SEBI vs SAHARA

    MUMBAI, INDIA, November 30, 2013 /24-7PressRelease/ -- Sahara India Pariwar, the world's largest family and a truly Indian company, has been making sincere efforts over the last few months to comply with the order of the Hon'bl Supreme Court of India pertaining to the ongoing litigation with the Securities and Exchange Board of India (SEBI).

Yet, In spite of all our committed efforts and sincere hard-work, all our proposals have been turned down by SEBI under the pretext of complying with the order of the Hon'ble Supreme Court. SEBI only knows their intention best. To cite an instance, in March, 2012, Sahara had offered one property as security to protect the interest of its esteemed investors. One government approved valuer (name not disclosed) had given the valuation of 8.72 crore per acre for the said land, which was also accepted by a Nationalized Bank as Security for its dues. However, SEBI, on the basis of certain misrepresentations and concealments, obtained from the same valuer a valuation for the assets located in a similar location, of Rs. 54 Lac per acre.

The difference was almost 100:6 as this property was valued at 16 times lesser than ours. SEBI for reasons best known to them obtained a very less value, almost 9 times less than the government circle rate.

As yet another example, SEBI has placed irrelevant facts before the Hon'ble Court about the valuation of two prestigious properties belonging to our group, submitted by us to SEBI recently, which has needlessly prolonged the matter. SEBI has tried to convince everyone that in a 'No Development Zone', nothing at all can be developed. The connotation of these words is as such, yes, but the fact is that throughout the country development of Residential, Commercial IT establishments etc. are allowed and Townships are developed in 'No Development Zones'.

Further, an amount of Rs. 5120 crore was deposited by Sahara with SEBI almost a year ago but a major portion of it is yet to be disbursed. In fact, till date only an amount of around Rs. 30 lacs has been disbursed, which is not equivalent to even a day's interest on the said total amount deposited with SEBI.

Despite this, in order to save time and to conclude the matter amicably at the earliest, we would be submitting title deeds relating to other properties of Sahara aggregating 20,000 Cr, instead of debating any further on the issue raised.

We, at Sahara reiterate the fact that we have been a disciplined, committed, quality conscious and law abiding business organization over the past 35 years of our existence and even in the midst of this challenging phase of life, we are committed to enthusiastically comply with the directions given by the Hon'ble Supreme Court of India. We do have the highest regard and full faith in our judicial system and firmly believe that justice can be delayed but can never be denied.

We would like to confidently reassure our esteemed Depositors. Customers, Business Associates, our beloved Karyakartas and well wishers across the globe that their Sahara will successfully overcome these challenges and will go on to make continuous, qualitative and quantitative progress in every sphere of activity for all times to come.

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