Friends,
The Registrar of Companies, Kanpur has asked for explanation against Sahara India Real Estate Corporation Limited in a complaint filed by me, my wife Nutan and a victim Ashish Verma from Lucknow.
Nutan and I had been told that Sahara India was collecting money through the so-called Consumer products network, called the Sahara Q Shop so as to keep it away from the regulatory framework of SEBI. Hence, we bought two bonds of Rs. 1000 each about which the Company managers told us that this was an investment scheme where we would be getting around Rs. 2335/ for an investment of Rs. 1000, after a period of six years. Thus, while on record Sahara Q Shop claims to be a consumer product network, it is actually acting as an investment scheme. The third complainant Ashish, an unemployed youth had complained that his investment of Rs. 2, 32,000/ in four Adobe bonds of Rs. 58,000 was not being refunded saying that they were converted unilaterally into Sahara Q shop "bonds".
Based on these complaints, Registrar of Companies, Kanpur has asked the Sahara Real Estate to furnish a parawise explanation to these allegations along with documentary proof. It has also asked five specific queries- whether any approval has been obtained under section 297 of Companies Act regarding conversion of Sahara Real Estate bonds to Sahara Q shop, whether the terms and conditions of Bond issued by Sahara Real Estate provides for purchase of goods from Sahara Q shop instead of refund of invested amount, does the prospectus filed provide for utilization of the Bond amount of investors for purchase of goods of Sahara Q shop, does the Supreme Court order provide for conversion of bonds instead of refunding the amount and the percentage of amount refunded in cash/bank and those converted into shares etc of other companies along with the details.
Registrar of Companies has said that if the details are not provided within 10 days, necessary penal action under Companies Act shall be initiated against the company and its directors.
The Registrar of Companies, Kanpur has asked for explanation against Sahara India Real Estate Corporation Limited in a complaint filed by me, my wife Nutan and a victim Ashish Verma from Lucknow.
Nutan and I had been told that Sahara India was collecting money through the so-called Consumer products network, called the Sahara Q Shop so as to keep it away from the regulatory framework of SEBI. Hence, we bought two bonds of Rs. 1000 each about which the Company managers told us that this was an investment scheme where we would be getting around Rs. 2335/ for an investment of Rs. 1000, after a period of six years. Thus, while on record Sahara Q Shop claims to be a consumer product network, it is actually acting as an investment scheme. The third complainant Ashish, an unemployed youth had complained that his investment of Rs. 2, 32,000/ in four Adobe bonds of Rs. 58,000 was not being refunded saying that they were converted unilaterally into Sahara Q shop "bonds".
Based on these complaints, Registrar of Companies, Kanpur has asked the Sahara Real Estate to furnish a parawise explanation to these allegations along with documentary proof. It has also asked five specific queries- whether any approval has been obtained under section 297 of Companies Act regarding conversion of Sahara Real Estate bonds to Sahara Q shop, whether the terms and conditions of Bond issued by Sahara Real Estate provides for purchase of goods from Sahara Q shop instead of refund of invested amount, does the prospectus filed provide for utilization of the Bond amount of investors for purchase of goods of Sahara Q shop, does the Supreme Court order provide for conversion of bonds instead of refunding the amount and the percentage of amount refunded in cash/bank and those converted into shares etc of other companies along with the details.
Registrar of Companies has said that if the details are not provided within 10 days, necessary penal action under Companies Act shall be initiated against the company and its directors.
The purpose is to help in serving the interests of ordinary investors. Need ur comments and further guidance.
Here is a related links-
and here is our complaint-
Amitabh Thakur
Lucknow
# 94155-34526
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