Inauguration of Sahara Q shop outlet at Sahara Ganj, Lucknow marking the occasion of opening of 307 stores of Sahara Q Shop at a same time across India
Monday, April 8, 2013
Uttar Pradesh Wizards played their first home ground match amidst great fanfare
Katrina Kaif, Nargis Fakhri and the
troupe of Shaimak Davar electrified the stadium with their high voltage
performance at the ceremony to mark the first match of Uttar Pradesh Wizards on
its own turf amidst 18 thousand fans
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Lucknow,
January 19, 2013: Uttar Pradesh Wizards the Sahara India
Pariwar’s franchisee in Hockey India League today played its first home ground match
amidst the great fanfare at Dhyan Chand Stadium, Lucknow. To mark the first
home game of Uttar Pradesh Wizards, a glittering ceremony was organized which
witnessed, the sensational performances of bollywood divas Katrina Kaif and Nargis
Fakhri along with the dancing troupe of Shaimak Davar at Dhyan Chand Stadium. The
chief guest of the event was Hon’ble
Chief Minister of Uttar Pradesh, Shri Akhilesh Singh Yadav. The event was
also graced by ‘Saharashri’ Subrata Roy Sahara, Managing Worker and Chairman,
Sahara India Pariwar, Smt. Swapna Roy, Vice Chairman, Sahara India Pariwar
along with many celebrities and dignitaries.
The ceremony started with Shaimak Davar troupe performing on Vande
Mataram. Nargis Fakhri enthralled the stadium which was jam packed with more
than 18 thousand fans. The audience by performing on songs ‘Sadda Haque’ and
‘Katiya Karoon’ from her film ‘Rockstar’. Adding to the glitterati, Katrina
Kaif completely mesmerised the audience by performing on songs that included
‘Mashallah Mashallah’ from ‘Ek Tha Tiger’ and ‘Sheila Ki Jawaani’ from ‘Tees
Maar Khan’. The full house at Dhyan Chand Stadium grooved to
the stupendous performances of these Bollywood stars. The grand ceremony which
started at 10:00 a.m. was followed by a nail-biting contest between the teams
of Uttar Pradesh Wizards and Delhi Wave Riders.Sahara announces ‘India Center’ at U.K. and ‘Sahara Think Tank’ for Business opportunities at UK during the closed door meeting with Mr. David Cameron, Prime Minister of U.K.
The final highlights
of the initiatives which were suggested by Saharasri in June 2012 during his one-on-one
meeting with Mr. David Cameron at London, were presented by Sahara India
Pariwar
Mumbai, 19 February 2013: ‘Saharasri’ Subrata Roy Sahara, Managing Worker &
Chairman, Sahara India Pariwar, presented the final highlights of 2
initiatives, ‘Sahara Think Tank’ and ‘India Center’, to the Prime Minister of
U.K., Mr. David Cameron, in a close-door round table conference in Mumbai. The
close-door round table conference was attended by heads of 9 major corporate
houses of India
The
‘Sahara Think Tank’ initiative is planed to provide a platform through a well
structured team of young professionals from U.K.
Sahara
India Pariwar has also announced the setting-up of an iconic ‘India Center ’
in a joint venture partnership with the University of East London
Tuesday, February 28, 2012
Sahara India Pariwar announces a cash award of Rs. 1.12 crore for players of Indian Hockey and support staff, for qualifying for London Olympics 2012
Sahara India Pariwar, a major business conglomerate and the prime promoter & patron of sports in India, today announced a cash incentive of Rs. 1.12 crore to be distributed amongst the players and support staff of Indian Hockey Team, for their brilliant performance in FIH Olympic qualifiers, thus cementing a berth in the London Olympics 2012.
For their outstanding display, Shri Sardar Singh and Shri Sandeep Singh have been awarded Rs. 11 lakhs each, while the rest of the team members will get Rs. 5 lakh each for their performance. The support staff will also get an incentive of Rs. 1 lakh each. Recently, Sahara India Pariwar had renewed its support to Indian Hockey by announcing to sponsor the Men & Women National and Junior Hockey Teams for a period of 5 years at a 170% increase over the past contract period.
Saharasri Subrata Roy Sahara, Managing Worker & Chairman, Sahara India Pariwar, said, "We are very proud that India performed so well in this tournament. Hockey is our national game and we are proud of being associated with it. This reward is a small token of appreciation from us to encourage the sportsmen and the support staff to achieve greater success and bring laurels to our beloved nation through our national sport”.
Sahara India Pariwar has been the official sponsor of the Indian Men & Women’s National Teams (Senior and Junior) since 2003. Apart from being sponsor to the Indian Hockey Team, Sahara India Pariwar has played host to the Indian hockey team for their coaching camp for Champion’s Trophy – 2003 where boarding, lodging, practice camps and traveling of the entire team was taken care of.
Sahara India Pariwar had also joined hands with Federation Internationale De Hockey (FIH) in 2004, the World’s apex Body for Hockey, and became the 4th Global Partner of the Federation for a period of 3 years. Sahara India Pariwar also felicitated the entire Indian Hockey Team, including both the players and the officials, on winning the Asia Cup – 2003 for the first time. Each member had been awarded with a cash reward of Rs. 1, 51,000 in a glittering ceremony.
Sahara also rewarded all the players, coach and assistant coach of the Indian Hockey team with Rs. 2 lakhs each as a token of appreciation after India routed Pakistan in their World Cup match in 2010 and has provided for their insurance individually. In the genuine interest of Hockey Players, Sahara India Pariwar paid Rs. 1 crore to Hockey India, for distribution to the players so that they can practice and play peacefully and happily for the Country in 2010 when the players were seriously concerned at their emoluments at a Camp hosted in Pune prior to the World Cup.
Monday, February 13, 2012
Sahara India's official response to BCCI's offer
DISCUSSION POINTS WITH BCCI ON THE 12TH FEB - FROM SAHARA A SPORTING REQUEST
The senior management of Sahara led by Shri Subrata Roy Sahara, Managing Worker & Chairman, Sahara India Pariwar & BCCI represented by Shri N. Srinivasan, President - BCCI, Shri Rajeev Shukla, Shri Sanjay Jagdale, Shri Ajay Shirke & Shri Sundar Raman met in Mumbai on the 12th Feb 2012 to discuss the issues that had been raised by Sahara when it announced its pull out from all forms of Cricket in India on the morning of 4th Feb 2012.
Shri N. Srinivasan, President - BCCI, tried to explain the limitations from the perspective of framework of rules with respect to the issues raised by Sahara. He asked Shri Sundar to explain the issues with a perspective of the rules.
Shri Subrata Roy Sahara requested the BCCI officials not to elaborate on the rules by saying that any disagreement in sports should be taken in perfect sporting spirit and should be resolved accordingly. He further requested the BCCI President & his team that there is no point in quoting the rule book and debating it word by word. After all, they were BCCI's own rules and not some constitutional rules of the Govt of India.
Shri Roy also put forward the point that Sahara has already announced and committed itself to Rs. 1000 crore worth Sports & Social Development Programs and it is not possible for Sahara to go back on its commitment.
For Cricket, Sahara was open to discussions so that a positive and harmonious balance could be created between the committed Sports & Social Development programs and Cricket. The following issues were the subject of discussion:
* The issue of players' was discussed so as to ensure a level playing field. To ensure that, the need for an open Auction to be held in 2013 was also put forward. Till then, since there is no same level Indian player left who can match up to the level of Shri Yuvraj Singh, we should be allowed one extra overseas player in the playing XI. We should realize that even this is also not enough to compensate for the loss of somebody of Shri Yuvraj's caliber.
* Shri Subrata Roy also put across very firmly that if all teams are balanced, the tournament and all the matches will be very competitive and that viewers will enjoy the competition else the tournament will lose its charm. This is the precise reason why Sahara had insisted on an open auction last year after the induction of 2 new teams.
* Shri Roy said that considering the reduced number of matches that actually took place against the earlier representation of BCCI before tendering for the new Franchise, we have ended up bidding 27% extra if we go by the revenues that we would have accrued from media rights, gate receipts, sponsorship revenue etc. There has to be a reduction in the Franchise Fee as per the above.
*The possibility of Sahara seeking strategic partners for its Franchise, though this is already factored in the contract for every team. But as Sahara has already announced nationwide Social Development programs worth Rs. 1000 crore, it may go for a strategic partner
*The fact that none of the earlier 8 teams who entered IPL in 2008, deposit any Bank Guarantee against Franchise Fee. Out of the remaining 9 teams in the League, only Sahara is required to deposit the Bank Guarantee against the Franchise Fee. Considering that Sahara has never defaulted in last 12 years in any payment that was due to BCCI, this is out and out discriminatory in nature
* Announcement of Sahara towards the Sports & Social Development programs
* Accordingly, if issues related to IPL are solved, then we could also discuss the sponsorship of the Indian cricket Team though it was also put forward that we have to balance our announced Sports & Social Development programs by partly diverting finances committed from Cricket into Social Activities.
On the subject of the sponsorship of Indian Cricket Team, the right to assign the sponsorship to other Corporates was vested with Sahara.
In the last 3-4 days, Shri Subrata Roy himself, and his team discussed the option of assigning full or partial sponsorship with some Corporates. This was done because Sahara has committed to continue to support the Team Sponsorship for 2-4 months till a new sponsor is on board, hence there was a need to finalise the same as soon as possible.
As an outcome of the discussions, we were very surprised to note that though they were interested in the opportunity, yet were not willing to pay more than 50-60% of the current value.
N.B. - BCCI had committed for a joint statement on the 13th/14th Feb but they have completely flouted it by breaking the news on the 12th Feb itself. Hence, it became imperative for us to clarify the requests that we had made to BCCI.
The senior management of Sahara led by Shri Subrata Roy Sahara, Managing Worker & Chairman, Sahara India Pariwar & BCCI represented by Shri N. Srinivasan, President - BCCI, Shri Rajeev Shukla, Shri Sanjay Jagdale, Shri Ajay Shirke & Shri Sundar Raman met in Mumbai on the 12th Feb 2012 to discuss the issues that had been raised by Sahara when it announced its pull out from all forms of Cricket in India on the morning of 4th Feb 2012.
Shri N. Srinivasan, President - BCCI, tried to explain the limitations from the perspective of framework of rules with respect to the issues raised by Sahara. He asked Shri Sundar to explain the issues with a perspective of the rules.
Shri Subrata Roy Sahara requested the BCCI officials not to elaborate on the rules by saying that any disagreement in sports should be taken in perfect sporting spirit and should be resolved accordingly. He further requested the BCCI President & his team that there is no point in quoting the rule book and debating it word by word. After all, they were BCCI's own rules and not some constitutional rules of the Govt of India.
Shri Roy also put forward the point that Sahara has already announced and committed itself to Rs. 1000 crore worth Sports & Social Development Programs and it is not possible for Sahara to go back on its commitment.
For Cricket, Sahara was open to discussions so that a positive and harmonious balance could be created between the committed Sports & Social Development programs and Cricket. The following issues were the subject of discussion:
* The issue of players' was discussed so as to ensure a level playing field. To ensure that, the need for an open Auction to be held in 2013 was also put forward. Till then, since there is no same level Indian player left who can match up to the level of Shri Yuvraj Singh, we should be allowed one extra overseas player in the playing XI. We should realize that even this is also not enough to compensate for the loss of somebody of Shri Yuvraj's caliber.
* Shri Subrata Roy also put across very firmly that if all teams are balanced, the tournament and all the matches will be very competitive and that viewers will enjoy the competition else the tournament will lose its charm. This is the precise reason why Sahara had insisted on an open auction last year after the induction of 2 new teams.
* Shri Roy said that considering the reduced number of matches that actually took place against the earlier representation of BCCI before tendering for the new Franchise, we have ended up bidding 27% extra if we go by the revenues that we would have accrued from media rights, gate receipts, sponsorship revenue etc. There has to be a reduction in the Franchise Fee as per the above.
*The possibility of Sahara seeking strategic partners for its Franchise, though this is already factored in the contract for every team. But as Sahara has already announced nationwide Social Development programs worth Rs. 1000 crore, it may go for a strategic partner
*The fact that none of the earlier 8 teams who entered IPL in 2008, deposit any Bank Guarantee against Franchise Fee. Out of the remaining 9 teams in the League, only Sahara is required to deposit the Bank Guarantee against the Franchise Fee. Considering that Sahara has never defaulted in last 12 years in any payment that was due to BCCI, this is out and out discriminatory in nature
* Announcement of Sahara towards the Sports & Social Development programs
* Accordingly, if issues related to IPL are solved, then we could also discuss the sponsorship of the Indian cricket Team though it was also put forward that we have to balance our announced Sports & Social Development programs by partly diverting finances committed from Cricket into Social Activities.
On the subject of the sponsorship of Indian Cricket Team, the right to assign the sponsorship to other Corporates was vested with Sahara.
In the last 3-4 days, Shri Subrata Roy himself, and his team discussed the option of assigning full or partial sponsorship with some Corporates. This was done because Sahara has committed to continue to support the Team Sponsorship for 2-4 months till a new sponsor is on board, hence there was a need to finalise the same as soon as possible.
As an outcome of the discussions, we were very surprised to note that though they were interested in the opportunity, yet were not willing to pay more than 50-60% of the current value.
N.B. - BCCI had committed for a joint statement on the 13th/14th Feb but they have completely flouted it by breaking the news on the 12th Feb itself. Hence, it became imperative for us to clarify the requests that we had made to BCCI.
Thursday, February 2, 2012
Sahara solemnizes 101 marriages of underprivileged in its annual ‘Samuhik Vivah Samaroh’
Marriages of Hindu, Muslim, Sikh & Christian couples were solemnized in a grand ceremony Organized since 2004 till date, 909 couples have been blessed
Lucknow, 02nd February, 2012: Sahara India Pariwar, a major business conglomerate, today solemnized 101 marriages of girls coming from the weaker section of the society, in its annual event ‘Samuhik Vivah Samaroh’. The Samaroh is organized every year by Sahara with huge fanfare at Sahara Shaher, Lucknow. The event witnesses 101 weddings of underprivileged girls from different religions, performed at one common venue. This year, 90 Hindus, 7 Muslims, 2 Sikhs and 2 Christian couple tied the knot on this auspicious occasion. The Samuhik Vivah Samaroh is being organized since 2004 and this is its ninth consecutive year. Till date, 909 couples have been blessed.
For the 101 marriages every year, Sahara invites applications from bride and groom families who can not bear the cost of marriage by themselves. After verification process, the applicants are included for the Samaroh. All the marriage arrangements like fooding, clothing, lodging of the relatives, Welcoming of the Baraat, Kanyadaan, 101 Mandaps, etc. were made by Sahara India Pariwar. In addition to this, Sahara also helps all the newly wedded couples in initiating a new life. For this, Sahara gifts Rs. 1 lakh worth of basic household items to each couple. The gifts consist of Color Television, Refrigerator, Almirah, a double-bed, dressing table, jewelry, Suits to the groom, Sarees to the bride and wrist watch for both. Sahara even takes care of the delivery of these gifts at the couple’s house.
On this occasion, Reverend Smt. Chhabi Roy - Mother of Mr. Subrata Roy Sahara, Shri Raj Babbar, Member of Parliament & Cinestar, Dr. Dinesh Sharma, Mayor of Lucknow, Shri O.P. Srivastava, Dy. Managing Worker, Sahara India Pariwar, Smt. Kumkum Roy Choudhury, Dy. Director Worker, Sahara India Pariwar, Shri Ashok Roy Choudhury, Executive Director Worker, Sahara India Pariwar blessed the newly wedded couples.
The whole ambience of Sahara Shaher was made enchantingly beautiful with decoration of flowers and Rangoli, amidst chants of marriage hymns with Shehnai being played in the background. Relatives danced with joy & revelry and had a feast of different dishes. The marriages of various communities were solemnised by the renowned priests of their respective communities.
The Samaroh was conducted amidst a gathering of distinguished invitees and Kartavyayogi workers of Sahara India Pariwar, who extended their heartiest greetings to the newly wedded couples. This was followed by lunch organized for the newly wedded couples, their families and guests.
The newly wedded couples were bestowed with a photograph that featured all the 101 couples. The camera used for capturing this golden moment is the 1914 made special American Panoramic Kodak Still Camera which can rotate upto 360 degrees and produces a very sharp image. The same camera is also used to take pictures of newly elected Lok Sabha and Rajya Sabha Members.
Notes to the Editor
Sahara India Pariwar is a major business conglomerate in India with operations in multiple sectors, including financial services, life insurance, mutual funds, housing finance, print and television news media, entertainment channels, cinema production, consumer merchandise retail, healthcare, hospitality, manufacturing, sports, and information technology.
Sahara India Pariwar has always been prompt in its services towards the nation and its nationals who have sacrificed their lives at the altar of nationalism. Sahara India Pariwar’s commitment to Social Welfare is evident from the fact that 25% of its profits every year are dedicated towards social development activities. In fact, it’s the firm conviction of the Chief Guardian of Sahara India Pariwar, Hon’ble Saharasri, Subrata Roy Sahara that every organization, along with its own development and progress should also contribute towards the cause of the society and the nation at large.
Sahara also works on various Health programmes, including Mobile Healthcare Units, under which 49 medical vans across the country are running 30 days a month, throughout the year, taking free primary healthcare services to the remotest rural areas where medical services do not exist. Besides this, Sahara also works on various programs on Nutrition, Literacy, Vocational Training, Civic Development, Behavioral Change, Communication and Rehabilitation of the Physically Challenged People.
Under its Disaster Management initiatives, Sahara has always stood up in the need of the hour of the country, be it super cyclone of Orissa, earthquake in Gujarat, drought in Rajasthan or floods in the state of Uttar Pradesh and Bihar. Sahara has adopted Bhimasar-Chakasar village in Taluka Anjar, District Kutch for relocation, rehabilitation and reconstruction of the village along with basic amenities, panchayat ghar, bus stop, post office, play ground, primary and secondary school and street lights. When the devastating earthquake hit Latur district of Maharashtra, Sahara India Pariwar came forward to rehabilitate the earthquake stricken citizens of the region and also developed a cluster of earthquake houses in Killari Village in Latur, The houses were handed over to the villagers by Reverend Mother Teresa.
Sahara is also providing monthly financial assistance is also provided to the families of the Martyrs of the Mumbai Nov '08 terror attack, Dantewada Massacre and to the families of Kargil War Martyrs. Today, it provides, monthly financial assistance to 320 families of martyrs.
For Further Information, Please Contact:
Ghulam Zeeshan
Corporate Communications, Sahara India Pariwar
Ph.: 0522 2304230
Mobile: 9335235621
Website: www.saharabharatparva101vivah.in
Lucknow, 02nd February, 2012: Sahara India Pariwar, a major business conglomerate, today solemnized 101 marriages of girls coming from the weaker section of the society, in its annual event ‘Samuhik Vivah Samaroh’. The Samaroh is organized every year by Sahara with huge fanfare at Sahara Shaher, Lucknow. The event witnesses 101 weddings of underprivileged girls from different religions, performed at one common venue. This year, 90 Hindus, 7 Muslims, 2 Sikhs and 2 Christian couple tied the knot on this auspicious occasion. The Samuhik Vivah Samaroh is being organized since 2004 and this is its ninth consecutive year. Till date, 909 couples have been blessed.
For the 101 marriages every year, Sahara invites applications from bride and groom families who can not bear the cost of marriage by themselves. After verification process, the applicants are included for the Samaroh. All the marriage arrangements like fooding, clothing, lodging of the relatives, Welcoming of the Baraat, Kanyadaan, 101 Mandaps, etc. were made by Sahara India Pariwar. In addition to this, Sahara also helps all the newly wedded couples in initiating a new life. For this, Sahara gifts Rs. 1 lakh worth of basic household items to each couple. The gifts consist of Color Television, Refrigerator, Almirah, a double-bed, dressing table, jewelry, Suits to the groom, Sarees to the bride and wrist watch for both. Sahara even takes care of the delivery of these gifts at the couple’s house.
On this occasion, Reverend Smt. Chhabi Roy - Mother of Mr. Subrata Roy Sahara, Shri Raj Babbar, Member of Parliament & Cinestar, Dr. Dinesh Sharma, Mayor of Lucknow, Shri O.P. Srivastava, Dy. Managing Worker, Sahara India Pariwar, Smt. Kumkum Roy Choudhury, Dy. Director Worker, Sahara India Pariwar, Shri Ashok Roy Choudhury, Executive Director Worker, Sahara India Pariwar blessed the newly wedded couples.
The whole ambience of Sahara Shaher was made enchantingly beautiful with decoration of flowers and Rangoli, amidst chants of marriage hymns with Shehnai being played in the background. Relatives danced with joy & revelry and had a feast of different dishes. The marriages of various communities were solemnised by the renowned priests of their respective communities.
The Samaroh was conducted amidst a gathering of distinguished invitees and Kartavyayogi workers of Sahara India Pariwar, who extended their heartiest greetings to the newly wedded couples. This was followed by lunch organized for the newly wedded couples, their families and guests.
The newly wedded couples were bestowed with a photograph that featured all the 101 couples. The camera used for capturing this golden moment is the 1914 made special American Panoramic Kodak Still Camera which can rotate upto 360 degrees and produces a very sharp image. The same camera is also used to take pictures of newly elected Lok Sabha and Rajya Sabha Members.
Notes to the Editor
Sahara India Pariwar is a major business conglomerate in India with operations in multiple sectors, including financial services, life insurance, mutual funds, housing finance, print and television news media, entertainment channels, cinema production, consumer merchandise retail, healthcare, hospitality, manufacturing, sports, and information technology.
Sahara India Pariwar has always been prompt in its services towards the nation and its nationals who have sacrificed their lives at the altar of nationalism. Sahara India Pariwar’s commitment to Social Welfare is evident from the fact that 25% of its profits every year are dedicated towards social development activities. In fact, it’s the firm conviction of the Chief Guardian of Sahara India Pariwar, Hon’ble Saharasri, Subrata Roy Sahara that every organization, along with its own development and progress should also contribute towards the cause of the society and the nation at large.
Sahara also works on various Health programmes, including Mobile Healthcare Units, under which 49 medical vans across the country are running 30 days a month, throughout the year, taking free primary healthcare services to the remotest rural areas where medical services do not exist. Besides this, Sahara also works on various programs on Nutrition, Literacy, Vocational Training, Civic Development, Behavioral Change, Communication and Rehabilitation of the Physically Challenged People.
Under its Disaster Management initiatives, Sahara has always stood up in the need of the hour of the country, be it super cyclone of Orissa, earthquake in Gujarat, drought in Rajasthan or floods in the state of Uttar Pradesh and Bihar. Sahara has adopted Bhimasar-Chakasar village in Taluka Anjar, District Kutch for relocation, rehabilitation and reconstruction of the village along with basic amenities, panchayat ghar, bus stop, post office, play ground, primary and secondary school and street lights. When the devastating earthquake hit Latur district of Maharashtra, Sahara India Pariwar came forward to rehabilitate the earthquake stricken citizens of the region and also developed a cluster of earthquake houses in Killari Village in Latur, The houses were handed over to the villagers by Reverend Mother Teresa.
Sahara is also providing monthly financial assistance is also provided to the families of the Martyrs of the Mumbai Nov '08 terror attack, Dantewada Massacre and to the families of Kargil War Martyrs. Today, it provides, monthly financial assistance to 320 families of martyrs.
For Further Information, Please Contact:
Ghulam Zeeshan
Corporate Communications, Sahara India Pariwar
Ph.: 0522 2304230
Mobile: 9335235621
Website: www.saharabharatparva101vivah.in
Saturday, December 17, 2011
Sahara vs RBI on deposit OFCD
tag Sahara vs RBI on deposit OFCD
SAHARA’S RESPONSE to SEBI’s irresponsible & wrongful ex-parte order which has left us sadly astonished
Though as an institution, SEBI is a highly responsible and one of the respectable regulators of the Country, but certain individuals occupying their office, act with malice and biased approach which serve no public good and earn only a bad name.
Registrar of companies under Ministry of Company Affairs officially and lawfully had allowed the unlisted companies Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited (SHICL) to issue Optionally Fully Convertible Debentures, based on our Red Herring Prospectus fully complying with the provisions of Companies Act 1956 (the Act) keeping in view the latest provisions of first proviso to Sec. 67(3) of the Act.
Unfortunately some officers bearing the grudges against the Sahara India Pariwar, repeatedly not fulfilling there vested legal demands, have even gone to the extent of uploading the order on website; and not supplying it directly to the company. This is but obvious to whimsically hit the company and disturb its well wishers and investors from associating with it.
SEBI in the past fought with Insurance Regulatory and Development Authority (IRDA) and now giving us direction to stop issuing Bonds (OFCDs) which has been permitted by Ministry of Company Affairs (MCA) without consulting a word even with the actual regulator MCA.
Note : Media has also wrongly interpreted and stated that in M/s. Sahara Prime City Limited IPO has been rejected by SEBI.
SEBI had been seeking informations from us about OFCDs. We all the time wrote back that this matter is not definitely under SEBI’s jurisdiction. We should not become the victim of cross fire between two Government regulators SEBI and MCA.
We submitted to SEBI the legal opinion that this OFCD is definitely not the matter of SEBI, it is not their jurisdiction. This opinion has clearly been submitted in SEBI given by five legal luminaries namely Shri A.M. Ahmadi, Former Chief Justice of India; Shri C. Achuthan, Former Presiding Officer, Securities Appellate Tribunal, Mumbai; Shri S.P. Kurdukar, Former Judge, Supreme Court of India; Shri A.K. Manmadhan, Advocate, High Court of Bombay and Shri U.P. Mathur, (Former Secretary Company Law Board & former Director of Inspection & Investigation in the Department of Company Affairs), Advocate & Corporate Law Consultant.
Not only this the SEBI has also shown total disrespect to the orders passed by Hon’ble High Court of Bombay in the matter of Kalpana Bhandari and Others vs Securities and Exchange Board of India and others 2004 (1) BomCR 663, 2005 125 CompCas 804 Bom in which it has given that “SEBI has powers (i) in case of listed public companies and (ii) in case of those public companies which intend to get their securities listed on any recognised stock exchange in India. In other words SEBI does not have power in relation to the issue and transfer of securities and non-payment of dividend under the various provisions referred to in section 55-A for the companies other than listed public companies and the public companies which intend to get their securities listed on any recognised stock exchange in India. Such power is vested in the Central Government”.
Note: Sahara companies in question are neither listed nor intend to be listed.
SEBI is doing all these irresponsible acts based on some baseless (anonymous also) complaints. We repeatedly asked SEBI for the name and address of complainant which they so wrongfully refused to inform us. Recently the main complaint case against us has been totally rejected by Government of Madhya Pradesh. We some times face these complaint problems from very greedy people who try to extort large sum from us which we never have entertained or allowed.
SEBI in its order has cited various information it collected through MCA website vindicates the stand of the company that the information required as per the Act have been supplied to proper regulator, i.e., MCA. Further, when company had appealed SEBI to wait till receiving the directions of MCA and no undue long time had elapsed, the action of SEBI looks to be taken in haste with bias. The reasons look apparent but we have no written basis to mention here. It is apparent that SEBI has for best reasons known to it, totally ignored all legal opinions and Hon’ble High Court Judgement.
SEBI’s very important reaction was that we are not supplying them all the information that they are asking for. We wonder why they asked these information from us and why not from MCA? You please go through the part of our detailed last letter of 30th September 2010 to SEBI that clearly says why we have not sent them the information.
“Once again our humble request to you is to take all information from Ministry of Corporate Affairs (MCA) who are the regulators in this matter. There may be jurisdictional problems amongst Regulators like it happened between SEBI and IRDA recently, still the Business and Industry like us should not be put as party in cross fire, as it is happening with us, hence please do not make our company as disobedient company in the eyes of its Regulator, i.e., MCA. When information was taken on our deposit mobilization (RNBC) activities of our Group Company from RBI why not to take information on Bonds (OFCD) from MCA.
Inside information from SEBI’s internal people says that if we give all the information ourselves to SEBI, SEBI would take action against Sahara through Media to disturb Sahara establishments. If SEBI takes all information from MCA they won’t be able to act against Sahara. Of course, SEBI knows this is wrong and arbitrary action which will not stand in legal trial but SEBI will create Media trial to destabilize Sahara. The above is substantiated with the fact that SEBI is not taking the information from MCA and is insisting to get it from the Company. Kindly take the information from MCA.
We do not want to blame SEBI which is definitely a highly respected institution and we genuinely respect SEBI as institution. Yes, there are sometimes such individuals who go unreasonable and baselessly biased and create unnecessary problems. We are definitely pained.
We are an orgnaisation where 9 lac families are earning their bread and butter. Please do not disturb us unreasonably, unnecessarily. Please support on merit and bless us.”
In the past also similar biased act of regulator we have experienced, so we were very apprehensive and after this biased order our apprehension has now come right.
SEBI has talked about 4 to 7 thousand crores which we have received through OFCDs etc. Out of confusing so many newspapers etc. had mentioned about Rs. 20000 plus 20000 crores etc. SO..
..One Should Know About Sahara’s Financials
(Provisional as on 30th June 2010)
Group Liability Statement
Rs. In Crores
Particulars
Book Value
Net Outstanding liability with accrued interest of Public Deposits plus Unsecured loan from Banks plus Money from close Associates plus Advances against various projects plus Life insurance Policy Holders Fund plus Money in Mutual Fund.
34,328
Group Assets Statement
Rs. In Crores
Particulars
Book Value
Market Value
Liquid Investment, Cash & Bank balances and Fixed Deposits etc.
19,390
19,456
Sundry Debtors, Loan and Advances, tax refundable and other current assets etc.
7,629
7,629
Land, construction Work in progress, Finished Stock and Fixed Assets etc.
27,949
82,139
Total Group Assets
54,968
1,09,224
Note: The above statement is prepared on the basis of provisional Balance Sheet a on 31/03/2010 or 30/06/2010 of Sahara Flagship Group Companies.
WE ARE ABSOLUTELY AND RELIGIOUSLY LAW ABIDING ORGANISATION NOT BECAUSE WE FEAR LAW BUT WE RESPECT LAW OF THE LAND.
NOW WE SHALL SOON APPEAL AGAINST SEBI’s ACTION AT AN APPROPRIATE FORUM.
SEBI could have approached MCA in this matter to fulfil their duties towards the masses (as they are claiming). Otherwise they would have given this order in the interest of people (so called claim by SEBI) directly to us through a letter. What was the reason of putting 34 pages in their website to make it public? Respected Readers must be understanding the intentions clearly.
So in the interest, image, goodwill of entire Sahara India Pariwar SEBI has pushed us against the wall that is why we are forced to come out with all above details.
Sahara vs RBI on deposit OFCD
SAHARA’S RESPONSE to SEBI’s irresponsible & wrongful ex-parte order which has left us sadly astonished
Though as an institution, SEBI is a highly responsible and one of the respectable regulators of the Country, but certain individuals occupying their office, act with malice and biased approach which serve no public good and earn only a bad name.
Registrar of companies under Ministry of Company Affairs officially and lawfully had allowed the unlisted companies Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited (SHICL) to issue Optionally Fully Convertible Debentures, based on our Red Herring Prospectus fully complying with the provisions of Companies Act 1956 (the Act) keeping in view the latest provisions of first proviso to Sec. 67(3) of the Act.
Unfortunately some officers bearing the grudges against the Sahara India Pariwar, repeatedly not fulfilling there vested legal demands, have even gone to the extent of uploading the order on website; and not supplying it directly to the company. This is but obvious to whimsically hit the company and disturb its well wishers and investors from associating with it.
SEBI in the past fought with Insurance Regulatory and Development Authority (IRDA) and now giving us direction to stop issuing Bonds (OFCDs) which has been permitted by Ministry of Company Affairs (MCA) without consulting a word even with the actual regulator MCA.
Note : Media has also wrongly interpreted and stated that in M/s. Sahara Prime City Limited IPO has been rejected by SEBI.
SEBI had been seeking informations from us about OFCDs. We all the time wrote back that this matter is not definitely under SEBI’s jurisdiction. We should not become the victim of cross fire between two Government regulators SEBI and MCA.
We submitted to SEBI the legal opinion that this OFCD is definitely not the matter of SEBI, it is not their jurisdiction. This opinion has clearly been submitted in SEBI given by five legal luminaries namely Shri A.M. Ahmadi, Former Chief Justice of India; Shri C. Achuthan, Former Presiding Officer, Securities Appellate Tribunal, Mumbai; Shri S.P. Kurdukar, Former Judge, Supreme Court of India; Shri A.K. Manmadhan, Advocate, High Court of Bombay and Shri U.P. Mathur, (Former Secretary Company Law Board & former Director of Inspection & Investigation in the Department of Company Affairs), Advocate & Corporate Law Consultant.
Not only this the SEBI has also shown total disrespect to the orders passed by Hon’ble High Court of Bombay in the matter of Kalpana Bhandari and Others vs Securities and Exchange Board of India and others 2004 (1) BomCR 663, 2005 125 CompCas 804 Bom in which it has given that “SEBI has powers (i) in case of listed public companies and (ii) in case of those public companies which intend to get their securities listed on any recognised stock exchange in India. In other words SEBI does not have power in relation to the issue and transfer of securities and non-payment of dividend under the various provisions referred to in section 55-A for the companies other than listed public companies and the public companies which intend to get their securities listed on any recognised stock exchange in India. Such power is vested in the Central Government”.
Note: Sahara companies in question are neither listed nor intend to be listed.
SEBI is doing all these irresponsible acts based on some baseless (anonymous also) complaints. We repeatedly asked SEBI for the name and address of complainant which they so wrongfully refused to inform us. Recently the main complaint case against us has been totally rejected by Government of Madhya Pradesh. We some times face these complaint problems from very greedy people who try to extort large sum from us which we never have entertained or allowed.
SEBI in its order has cited various information it collected through MCA website vindicates the stand of the company that the information required as per the Act have been supplied to proper regulator, i.e., MCA. Further, when company had appealed SEBI to wait till receiving the directions of MCA and no undue long time had elapsed, the action of SEBI looks to be taken in haste with bias. The reasons look apparent but we have no written basis to mention here. It is apparent that SEBI has for best reasons known to it, totally ignored all legal opinions and Hon’ble High Court Judgement.
SEBI’s very important reaction was that we are not supplying them all the information that they are asking for. We wonder why they asked these information from us and why not from MCA? You please go through the part of our detailed last letter of 30th September 2010 to SEBI that clearly says why we have not sent them the information.
“Once again our humble request to you is to take all information from Ministry of Corporate Affairs (MCA) who are the regulators in this matter. There may be jurisdictional problems amongst Regulators like it happened between SEBI and IRDA recently, still the Business and Industry like us should not be put as party in cross fire, as it is happening with us, hence please do not make our company as disobedient company in the eyes of its Regulator, i.e., MCA. When information was taken on our deposit mobilization (RNBC) activities of our Group Company from RBI why not to take information on Bonds (OFCD) from MCA.
Inside information from SEBI’s internal people says that if we give all the information ourselves to SEBI, SEBI would take action against Sahara through Media to disturb Sahara establishments. If SEBI takes all information from MCA they won’t be able to act against Sahara. Of course, SEBI knows this is wrong and arbitrary action which will not stand in legal trial but SEBI will create Media trial to destabilize Sahara. The above is substantiated with the fact that SEBI is not taking the information from MCA and is insisting to get it from the Company. Kindly take the information from MCA.
We do not want to blame SEBI which is definitely a highly respected institution and we genuinely respect SEBI as institution. Yes, there are sometimes such individuals who go unreasonable and baselessly biased and create unnecessary problems. We are definitely pained.
We are an orgnaisation where 9 lac families are earning their bread and butter. Please do not disturb us unreasonably, unnecessarily. Please support on merit and bless us.”
In the past also similar biased act of regulator we have experienced, so we were very apprehensive and after this biased order our apprehension has now come right.
SEBI has talked about 4 to 7 thousand crores which we have received through OFCDs etc. Out of confusing so many newspapers etc. had mentioned about Rs. 20000 plus 20000 crores etc. SO..
..One Should Know About Sahara’s Financials
(Provisional as on 30th June 2010)
Group Liability Statement
Rs. In Crores
Particulars
Book Value
Net Outstanding liability with accrued interest of Public Deposits plus Unsecured loan from Banks plus Money from close Associates plus Advances against various projects plus Life insurance Policy Holders Fund plus Money in Mutual Fund.
34,328
Group Assets Statement
Rs. In Crores
Particulars
Book Value
Market Value
Liquid Investment, Cash & Bank balances and Fixed Deposits etc.
19,390
19,456
Sundry Debtors, Loan and Advances, tax refundable and other current assets etc.
7,629
7,629
Land, construction Work in progress, Finished Stock and Fixed Assets etc.
27,949
82,139
Total Group Assets
54,968
1,09,224
Note: The above statement is prepared on the basis of provisional Balance Sheet a on 31/03/2010 or 30/06/2010 of Sahara Flagship Group Companies.
WE ARE ABSOLUTELY AND RELIGIOUSLY LAW ABIDING ORGANISATION NOT BECAUSE WE FEAR LAW BUT WE RESPECT LAW OF THE LAND.
NOW WE SHALL SOON APPEAL AGAINST SEBI’s ACTION AT AN APPROPRIATE FORUM.
SEBI could have approached MCA in this matter to fulfil their duties towards the masses (as they are claiming). Otherwise they would have given this order in the interest of people (so called claim by SEBI) directly to us through a letter. What was the reason of putting 34 pages in their website to make it public? Respected Readers must be understanding the intentions clearly.
So in the interest, image, goodwill of entire Sahara India Pariwar SEBI has pushed us against the wall that is why we are forced to come out with all above details.
Sahara vs RBI on deposit OFCD
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