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مقالات دومین همایش بینالمللی بازآموزی مدیران فنی و نگهداری و تعمیرات
مقالات دومین همایش بینالمللی بازآموزی مدیران فنی و نگهداری و تعمیرات
Sahara India corporate governance:
Failure of two Sahara companies
Submitted by: Paramvir Singh
Overview: This case is about Sahara group which did a fraud with their investors. Company failed to comply with a Supreme Court order in 2012 to repay investors in the bond scheme, which the court has said was illegal. With this regard Delhi police arrest Sahara group owner Subrata Roy in march 2014 and to appear in court over failure of two Sahara companies to pay Rs 19,000 crore by way of dues to be paid to investors.
Fraud: The lawsuit concerns two unlisted Sahara group companies which started raising funds in 2008. After the Indian market regulator intervened, the Supreme Court told the company to repay more than $3 billion with interest to its millions of investors. But market regulator SEBI brought contempt proceedings against Roy and Sahara for failing to comply with the court’s order. Sahara’s in vestment programme includes schemes that are similar to a typical Indian bank’s fixed or recurring deposits. The company largely sells such schemes to small investors in towns and rural areas through their network of agents. These financial products allow investors to deposit small amounts such as 50 rupees a day for returns that some agents and investors said are higher than what bank deposits generate. While there is no official company website which explains Sahara’s investment schemes, agents and invest ors used names such as “M-Benefit” and “Minor” to identify some of the schemes. Sahara also issues a computer printed receipt with hologram and passbooks as proof of investment, according to documents seen by this reporter. The public notice comes after RBI received received complaints from individuals individuals that the Sahara group is mobilizing money from the public under the generic name of Sahara Pariwar and Sahara India Pariwar. These two companies are not registered under RBI. Only three Sahara group entities are registered with RBI -- Sahara India Financial Corp. Ltd (SIFCL), Sahara India Corp Investment Ltd (SICIL) and Sahara India Infrastructural Development Ltd. (SIIDL).Of these three entities, SIFCL, a residual non-banking company, has been directed by RBI to phase out acceptance of deposits from the public. SICIL and SIIDL are not authorized to accept deposits from the public.
What went wrong? This case went wrong when court ordered Sahara to return the money to investors through sebi. But Sahara fails to do that and instead of paying money to investors, Sahara accused Sebi for defaming company. With this incident this case fell into worst conditions. Some of the circumstance which makes this case worst is following: -SEBI restricted the promoters and directors of Sahara group companies, Sahara India Real Estate Corporation and Sahara Housing Investment Corporation, from raising any capital through the issue of securities including any form of securities. Lucknow bench of Allahabad High Court stayed SEBI's order in January 2011. -As per the order, Supreme court turned down SEBI’s plea to stop two firms from raising money from investors, but allowed it to seek information and issue advertisements to inform investors that the matter is awaiting investigation -SEBI issued a notice on its website cautioning investors against buying debentures of Sahara -Later on, Sahara Group filed a petition in Supreme Court challenging the Allahabad High Court order, which made it mandatory for the company to share full details of investors participating in its fund-raising exercise with SEBI. -SEBI directed Sahara firms to immediately refund the money collected through sales of optionally fully convertible debentures (OFCDs) with annual interest of 15%. -Sahara appealed in Supreme court again that SEBI has no jurisdiction. Supreme Court directed Sahara to approach SAT against SEBI order on OFCDs.
-SAT upheld SEBI order against Sahara to refund money in October 2011. -A Supreme Court bench ruled in favour of SEBI and ordered the two Sahara companies to return its OFCD investors the full outstanding amount with interest. -Later on, SEBI approached Supreme Court alleging Sahara's non-compliance with the main order. -The Sahara Group got a temporary reprieve from Supreme Court as it granted more time to repay the money. -Sahara missed the repayment deadline set up by court and it was required to submit Rs 10,000 crore by January first week in 2013. -SC refuses to hear a plea asking for extension of deadline to refund investors money. -SEBI files a contempt petition against Sahara in SC saying that the company was flouting SC direction to make refunds as soon as possible. High drama marked the police action as the police conducted searches inside the residence. The order to arrest Roy was issued for his failure to appear before the apex court in a contempt case arising out of non refund of Rs 20,000 crore to investors by two of his companies.
All this lead Subrata Roy into Tihar jail
Conclusion: When sebi comes to know about the Sahara fraud, it takes immediate action. There were wrong schemes of Sahara which makes investors worried. The fraud is about those companies under which those schemes are running; actually those Sahara companies are not registered from RBI. But Sahara di dn’t responded fairly and Sahara every times delays court orders and continues with these schemes. Later on court ordered non bailable arrest warrant against Subrata Roy which leads Subrata Roy into Tihar jail for non-payment of Rs 19,000 crores to investors.
