Regarding whether the government intends to confiscate all of the properties of Sahara India Group firms and their owners, Corporate Affairs Minister Nirmala Sitharaman stated that, as of today, SFIO has not filed any application for attachment of properties in this matter. SFIO investigates Sahara Group companies.
Corporate Affairs Minister Nirmala Sitharaman responded the yes in a written reply in the Lok Sabha to a question on whether charges of financial fraud by Sahara India Group firms are being investigated by SFIO.
According to the government, the Serious Fraud Investigation Office is investigating Sahara India Group firms, and as of today, the agency has not made any motion for the attachment of properties in the matter.
Corporate Affairs Minister Nirmala Sitharaman responded the yes in a written reply to a question in the Lok Sabha on whether charges of financial fraud by Sahara India Group firms are being investigated by SFIO.
On October 31, 2018, the ministry delegated to SFIO the inquiry into the affairs of Sahara Q Shop Unique Products Range Ltd (SQSUPRL), Sahara Q Gold Store Ltd, and Sahara Home Investment Company Ltd.
Moreover, the corporate affairs ministry assigned the examination of the affairs of other group firms on October 27, 2020, at the request of SFIO. According to the written response, they include Aamby Valley Ltd, Qing Ambay City Developers Corporation Ltd, Sahara India Commercial Corporation Ltd, Sahara Prime City Ltd, Sahara India Finance Corporation Ltd, and Sahara India Real Estate Corporation Ltd.
In response to a question on whether the government intends to seize all of the properties of Sahara India Group firms and their owners, the minister stated that, as of now, SFIO has not filed any application for attachment of properties in this instance.
The Securities and Exchange Board of India (SEBI) has, however, notified her that the Hon’ble Supreme Court has given different directions in respect of two Sahara Group Companies, namely Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL).
To a question about if the government intends to arrest the Sahara head since he failed to return the investments to the public/SEBI and instead used full-page newspaper advertising to deceive the government/public, and if so, what action the government would do,
“As per information provided by the directors in their DIN applications filed with MCA, Shri Subrata Roy Sahara, Smt Swapna Roy, Shri Ashok Roy Choudhary, and Shri Joy Broto Roy have reported that they are Indian citizens. Smt S Roy has also indicated in her DIN application that she is a resident of Macedonia,” the minister said.
This was in response to a query on whether the government is aware that the family of Sahara chief has taken citizenship in a foreign country if so, the reaction of the government.
