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TMI Blog2013 (2) TMI 418X X X X Extracts X X X X X X X X Extracts X X X X ..... ndana Bhargava are the directors of SIRECL and Shri Subrata Roy Sahara is the promoter and holds 70% shares in SIRECL as well as SHICL. These directors and Shri Subrata Roy Sahara were also made jointly and severally liable to refund the said money collected, through the RHP, from the investors. 3. The said order was confirmed by Securities Appellate Tribunal [hereinafter referred to as "SAT"] in appeal on 18.10.2011. The appeals filed by the SIRECL and SHICL were dismissed by the Hon'ble Supreme Court, by its order dated 31.08.2012, recording a categorical finding that there was no illegality in the proceeding initiated by SEBI as well as in the aforesaid order passed by SEBI [WTM] and as upheld by SAT. However, the Hon'ble Supreme Court modified the directions given by SEBI [WTM] and endorsed by SAT and passed the following directions: "1. Saharas (SIRECL & SHICL) would refund the amounts collected through RHPs dated 13.3.2008 and 16.10.2009 along with interest @ 15% per annum to SEBI from the date of receipt of the subscription amount till the date of repayment, within a period of three months from today, which shall be deposited in a Nationalized Bank bearing maximum ra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is unable to find out the whereabouts of all or any of the subscribers, then the amount collected from such subscribers will be appropriated to the Government of India. 9. We also appoint Mr. Justice B.N. Agrawal, a retired Judge of this Court to oversee whether directions issued by this Court are properly and effectively complied with by the SEBI (WTM) from the date of this order. Mr. Justice B.N. Agrawal would also oversee the entire steps adopted by SEBI (WTM) and other officials for the effective and proper implementation of the directions issued by this Court. We fix an amount of Rs.5 lakhs towards the monthly remuneration payable to Mr. Justice B.N. Agrawal, this will be in addition to travelling, accommodation and other expenses, commensurate with the status of the office held by Justice B.N. Agrawal, which shall be borne SEBI and recoverable from Saharas. Mr. Justice B.N. Agrawal is requested to take up this assignment without affecting his other engagements. We also order that all administrative expenses including the payment to the additional staff and experts, etc. would be borne by Saharas. 10. We also make it clear that if Saharas fail to comply with thes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on vouchers appear to have been deliberately separated. This was also noted in the third status report filed by SEBI [WTM] and duly approved by Hon'ble Justice B.N. Aggarwal Direction 3 states that if the documents are not found to be genuine or acceptable then SEBI [WTM] would proceed as if Saharas had not refunded any amount to the real and genuine subscribers who had invested money through RHPs dated 13.3.2008 and 16.10.2009. Since, the documents are not furnished in the manner prescribed by SEBI and further they have been hopelessly mixed up making it virtually impossible to correlate the debenture holders and the redemption vouchers. The documents are, therefore, not acceptable and direction no. 3 shall apply accordingly. 6. SIRECL and SHICL also did not comply with the directions issued by the Supreme Court in its order dated 31.08.2012 for making the deposit on or before 30.11.2012. Just before this date they filed Appeal No. 221 of 2012 before SAT and that Appeal was dismissed on 29.11.2012. Against this order, SIRECL and SHICL filed an Appeal being CA No. 8643 of 2012 before the Hon'ble Supreme Court of India. 7. The said Appeal was disposed by the Hon'ble Court on 05.12 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 31.08.2012, as stated above. Consequently, SEBI is constrained to take necessary action by passing this order in terms of direction No. 10 contained in the order dated 31.08.2012 passed by the Hon'ble Supreme Court and reiterated in the order dated 05.12.2012 for attachment and sale of properties and freezing of bank accounts, etc. 10. It may be noted that against the order of SAT passed on 18.10.2011, C. A. Nos. 9813 of 2011 and 9833 of 2011 were filed by SIRECL and SHICL before the Hon'ble Supreme Court wherein by an order dated 28.11.2011, the Hon'ble Supreme Court noted that SIRECL had been directed to refund Rs. 17,400 crores approximately on or before 28.11.2011. The amount to be refunded by Sahara Housing Investment Corporation Ltd. was Rs. 6843 crores against whom a separate order is being passed. In the same order dated 28.11.2011, the Hon'ble Supreme Court extended the period for refund upto 09.01.2012". At the same time, SIRECL and SHICL were directed to put on affidavit the following information:- "(a) Application of the funds, which they have collected from the Depositors; (b) Networth of the Companies which have received these deposits; (c) Parti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al body) infavour of Sahara India Commercial Corporation Ltd. 1,000 7 100% "stake" by way of holding equity shares of 60 entities having lands measuring 515 acres at 16 locations in various cities/towns in India. Valuation Rs. 3,138 crores. 532 8 100% stake in 2 entities having development rights in identified parcels of land measuring 196 acres and 56 acres of land at Vasai and Malegaon. Valuation Rs. 2,421 crores. 62 9 Stake in Aamby Valley Ltd. (acquisition of 22.05 crore equity shares constituting 40.40% of the total equity share capital. Valuation of lands owned and held by Amby Valley Ltd. and its subsidiaries Rs.40,460 crores) 5,207 10 Units of mutual funds as on 30.11.2011 23 1.1 Investments in partnership firms belonging to Sahara Group. 125 12 Loans and Advances (other than to OFCD holders) as of 30th November, 2011. 204 13 Cash and Bank balances, and other current receivables as on 30th November, 2011. 1,655 12. SIRECL further stated that the investments were all made within the SAHARA group and all these companies, firms, etc. would ensure and undertake repayment of the said sum of Rs. 17,051 crores in the event of default by SIRECL. It may be not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er 31.08.2012 and the entire amount collected by SIRECL through the RHP dated 13.03.2008 with interest @ 15% per annum is liable to be refunded to SEBl as directed by the Hon'ble Supreme Court. 14. In view of the above, all the assets mentioned in Serial nos.1 to 9 of Table 'A', of SIRECL viz investments in Group Companies, group entities, Special Purpose Vehicles and partnership firms belonging to Sahara Group and the investments mentioned at S. Nos. 10 and 11 in Table 'A' are liable to be attached. Therefore, in accordance with the directions of the Hon'ble Supreme Court in order dated 31.08.2012 and 05.12.2012, I hereby pass the following orders of attachment and directions: A. Order of attachment: (i) Attachment of the development rights, in the land owned by Aamby Valley Limited (part of the Sahara Group of Companies) admeasuring about 707 acres(having FSI of about 80.84 lakh sq. fts) comprising of various identified parcels of land in village Pomgaon District Mulshi, Pune, Maharashtra and purchased for a consideration of Rs. 3459 crores. The details of the lands, location and area are set out in Annexure 1 and the same shall form part of this order. This Annexure 1 i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a owned and development rights are held therein by Sahara Group entities or in which development rights are held by various Sahara group entities and attachment of "50% stake" in 15 City Home Projects in fifteen cities/towns on identified land parcels in aggregate admeasuring 1751 acres inter alia owned and development rights held therein by Sahara Group entities or in which development rights are held by various Sahara Group entities, which are purchased for a consideration of Rs. 180 crores. The details of the lands, location and area are set out in Annexure 4 and Annexure 5. respectively and the same shall form part of this order. These Annexure 4 and Annexure 5 are photocopies of Annexure B-5 and Annexure B-6, respectively, that was filed by SIRECL with the affidavit dated 4.01.2012 before the Hon'ble Supreme Court. These photocopies are to ensure that there is no variation in the survey nos. or other details with regard to the parcels of land. (vi) Attachment of "30% stake" in project at Village - Ujariyaon and Jiyamau Tehsil and District - Lucknow on identified land parcels comprising of 170 acres of land in respect whereof license to develop residential and commercial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount to SEBI-SAHARA REFUND Account No. 012210110003740 held with Bank of India, BKC Branch, Mumbai.(IFSC Code No. BKID0000122). (xii) Attachment of all other immoveable properties owned and/ or held by Sahara India Real Estate Corporation Ltd. with immediate effect and further directing it not to alienate, dispose or in any manner encumber the same. Sahara India Real Estate Corporation Ltd. is also directed to furnish full details of all such properties to SEBI within 21 days from the date of this order; (xiii) Attachment of all the movable properties owned and/or held by Sahara India Real Estate Corporation Ltd. and restraining it from alienating, disposing or encumbering same. B. Directions: (i) Sahara India Real Estate Corporation Limited is directed to furnish details of investments, if any, other than those enumerated above, within 21 days from the date of this order. (ii) Sahara India Real Estate Corporation Ltd. is restrained, with immediate effect, from operating its accounts with all the branches of all the banks and withdrawing any investment made therein. (iii) Sahara India Real Estate Corporation Limited is restrained from operating any dem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... would fall within the ambit of "officer in default". Furthermore, with 70% ownership or holding in the two companies, he is definitely in a position of control and has the power to direct the management policy and appoint the majority of directors in the Board. Therefore, Shri Subrata Roy Sahara was also made liable along with the other directors of these companies viz. Ms Vandana Bhargava, Shri Ravi Shanker Dubey and Shri Ashok Roy Choudhary. ii. Consequently, para 28.1 (1)of the above order of SEBI(WTM) also made Shri Subrata Roy Sahara, Ms Vandana Bhargava, Shri Ravi Shanker Dubey and Shri Ashok Roy Choudhary jointly and severally liable to refund the monies collected through the RHP's issued in March 2008 and October 2008 together with interest at 15% per annum. iii. The appeals filed by the above named individuals along with the two companies before the SAT were dismissed on 18.10.2011 and all the appellants were directed to refund the amounts collected from the investors on the terms as set out by the SEBI (WTM) in his order dated 23.06.2011 within 6 weeks from 18.10.2011. iv. All the appeals filed by the above individuals and the two companies before th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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