practices).
Read all the Latest Business News here
(This story has not been edited by News18 workers and is revealed from a syndicated information company feed)
