Also read: Sebi blow: Sahara left with very few options
CNBC-TV18's Sajeet Manghat and Archana Shukla delve into the Sebi orders for more on Sebi's rationale.
Market regulator Sebi has once again cracked the whip on Sahara and this time the sting is sharper, since Sebi is acting on the Supreme Court's orders. It has attached the assets of Sahara India Real Estate Corporation (SIRECL)and Sahara Housing Investment Corporation, including bank accounts, demat accounts, properties, movable assets and investments.
In its order, Sebi has also rejected the documents submitted by Sahara. It says the documents have not been furnished in the manner prescribed by Sebi Also that the documents are hopelessly mixed up, making it virtually impossible to correlate debenture holders with redemption vouchers.
Sebi has also ordered that all monies in accounts held by these two companies and 4 directors including Subrata Roy be deposited in a special bank account created by the market regulator for this purpose.
Responding to the attachment order Sahara said, "Sahara has filed interim application before the honourable Supreme Court inter alia praying that Sahara be permitted to furnish security through a credible financial institution instead, and in place of, the payment of the balance installments, since Sahara has already redeemed significant number of OFCD holders and any further payments to Sebi would amount to double payment."
The statement goes on to say that Sahara's total liability is not likely to exceed Rs 5,120 crores and this amount has already been deposited with Sebi.
However, Sebi's order argues that Sahara acted contrary to the affidavit filed by the companies in January 2012.
Sahara's arm SIRECL raised Rs 19,400 crore, of which it invested Rs 17,051 crore s in various projects. Sahara's undertaking to the Supreme Court also said that it owes only Rs 270 crore as redemptions in FY13.
Sebi argues that this was done by Sahara to get a favourable interim order from the apex court by assuring it that no large refund needs to be undertaken in the immediate future.
Sahara went on to say that SIRECL raised money through three bond issues; Adode bonds, Nirman bonds and Real Estate bonds and that as of May 2012, there was Rs 8,384 crores outstanding on the Adobe bonds, Rs 1,520 crores outstanding on the Nirman bonds and Rs 7,093 crores outstanding on the Real Estate bonds.
However, Sebi believes this argument does not hold water. Mainly because neither the Adobe bonds, or the real estate bonds allow for premature redemptions. So Sahara's companies could not have redeemed or refunded Rs 15,000 crore worth of bonds.
Sebi also argues that Sahara could not have made any refund after the August 31, 2012 because the Supreme Court order directed Sahara to transfer the refund money plus 15 percent interest to Sebi, and not the investors.
It appears that for now, Sahara is out in the cold.
Anda sedang membaca artikel tentang
How Sebi cracked the whip on Sahara
Dengan url
http://efektifkesehatan.blogspot.com/2013/02/how-sebi-cracked-whip-on-sahara.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
How Sebi cracked the whip on Sahara
namun jangan lupa untuk meletakkan link
How Sebi cracked the whip on Sahara
sebagai sumbernya
0 komentar:
Posting Komentar