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Sahara hits out at Sebi for ‘media trial’

Sahara hits out at Sebi for ‘media trial’
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First Published: Sat, Jun 25 2011. 01 29 AM IST
Updated: Sat, Jun 25 2011. 01 29 AM IST
Mumbai: A day after capital market regulator Securities and Exchange Board of India, or Sebi, directed two Sahara group firms—Sahara India Real Estate Corp. Ltd and Sahara Housing Investment Corp. Ltd—to refund the money collected through sale of optionally fully-convertible debentures (OFCDs), Sahara group said on Friday that it was not appropriate for Sebi to go public by putting its order on its website and issuing a press note as the matter is sub-judice.
“For a regulator where the matter is sub-judice, media trial is not warranted and not expected from Sebi as is being done in this case. It was expected of Sebi to simply place the order before the Supreme Court and maintain the sanctity of the order passed by the Supreme Court,” the Sahara group said in a statement.
The release said Sebi has been “vindictive and malicious” towards the group for last one-and-a-half years.
On Thursday, Sebi directed the Sahara entities to refund the money to the OFCD subscribers in cash and restrained the two firms from accessing the capital market till the repayment.
khushboo.n@livemint.com
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First Published: Sat, Jun 25 2011. 01 29 AM IST