सहारा चीफ और दो अन्य को नोटिस

सुप्रीम कोर्ट ने 2 जी मामले की जांच में कथित तौर पर दखल देने के मामले में सहारा चीफ सुब्रत राय और दो अन्य के खिलाफ दाखिल याचिका पर सुनवाई करने का फैसला किया है। कोर्ट ने इस मामले में सुब्रत राय और दो अन्य से पूछा है कि क्यों न उनके खिलाफ इस मामले में अवमानना की प्रक्रिया शुरू की जाए। सुप्रीम कोर्ट ने नोटिस जारी कर 6 हफ्ते में जवाब दाखिल करने को कहा है।

क्या है मामला?
इस मामले में इंफोर्समेंट डायरेक्टरेट (ईडी) के जांच अधिकारी राजेश्वर सिंह की ओर से अर्जी दाखिल की गई है। 2जी मामले में ईडी की जांच भी चल रही है। ईडी के जांच अधिकारी ने आरोप लगाया है कि इस मामले में टीवी चैनल के दो अधिकारियों ने उन्हें धमकी दी और ब्लैकमेल करने की कोशिश की थी।

याचिका के मुताबिक, प्रतिवादियों ने जांच में दखल देने की कोशिश की है और इस कारण इनके खिलाफ अवमानना की कार्रवाई होनी चाहिए। इस मामले में सुप्रीम कोर्ट ने 6 मई 2011 को टिप्पणी की थी कि पहली नजर में यह विचार आता है कि ईडी अधिकारी द्वारा की जा रही जांच में दखल देने की कोशिश की जा रही है। इस मामले में ईडी के जांच अधिकारी से टीवी चैनल द्वारा 25 सवाल पूछे गए थे। अदालत ने उस वक्त आदेश दिया था कि टीवी चैनल ईडी के जांच अधिकारी द्वारा दिए गए जवाबों को नहीं दिखा पाएंगे।
साभार:
Dec 10, 2013, 09.00AM IST
प्रमुख संवाददाता, नई दिल्ली
http://navbharattimes.indiatimes.com/india/national-india/notice-to-sahara-chief-and-two-others/articleshow/27145779.cms

PIL seeks clampdown on unauthorised deposit schemes

New Delhi : The Supreme Court Tuesday issued notice to the centre, RBI and market regulator SEBI on a PIL seeking a clampdown on all unauthorised and illegal deposit schemes including collective investment schemes and prosecution of violators.

The public-interest litigation sought directions for the recovery of the money mobilised by unauthorised and illegal schemes so that the same could be returned to gullible investors.

The notice was also issued to the ministry of corporate affairs, Serious Fraud Investigation Office and the Directorate of Enforcement.

"It seems to be a problem in all the states, all over India," observed Chief Justice P. Sathasivam as the bench including Justice Ranjana Prakash Desai and Justice Ranjan Gogoi issued notice on the PIL returnable in four weeks.

The court's notice came on the PIL petition by NGO Humanity which said: "The menace of Ponzi schemes has shaken the very foundation of rural and semi urban economy in India.

"The problem of innocent poor people being robbed of their last savings by greedy, well-organised outfits has remained a fact of life in other parts of country as well."

Seeking making access to banking facilities a "legal right", the PIL that was addressed to the court by counsel Prashant Bhushan said: "Recently big frauds like Sahara scam, Saradha scam etc. have come to light, but they are only the tip of the iceberg.

"The problem of unscrupulous companies collecting deposits from crores of poor people, in violation of guidelines issued by the RBI and the SEBI, has reached menacing proportions and no effective action is being taken."

The PIL urged the court to direct the Reserve Bank of India that banking services are available to people in rural and semi-rural areas by "opening more rural branches, increasing the use of technology to access the less affluent depositors, by lowering the 'know your customer' (KYC) norms, having lower minimum deposit thresholds, mobile vans and other such measures".

Seeking setting up of an independent expert body with requisite powers of investigation, prosecution and recovery of money and that would also look into complaints on financial frauds, the PIL sought an investigation by the Central Bureau of Investigation (CBI) into the large-scale financial fraud, including the Saradha scandal.

The PIL said that all these companies, unauthorisedly collecting savings of small depositors, are in breach of the Company Deposit Rules 1975 which prohibits their operations which are unsecured.
Courtesy:
Submitted by admin4 on 19 November 2013 - 5:56pm
By IANS,
http://twocircles.net/2013nov19/pil_seeks_clampdown_unauthorised_deposit_schemes.html

73 'Ponzi' funds will be shut down, says Bengal government

Kolkata : The West Bengal government Tuesday announced it would shut down, by Wednesday, 73 companies against whom the central government has received complaints of indulging in 'Ponzi', or multi-level marketing, schemes.

Making the announcement in the state assembly, Chief Minister Mamata Banerjee said the government was looking into the list of 73 companies named by union Corporate Affairs Minister Sachin Pilot against which the central government has got complaints.

She was speaking in the house after a bill seeking to bring to justice those trying to dupe people by collecting money from them.

"We will close the companies in the next 24 hours," she said.

Banerjee, however, refused to name the companies. "If I say anything it will alert the companies," she later told media persons in the assembly lobby.

Pilot had named the companies during Question Hour in the Lok Sabha March 14.

Banerjee said her government would keep an eye on the financial establishments to ensure poor investors were returned the money.

The chief minister said her government has taken a timely step to pass the bill to protect the interests of the people and it would be an example for the rest of the nation.

She said the relevant bill would be sent to Governor M.K. Narayanan for his signature May 5 once he returns to the state.

Speaking during discussion on the vote of thanks to the governor for his address to the assembly, she alleged that many files and documents of the earlier Left Front regime were now missing, prompting a walk-out by Left Front members.
Courtesy:
Submitted by admin4 on 30 April 2013 - 9:20pm
By IANS,
http://twocircles.net/2013apr30/73_ponzi_funds_will_be_shut_down_says_bengal_government.html

SC bans sale of Sahara assets, bars Roy from going abroad

New Delhi: In a major jolt to the Sahara group, the Supreme Court on Thursday put an interim ban on the business house disposing of any of its properties, including its housing projects across the country, and restrained its boss Subrata Roy and other top officials from going abroad.

    “We are prima facie satisfied that our order dated October 28, 2013, has not been complied with. The Sahara group companies shall not part with their properties,” a bench of Justices K S Radhakrishnan and J S Khehar said.

    On October 28, the court had asked Sahara to submit the original title deeds of its assets worth Rs 20,000 crore and warned that failure to do so would result in orders restraining Roy and others from undertaking foreign travel. The court had asked for the title deeds as it had found that two Sahara companies, which were on August 31 last year directed to refund Rs 24,000 crore they had collected from investors in an irregular manner, had used every possible trick to avoid compliance.

    The Sahara firms had paid up Rs 5,120 crore and said the total outstanding after that stood at only Rs 2,000-odd crore, the rest having already been paid back to the investors through field offices.

Can’t go by potential worth of plot: SC to Sahara
New Delhi: The Supreme Court, which has banned the Sahara group from selling its properties, had issued notices to two Sahara companies and the group’s boss Subrata Roy on a contempt petition filed by Sebi over the firms’ failure to refund Rs 24,000 crore collected from investors. While Sahara firms said the outstanding was only about Rs 2,000 crore, Sebi contested the claim and said the companies were not furnishing receipts for refunds they claimed to have made through their field offices.

    During the hearing, senior advocate C A Sundaram told the bench that Sahara had given title deeds of two plots in Mumbai, one of which was a 106-acre parcel at Versova which was independently evaluated to be worth more than Rs 19,000 crore. But Sebi pointed out that the land value was calculated on the basis of its potential worth in 2020 when Sahara would build villas, golf courses and houses on the land. “The government record shows it is valued at Rs 108 crore. This was mainly because it had been declared a no-development zone,” senior advocate Arvind Datar argued for Sebi.

    Though Sundaram tried to explain that the government had allowed development on the land, the bench said it was not going to be taken in by the potential worth of a plot at a future date. When it passed the order restraining the entire group from selling any of its properties, Sundaram said, “I did not understand. Is it because there is some problem with the title deed submitted by the Saharas?”

    The bench said, “It is important for the Saharas to understand that till they comply with the (October 28) orders, they will not be heard. First comply with the orders. We will hear the contempt petition (by Sebi) later. We are restraining the entire group from alienating any immoveable property.” The court has posted the matter for further hearing on December 11 and said Sahara could seek vacation of the interim order once it complies with the October 28 order in letter and spirit.

‘LAND VALUE INFLATED’

• On Oct 28, SC asked Sahara to submit original title deeds of its assets worth 20,000 cr
• Two Sahara companies were told on Aug 31 last year to refund 24,000 crore irregularly collected from investors
• Sahara firms paid up 5,120 crore and said only 2,000-odd cr dues remained. Sebi contested the claim
• On Thursday, SC told Sahara gave title deeds of only two Mumbai plots; Sebi said land value of one was its potential worth in 2020 once a golf course, villas and houses were in place

Courtesy:
TIMES NEWS NETWORK
http://epaper.timesofindia.com/Default/Client.asp?Daily=TOIM&showST=true&login=default&pub=TOI&Enter=true&Skin=TOINEW

SC bars asset sale by Sahara, grounds Roy

Group's attempt to pass off green-zone land as Rs 19k-cr property displeases court

The Supreme Court on Thursday came down heavily on the Sahara group after it found that the group had not satisfactorily complied with the court’s October order to submit title deeds of properties worth over Rs 20,000 crore. The court imposed restrictions on the entire group from selling any immoveable or moveable property and barred its promoter Subrata Roy Sahara from leaving the country.

The order was passed in a contempt case filed by Securities and Exchange Board of India (Sebi) against two group companies Sahara India real Estate and Sahara Housing Invest, which allegedly have not complied with the Supreme Court’s August 2012 order to refund Rs 24,029 crore they raised by issuing optionally fully convertible debentures(OFCD). Sahara, which paid Rs 5,120 crore to Sebi, claims it has refunded the rest directly to investors.

The court adjourned the contempt proceedings to December 11.

Last month, the apex court had directed the group to file original title deeds of properties worth Rs 20,000 crore to cover its dues.  It emerged that there were several flaws in the documents filed by the group. 

“They have not complied with the order. They also know it. Everybody knows it,” Judge KS Radhakrishnan said after hearing the explanation of Sahara counsel CA Sundaram and Sebi’s counter arguments.

When Sundaram pleaded with the court to clarify which part of the order they have not complied with, Radhakrishnan said “This property is not worth Rs 19,000 crore.”

Judge JS Khehar told Sundaram, “It is not for you to understand. It is for Sahara to understand.”

Earlier, Sundaram had presented a detailed explanation of a valuation report of the 106-acre property in Versova done by Knight Frank. He presented an additional clarificatory report from the valuer explaining the methodology of valuation. He also presented an additional report by a second valuer.

Both entities had put the valuation of the property between Rs 18,800 crore – Rs 19,300 crore under internationally accepted valuation methods such as market approach method and income method.

The Sahara counsel also presented an additional clarificatory report from Knight Frank addressing certain objections raised by Sebi on Wednesday. He said the property was located in close to the upmarket Andheri-Lokhandwala complex in Mumbai and was within a kilometre’s distance from the proposed Metro terminus in Versova. The property also was said to enjoy a premium for its sea-view, being located between a river and the sea.

He said, quoting the valuers, that a residential complex developed by Oberoi just opposite the plot was selling flats at rates of Rs 36,000 per square feet. Windsor, another developer in the vicinity, was selling at Rs 30,000 to rs 35000 per square feet.

The valuers assumed an average rate of between Rs 27,000 to Rs 37,000 per square feet. This translated into a value of Rs 181-190 crore per acre, which in turn put the value of the entire plot.

But, all these arguments came to a naught, when Arvind Datar, the Sebi counsel pointed out that the entire property was situated in the middle of a “no-development zone” and that there was a clear direction by the Union Ministry of Environment and Forests barring any development. “It is in the green zone. Nothing can be built on it. The FSI allowed is 0.5 and that is why there was a plan to develop a golf course.”

Datar also pointed out that the land was part of a larger disputed area of 614 acres and Sahara has been engaged in legal disputes with the original owners B Jeejeebhoy Wakaria and associates since 2001.

Datar pointed out that the court direction was to submit “title deeds” and not reports of investment value. He submitted in view of the facts submitted that this property could not be considered worth more than Rs 118 crore. 

Sundaram pointed that there was a notification issued by Maharashtra government in December 2012 allowing development of townships alongside transport corridor and this would allow Sahara to develop the township. But, neither Sebi nor the court was convinced. 
Courtesy:
BS Reporter  |  New Delhi
November 22, 2013 Last Updated at 00:59 IST
http://www.business-standard.com/article/current-affairs/sc-bars-asset-sale-by-sahara-grounds-roy-113112100679_1.html

Chit fund scam dupes 7 lakh in Odisha

After the Saradha group financial fraud cases in West Bengal, Odisha is hit by scam.

When school teacher Basudev Mohapatra retired in 2012, he invested most of his retirement benefits, which amounted to Rs 7 lakh, with the Seashore Group that promised him a whopping 24 per cent interest annually for 6 years before returning his money. After a few months the interest payments stopped. The company even refused to return the invested amount. Basudev realised he had been duped.

“The company and its agent convinced us that if you keep your money in banks you will get only 8 per cent interest, but if you deposit in Seashore you will get 24 per cent. Since the company was running for the past several years in our area, we thought the government must have given it due permission to operate,” Mohapatra said.

Basudev is not alone. It is ascertained that nearly 7 lakh investors in Odisha are duped of about 20,000 crores of rupees by various operators. At least three dozens of such companies including Saradha group, Seashore group, AT group, Rose Valley group, Flourish India, Micro Finance group are operating in Odisha.

At least 177 people were arrested in different parts of Odisha the past week for their involvement in illegal money circulation and chit fund activities.

The crackdown on these firms began on May 10 and about 200 offices of 84 companies were raided, says Rajesh Kumar, deputy inspector general (economic offence wing) of the crime branch police. During the raids, police recovered incriminating documents pertaining to various chit fund activities in the state involving illegal circulation of money. Hundreds of accounts were seized and offices sealed.

Sources in the crime branch reveal that Seashore Group has duped over 80,000 investors and collected over Rs 600 crore. Seashore Chairman Prasant Dash was arrested and is now out on bail.

The Reserve Bank of India (RBI) lists 17 non-banking financial companies registered in Odisha and none are permitted to raise deposits from investors. But fraudulent companies attract depositors by posing as mutual fund firms and even as real estate businesses.

With regulatory bodies like the RBI, SEBI, the state finance department and the state police failing to act together, the fraudsters get away with hundreds of crores. “Multiple regulators and regulatory gap is perhaps giving opportunity to such fraudulent financial establishments to dupe investors.” said Jugal Kishore Mohapatra, Finance Secretary.

Courtesy:

Sunday, May 19, 2013, 8:21 IST | Place: Bhubaneswar | Agency: DNA

Debendra Prusty 

http://www.dnaindia.com/india/1836637/report-chit-fund-scam-dupes-7-lakh-in-odisha

सेबी के कनसेंट ऑर्डर को मिलेगा कानूनी दर्जा - फर्जी चिट फंड कंपनियों की खैर नहीं

मुंबई।। सरकार ने कलेक्टिव इन्वेस्टमेंट स्कीमों को मार्केट रेग्युलेटर के अधिकार क्षेत्र में लाने के लिए हाल ही में सेबी ऐक्ट में संशोधन के लिए ऑर्डिनेंस पास किया था। अब उसने सेबी के कनसेंट ऑर्डर से संबंधित नियमों में पुरानी तारीख से बदलाव (रेट्रोस्पेक्टिव अमेंडमेंट) किए हैं, जिससे समूची कनसेंट ऑर्डर प्रोसेस को कानूनी मान्यता हासिल हो सकेगी।

कनसेंट ऑर्डर एक तरह का आउट ऑफ कोर्ट सेटलमेंट जैसा होता है जो सिक्योरिटीज लॉ का उल्लंघन मामले में पास किया जाता है। ऐसे मामलों को तेजी से निपटाने के लिए 2007 में यह व्यवस्था शुरू की गई थी। लेकिन सिक्यूरिटीज मामलों के वकीलों ने आपत्ति जताते हुए कहा कि कानूनी मान्यता के बगैर नियमों के उल्लंघन मामलों का निपटारा किया जाना सही नहीं है।

असल में कनसेंट ऑर्डर सर्कुलर को खारिज करने के लिए 2011 में दिल्ली हाई कोर्ट में एक जनहित याचिका दायर की गई थी। याचिका के पक्ष में दलील दी गई थी कि इनकम टैक्स या कस्टम्स डिपार्टमेंट की तरह इसको कानूनी मान्यता नहीं है। इन दोनों डिपार्टमेंट के सेटलमेंट को तो कानूनी मान्यता हासिल है। लीगल एक्सपर्ट्स के मुताबिक, 'रेट्रोस्पेक्टिव अमेंडमेंट फिटिंग के हिसाब सूट की कटाई करने जैसा है। इससे पहले पास हुए कनसेंट ऑर्डर दोबारा खोला नहीं जा सकेंगे।' अमरचंद मंगलदास ऐंड सुरेश ए श्रॉफ ऐंड कंपनी के मैनेजिंग पार्टनर सिरिल श्रॉफ कहते हैं, 'हालिया ऑर्डिनेंस से कनसेंट प्रोसेस कानूनी तौर पर पाक हो गया है। कनसेंट प्रोसेस को कानूनी मान्यता मिलने से मामलों का बिना एक्सपोजर के क्लोजर हो सकेगा।'

सेबी ने विवादों के जल्द निपटारे के लिए छह साल पहले कनसेंट ऑर्डर व्यवस्था शुरू की थी। उसने यह व्यवस्था अमेरिकी सिक्योरिटीज एक्सचेंज कमीशन (एसईसी) के सेटलमेंट सिस्टम की तर्ज पर शुरू की थी। अमेंडमेंट के मुताबिक, 'भले ही अब तक किसी दूसरे कानून की कोई चीज लागू हो, सेबी एक्ट के सेक्शन 11 के तहत अगर किसी व्यक्ति के खिलाफ कोई कार्यवाही शुरू हुई है या शुरू हो सकती है, वह शुरू हो चुकी या शुरू होने वाली कार्यवाही के सेटलमेंट के लिए (बोर्ड) सेबी को लिखित में आवेदन दे सकता है।' प्रेजिडेंट प्रणव मुखर्जी ने पिछले हफ्ते ऑर्डिनेंस पर अपनी मंजूरी की मुहर लगाई थी।

अलायंस कॉरपोरेट लॉयर्स में मैनेजिंग पार्टनर और सेबी के पूर्व डायरेक्टर आर एस लूना कहते हैं, 'कनसेंट ऑर्डर की कानूनी मान्यता को लेकर अनिश्चय की स्थिति थी क्योंकि इसको लेकर सेबी ऐक्ट में कोई विशेष प्रावधान नहीं है। एसईसी में ऐडमिनिस्ट्रेटिव रूल के तहत वैधानिक व्यवस्था की गई है। सेबी कनसेंट ऑर्डर पास तो कर रहा है लेकिन उसकी कानूनी मान्यता दिल्ली हाई कोर्ट में लंबित याचिका पर सुनवाई के अंतिम नतीजों पर निर्भर करेगी।'
साभार
इकनॉमिक टाइम्स | Jul 23, 2013, 10.14AM IST रीना जकारिया
http://navbharattimes.indiatimes.com/business/share-market/share-news/consent-orders-get-legal-sanctity-as-govt-amends-sebi-act-restospectively/articleshow/21254147.cms

सरकार ने सेबी के अधिकार बढ़ाए - फर्जी चिट फंड कंपनियों की खैर नहीं

सरकार ने मार्केट रेगुलेटर सेबी के अधिकारों में बढ़ोतरी की है। सेबी को तलाशी और जब्ती के साथ संपत्ति कुर्क करने, नियमों का पालन नहीं करने वालों को हिरासत में लेने और हेराफेरी के जरिए की गई कमाई की रिकवरी का भी अधिकार मिल गया है। नए अधिकारों से लैस मार्केट रेगुलेटर अब कानून का उल्लंघन कर गलत तरीके से कमाई गई पूरी रकम की वसूली का आदेश भी दे सकता है। इतना ही नहीं, सरकार ने सिक्योरिटीज एंड एक्सचेंज बोर्ड ऑफ इंडिया (सेबी) को देश और देश से बाहर बाकी रेगुलेटर्स से पहले की तारीख से सूचना मांगने की अनुमति भी दी है। इससे 15 साल से अधिक समय से लंबित मामलों के संदर्भ में विस्तार से जानकारी हासिल करने का रास्ता साफ हो गया है। ये संशोधन सिक्योरिटीज एक्ट से जुड़े संशोधन अध्यादेश का हिस्सा हैं, जिसे पिछले सप्ताह जारी किया गया। सामूहिक निवेश योजनाओं के रूप में पोंजी योजनाओं की बढ़ती समस्या से निपटने के लिए भी नियमों में संशोधन किए गए हैं।
साभार
Jul 23, 2013, 09.00AM IST पीटीआई नई दिल्ली
http://navbharattimes.indiatimes.com/articleshow/21252445.cms