Friends,
Today I, along with wife Nutan, have filed a Writ Petition in the Hon'ble Allahabad High Court, Lucknow Bench praying for enquiry into the issuance of Sahara Q shop bonds/advances.
As per the Petition,. we bought two Sahara Q shop advances where we were told by Sahara Q shop staff that after 6 years, we would get Rs. 2335 in return of Rs. 1000 deposited by them. A Scheme Chart was provided which said that Rs. 1000 would have a redemption value of Rs. 2354 after 6 years. But the General Terms and conditions say that this plan is merely an advance for buying goods.
Finding this inconsistency and coming to know of the Hon'ble Supreme Court Judgement in Sahara India Real Estate Company vs SEBI (
Today I, along with wife Nutan, have filed a Writ Petition in the Hon'ble Allahabad High Court, Lucknow Bench praying for enquiry into the issuance of Sahara Q shop bonds/advances.
As per the Petition,. we bought two Sahara Q shop advances where we were told by Sahara Q shop staff that after 6 years, we would get Rs. 2335 in return of Rs. 1000 deposited by them. A Scheme Chart was provided which said that Rs. 1000 would have a redemption value of Rs. 2354 after 6 years. But the General Terms and conditions say that this plan is merely an advance for buying goods.
Finding this inconsistency and coming to know of the Hon'ble Supreme Court Judgement in Sahara India Real Estate Company vs SEBI (
Civil Appeal No. 9833 of 2011), we had sent representations to SEBI, Ministry of Corporate Affairs and Ministry of Consumer Affairs to enquire into the collection of money through Sahara Q shop scheme, in the interest of investors.
Not satisfied with the action taken so far by the concerned authorities, we have now decided to file this Petition.
The matter pertains to the broader issue of investor prtotection and compliance of Rule of Law particularly as regards collection of public money and we hope enquiry is done in this matter very soon so as to save the interests of lakhs of investors, along with that of ours.
The matter pertains to the broader issue of investor prtotection and compliance of Rule of Law particularly as regards collection of public money and we hope enquiry is done in this matter very soon so as to save the interests of lakhs of investors, along with that of ours.
Copy of the Writ Petition--
Copy of the representation--
Amitabh Thakur
Lucknow
# 094155-34526
Lucknow
# 094155-34526
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