Probes against Sahara group cos will not be impeded
Ministry had assigned probes into the affairs of three Sahara Group companies to SFIO on October 31, 2018, says Rao Inderjit Singh, Minister of State for Corporate Affairs
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The government on Monday said the ongoing investigations by the SFIO as well as those under the companies law against certain Sahara Group companies will not be impeded by the death of any person. Sahara Group chief Subrata Roy died due to a cardiorespiratory arrest after a prolonged illness on November 14. In a written reply to the Lok Sabha on Monday, Minister of State for Corporate Affairs Rao Inderjit Singh said the ministry had assigned probes into the affairs of three Sahara Group companies to the Serious Fraud Investigation Office (SFIO) on October 31, 2018.
The companies are Sahara Housing Investment Corporation Ltd, Sahara Q Shop Unique Products Range Ltd, and Sahara Q Gold Mart Ltd. He also said investigations were ordered against six other group companies on October 27, 2020. They are Aamby Valley Lt, Qing Ambay City Developers Corporation Ltd, Sahara India Commercial Corporation Ltd, Sahara Prime City Ltd, Sahara India Financial Corporation Ltd, and Sahara India Real Estate Corporation Ltd.
“Ongoing aforesaid investigations would not be impeded by the death of any person,” Singh said. The minister was responding to a question about the government’s reaction after the death of Sahara India Group chief recently with regards to the line of investigation of chit fund scam done by the Sahara Group.
According to him, the Securities and Exchange Board of India (Sebi) has informed that the Supreme Court has passed various orders in respect of Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) and that refund is being carried out as per orders of the apex court.
