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    Default Sahara: SEBI orders accounts freezing, attachment of property

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    Taking stern actions against Sahara in the high-profile investor refund case involving over Rs 24,000 crore, market regulator SEBI on Wednesday ordered freezing of bank accounts and attachment of all properties of two group firms and top executives, including Subrata Roy.

    SEBIís action follows directions from the Supreme Court, which had said last week that the market regulator was free to freeze accounts and attach properties if Sahara group firms were not depositing the money with it for refund to investors.

    Passing two separate orders against Sahara Housing Investment Corporation Ltd (SHICL) and Sahara India Real Estate Corporation Ltd (SIRECL), SEBI said that the two companies had raised Rs 6,380 crore and Rs 19,400 crore respectively from bondholders and ďvarious illegalitiesĒ were committed in raising of these funds.

    The Supreme Court in August last year had asked Sahara group firms to refund the money with 15 per cent interest and had asked SEBI to facilitate the refund.

    However, the group in December, 2012 was allowed to pay the money in three instalments, including an immediate payment of Rs 5,120 crore, followed by an installment of Rs 10,000 crore in the first week of January and remainder by the first week of February 2012.
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