The Supreme Court, on Friday, pulled up Saharas for refusing to furnish the required information to the Securities and Exchange Board of India (SEBI) regarding the deposits collected from the public.
The court referred to the Saharas’ stand and said, “One wonders whether the appellant-companies were running a kindergarten, where their staff was expected to be unavailable during the summer. //
Good question. But don’t our courts also go for annual vacation?
The Supreme Court on Friday held that the economic offences committed by Saharas must be dealt with by an iron hand and directed the Sahara India Real Estate Corporation Ltd. (SIRECL) and the Sahara Housing Investment Corporation Ltd. (SHICL) to refund over Rs. 24,400 crore collected from 2.21 crore depositors.//
Is SEBI not supposed to monitor these big ticket items – fully convertible debenture issues with millions of subscribers for raising 24 K crores?
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Can a corporate become emotional? Emotion is a human trait and a legally constituted entity claiming to have it appears phony. Especially, one like Sahara which has been indicted severely by the Supreme Court and ordered to refund Rs 27,000 crore raised as OFCD from 30 million depositors.
The full page ’emotional outburst’ of Sahara appearing in the last page of today’s Times of India raises many an eye-brow – if not for anything else, but for their command of corporate or rather plain standard English.
An example:
Sahara observes (about SEBI and Supreme Court, perhaps) in the advertisement –
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The saddest part is sitting on the chair in air conditioned offices, they imagine and allege and never bother for any sort of verification. //
30 million Indians entrusted Rs 27,000 crores with these guys?!
And while on the subject, The Hindu in its first page news report filed yesterday reported about Sahara issuing Optimally Fully Convertible Debuntures. Dear first page columnist, OFCD stands for Optionally Fully Convertible Debenture, a mechanism that allows you to convert debt into equity, if you want. Nothing to optimize there.
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Given a chance to rewind&restart history, where will u do so?I’ll, from Dandi march, d world’s largest ever street theater n most effective.