SEBI freeze order reveals Sahara holds 450 acres land | business | Hindustan Times
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SEBI freeze order reveals Sahara holds 450 acres land

The Securities and Exchange Board of India (SEBI) has been able to get hold of cash and investments totalling about R52 crore and details of more than 450 acres of land so far through its attachment orders against Sahara group entities.

business Updated: Jun 23, 2013 20:51 IST

The Securities and Exchange Board of India (SEBI) has been able to get hold of cash and investments totalling about Rs 52 crore and details of more than 450 acres of land so far through its attachment orders against Sahara group entities.

In the high-profile case involving refund of over Rs 24,000 crore to bondholders of two Sahara firms, SEBI had passed orders for attachment of various properties and freezing of accounts in February after the entities failed to deposit the money.

The cash totalling over Rs 23 crore, received from various banks pursuant to these orders, has been invested in a term deposit for now, while investments worth about Rs 28 crore in mutual funds and demat accounts have also been frozen, sources said.

After passing its attachment orders, SEBI informed all banks, depositories, mutual funds and non-banking finance companies, among others, about the matter and also requested the RBI to direct chiefs of the banks to transfer the money of Sahara firms to a designated Sebi account.

SEBI had also approached the Collectors of 600 districts to request them not to permit the concerned Sahara entities and persons from any sale or transfer of properties attached by the regulator. As a result, district collectors and revenue officers from various parts of the country have provided SEBI details of over 450 acres of land belonging to Saharas, sources added.