Sebi concerns Rs 6.48-cr need notification to Sahara Group company, others in OFCD issuance case

Sebi on Thursday sent out a notification to Sahara Group company Sahara Housing Investment Corporation, its chief Subrata Roy, and others, inquiring to pay Rs 6.48 crore within 15 days in a case referring to flouting regulative standards. The regulator alerted of accessory of possessions and bank accounts, if they stop working to make the payment. The notification followed the entities stopped working to pay the great troubled them by the Securities and Exchange Board of India (Sebi). The regulator, in its order in June, imposed a great amounting to Rs 12 crore on 2 Sahara Group companies– Investment Corporation and Sahara India Real Estate Corporation (now referred to as Sahara Commodity Services Corporation)– and Subrata Roy, Ashok Roy Choudhary, Ravi Shanker Dubey and Vandana Bharrgava– for breaching regulative standards in the issuance of additionally completely convertible debentures (OFCDs). The case associates with issuance of OFCDs by Sahara India Real Estate Corporation and Sahara Housing Investment Corporation throughout 2008-2009. They raised cash through public problem of securities by providing OFCDs without following the different treatments meant to secure the interest of the financiers, in regard of public concerns, recommended under the standards, according to Sebi. According to Sebi, the membership towards the OFCDs was gotten by the 2 business from the public in the nation, without adeq
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