HP High Court restrains Sahara group from collecting money from investors

Shimla/March 26
The Himachal Pradesh High Court today restrained the companies of Sahara group from collecting money from the investors of the state and directed the enforcement directorate to investigate into the allegations of illegal activities by the group.
A division bench comprising acting Chief Justice RB Misra and Justice VK Sharma while hearing petitions, observed “prima facie a case is made out against Sahara group chief Subrata Roy and his companies.” The High Court will take up matter for next hearing April 22.
“To sub-serve the interest of justice, by way of interim measure, the Sahara group is restrained to make transactions with any bank accounts without the prior permission of the Reserve Bank of India and Securities and Exchange Board of India (SEBI),” the High Court bench said.
The court also directed the Enforcement Directorate to give response/status on money laundering by the Sahara group as alleged by the petitioners.
The Sahara group has also restrained from collecting further money, directly or indirectly, from the general public in any of schemes flouted by them, more specifically in Himachal.
The Bench further stated that the Supreme Court of India has directed two Sahara group companies, namely Sahara India Real Estate Corporation Ltd and Sahara Housing Investment Corporation Ltd to refund Rs.24,000 crore to the investors through SEBI”.
The market regulator SEBI on March 15 had moved the apex court seeking the arrest and imprisonment of Roy and two other directors of the group for not complying with a Supreme Court order to refund Rs.24,000 crore to its investors. The apex court said that it would hear the matter after its Holi break starting March 25.