RBI asks banks to comply with Sebi's orders on Sahara case

The Reserve Bank of India (RBI) on Thursday asked banks to comply with the orders of Securities and Exchange Board of India (Sebi) in its ongoing dispute with Sahara Group.

The letter from central bank follows another by Sebi to around 2,000 entities, including public and private sector banks, along with co-operative banks and mutual funds, to identify assets belonging to the Sahara Group for the purpose of freezing them and bar them from transferring.

Sebi had earlier attached the assets of two Sahara group companies - Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) - and four individuals, namely, Subrata Roy Sahara, Vandana Bhargava, Ravi Shankar Dubey, and Ashok Roy Choudhary.

The two group companies of Sahara had raised Rs 24,000 crore from investors through debentures where the regulator and Supreme Court both found irregularities and asked the firm to repay the amount to the investors.

Read more about: rbi, sahara
Story first published: Friday, April 5, 2013, 9:30 [IST]
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