Sahara Group says SEBI planning tax raids out of vengeance

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Sahara Group says SEBI planning tax raids out of vengeance
The Sahara Group has accused the capital market regulator, SEBI, of "orchestrating" investigations and action through different ministries and government departments, majorly through the Income Tax (I-T) department, against it.

"It has come to our knowledge that the latest action against Sahara designed and decided happens to be the 'Income Tax raid'. The big question that still remains to be answered is why such a vengeance?" Sahara told media.

As per a reliable source, Supreme Court and the Securities Appellate Tribunal, both, have advocated a June 2012 Sebi order, which found two group companies - Sahara India Real Estate And Sahara Housing Invest , guilty of raising funds illegally.

SEBI's recent actions against Sahara, is said to be in tandem with the directions of the Supreme Court, said the media reports.

Sahara Group has been subsequently filing appeals against the allegations; however, the apex court has been reportedly dismissing them.

Sebi's recent actions including an order to attach assets of the two firms to cover for the Rs 24,029 crore to be refunded to 29.6 million investors and intimating various government departments have followed a blow by the Supreme Court for not taking enough steps to effect the refund.

Read more about: sahara group
Story first published: Monday, March 4, 2013, 9:30 [IST]
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