Sebi freezes bank accounts of 2 Sahara firms

Updated: February 14, 2013 14:02 IST

The Securities and Exchange Board of India (Sebi) froze the assets and bank accounts of two Sahara Group companies, saying they failed to heed a Supreme Court order to repay Rs 24,000 crore collected from investors in outlawed bonds. Nearly 100 accounts, including that of founder, Subrata Roy, and three other directors of the two firms have been frozen. The SEBI also attached the assets and properties of Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC). 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. Meanwhile Sahara, claimed the actions taken by Sebi are based on "old facts" and the orders for attaching assets of individuals is incorrect on part of the market

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