Subrata Roy News: Sahara Group’s head Subrata Roy has been jolted by the market regulator. The Security and Exchange Board of India (SEBI) has ordered that the corporate had ignored the principles whereas issuing OFCDs. In such a scenario, Rs 6.42 crore must be recovered from Subrata Roy and his rights.

For this, SEBI has now ordered to connect the property of Sahara Group head Subrata Roy and its officers. SEBI has stated in its order on this matter that this motion is being taken in opposition to Sahara chief and different officers within the matter of issuing Optional Fully-Convertible Debentures (OFCD). For this, a complete of Rs 6.42 crore can be recovered from Sahara Group.

Know what’s the matter?
SEBI has stated in its order that Rs 6.42 crore can be recovered from Subrata Roy, Ravi Shankar Dubey, Vandana Bhargava, Ashok Roy Chowdhary and Sahara India Real Estate Corporation, which has now turn into Sahara Commodity Services Corporation. SEBI has stated in its discover that each one banks, mutual fund items and depositories have been ordered to not enable any withdrawal from the demat account of any title or firm given within the above record.

The factor to notice is that these individuals can positively deposit cash in these accounts. Along with this, SEBI has ordered the banks to freeze the lockers together with the financial institution accounts of all these individuals. Earlier, SEBI had imposed a fantastic of Rs 6 crore on the officers of Sahara Group in June.

Action can be taken on non-payment of money-
Let us inform you that within the 12 months 2008-09, Sahara didn’t comply with the principles whereas issuing OFCD. In such a scenario, because of not defending the pursuits of the buyers and never following the principles, SEBI has ordered to get well a complete of Rs 6 crore by attaching the property of Sahara and its officers on this case. Earlier, SEBI had ordered everybody to pay the fantastic, however when Sahara didn’t deposit the fantastic, the market regulator ordered attachment of the property.

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