Sahara Group's listed companies drop on SEBI order

Thu Feb 14, 2013 4:22pm IST

Related Topics

Stocks

   

Reuters Market Eye - Shares in Sahara Housingfina Corp (SAHR.BO) and Sahara One Media and Entertainment Ltd (SAHM.BO) slump after the SEBI ordered a freeze on the assets and bank accounts of two other companies belonging to Sahara Group.

Although Sahara Housingfina and Sahara One Media were not directly impacted by the order from the Securities and Exchange Board of India (SEBI) late on Wednesday, the two are the only listed companies of Sahara Group.

SEBI on Wednesday ordered the freeze of assets on Sahara India Real Estate Corp Ltd and Sahara Housing Investment Corp Ltd, saying they failed to heed a Supreme Court order to repay billions of dollars they had collected in outlawed bonds. * SEBI also ordered a freeze on all properties and bank accounts held in the name of Sahara Group's founder Subrata Roy.

Sahara Group in a statement said the SEBI order did not take into account the redemptions it has made since January 2012 and that the liabilities were unlikely to exceed the money it has already deposited with the regulator.

Sahara Housingfina shares ended down 7.1 percent having fallen as much as 19 percent earlier. Sahara One ended up 0.4 percent after falling as much as 4.8 percent.

(Reporting by Devidutta Tripathy)

FILED UNDER:
  • Most Popular
  • Most Shared

DEFENCE

REUTERS SHOWCASE

Power Theft

Power Theft

India to invest $4 billion to tackle power theft  Full Article 

Debt Funds

Debt Funds

India monitors foreign flows into debt funds, may tighten rules  Full Article 

Bulgari Back in India

Bulgari Back in India

CEO: we shouldn’t have left India so we’re back  Full Article 

 Hindu "Modi-fication"

Hindu "Modi-fication"

Fears grow about Hindu "Modi-fication" of education  Full Article 

Weak Credit

Weak Credit

Hard to hit tax revenue target, credit weak - Jaitley  Full Article 

China Rate Cut

China Rate Cut

China surprises with interest rate cut to spur growth  Full Article 

Gold Imports

Gold Imports

RBI cautious on response to gold import surge  Full Article 

Economic Corridor

Economic Corridor

China commits $45.6 billion for economic corridor with Pakistan  Full Article 

Overseas Funds

Overseas Funds

RBI says overseas borrowed funds can be parked with banks in India  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage