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Sahara India's Downturn; a Study on Awareness and Customer's Imperial Journal of Interdisciplinary Research (IJIR) Vol-3, Issue-3, 2017 ISSN: 2454-1362, http://www.onlinejournal.in Sahara India’s Downturn; A Study on Awareness and Customer’s Perspectives Vaishali Khandelwal Master of Business Administration Abstract: Customers today are more concerned housing bank did not have the wherewithal to about experiencing high quality services while investigate the allegation, So it forwarded the letter investing. The expectation is not just receiving an to the SEBI, The capital market regulator. investment or financing offer from the financial institutions in form of a commodity. They rather 1. November 2010 - Securities and Exchange expect the institution to have a personality of its Board of India bars Sahara India Pariwar chief own with wider recognition and provide the Subrata Roy and two of its companies - Sahara expected return on the financial instruments, which India Real Estate Corp (SIREC) and Sahara delivers services in an atmosphere with Housing Investment Corp (SHIC) from raising satisfaction. In the financial sector the quality of money from the public as they raised several service is turning out as an important differentiator thousand crores through optionally fully among the rivals. convertible debentures which SEBI deemed illegal. December 2010 - Sahara made appeal This case is about Sahara group which did a fraud in the Allahabad High court which ordered with their investors. Company failed to comply with SEBI not to take any action until a court order a Supreme Court order in 2012 to repay investors is passed. January 2011 - Delhi High court in the bond scheme, which the court has said was issued a warrant against Sahara India Pariwar illegal. With this regard Delhi police arrest Sahara chairman Subrata Roy and four other officials group owner Subrata Roy in march 2014 and to of the group on a complaint that it deceived appear in court over failure of two Sahara investors in a proposed housing project of companies to pay Rs 19,000 crore by way of dues Rs.25,000 crore. to be paid to investors. 2. February 2011 - Delhi High court stays proceedings against Sahara India Pariwar Keywords: Banking industry, Customer chairman Subrata Roy and four other officials satisfaction, Financial fraud, Sahara Group. of the group on a complaint that it deceived investors in a proposed housing project. October 2011 - Securities Appellate Tribunal 1. Introduction (SAT) ordered two unlisted Sahara Group companies to refund within six weeks about Sahara India Pariwar (founded in 1978) is an 17,656.53 crore with 15% interest which it had Indian conglomerate headquartered in Lucknow, raised through a flotation of OFCDs. India with business interests in finance, 3. November 2011 - Sahara India Pariwar moved infrastructure & housing, media & entertainment, to Supreme Court against SAT's order and in consumer merchandise retail venture, favor of Sahara Group it stayed the SAT order, manufacturing and information technology. The and asked the two companies to refund 17,400 company had an estimated market capitalization of crores to their investors and asked the details US$25.94 billion as of March 2011. & liabilities of the companies. January 2012 - Supreme Court gives three weeks time to 1.1 Sahara Fraud Case Sahara India Pariwar to choose between either HOW IT ALL BEGUN: January 4, 2010- Roshan to give sufficient bank guarantee or attach Lal, a resident of Indore sent a note to the national properties worth the amount raised through housing bank, requesting it to look into housing OFCD's. bonds issued by two companies of the lucknow- 4. June 2012 - SEBI informed Supreme Court headquartered Sahara group, Sahara India real that real estate division of Sahara India estate corporation and Sahara housing investment Pariwar had no right to mobilise Rs.27,000 corporation. crore from investors through optionally fully Being a CA, Lal wrote in the note, he found that convertible debentures (OFCD) without the bonds, bought by a large number of investors, complying norms of Market regulator - SEBI. were not issued according to the rules. The national August 2012 - Supreme Court directs Sahara Imperial Journal of Interdisciplinary Research (IJIR) Page 1199 Imperial Journal of Interdisciplinary Research (IJIR) Vol-3, Issue-3, 2017 ISSN: 2454-1362, http://www.onlinejournal.in India Real Estate Corporation Ltd. (SIRECL) iceberg. There is widespread speculation that the and the Sahara Housing Investment 40 million investors of the Sahara schemes were a Corporation Ltd. (SHICL) to refund over Rs. front made up to hide black money from influential 24,400 crore. donors. It is hardly any secret that Sahara made it 5. Subrata Roy was eventually arrested on 28 extremely difficult for SEBI to track down February 2014 by Uttar Pradesh police on a investors, not only by sending a plethora of Supreme Court's warrant, in a dispute with paperwork in 127 trucks for them to sift through, Market Regulator - SEBI. In a statement after but also by refusing to refund the money to SEBI in the arrest, his lawyer said Mr. Roy's 92-year- the first place. Indeed, SEBI has found that the old mother was in poor health and needed "her documents Sahara provided do not provide eldest son" by her side, and hence he failed to sufficient, verifiable information, and SEBI has appear at the court. He was granted interim heard back from less than 1 percent of the 20,000 bail by Supreme Court of India for the same on investors it contacted, with many addresses turning 26 March 2014 on condition of depositing Rs out to be invalid. 10,000 crore with the market regulator Sebi. As of August 2014, Roy was still in jail and was trying to sale some of his hotel properties (Kanteti, 2015) analyzed Sahara’s misdeeds are to enough money. considered as an eye-opener in several respects 6. September 5,2014-Sahara chief Subrata Roy about the uncertain dealings inside the corporate- asked SC for 15 more days to sell properties houses and it brings in to being the need for Appearing before a bench headed by Justice protecting the interest of several millions of TS Thakur, Roy's counsel submitted that there investors, who invested their hard earned money in have been huge protests outside the hotels after such socially irresponsible corporations. SEBI an International newspaper published story proved to be effective machinery in tackling the that Sultan of Brunei is buying the properties. case to an extent but still it has a limitation of October 1,2014- Roy was sent back to his cell regulating unlisted companies in India. The reasons in Tihar at the end of the period granted by the for such scandals are several including lack of Supreme Court for stay at the air- conditioned transparency, weak provisions, political nexus and facility in the complex to negotiate sale of his above all, ignorance of investors. In the light of overseas hotels. October 06, 2014-Subrata Roy Sahara case, it is the responsibility of the seeks restoration of special facilities in Tihar government and its various agencies to protect the jail . interests of investors and nation as well through 7. October 31, 2014-Subrata Roy shelled out Rs putting in place necessary provisions in accordance 31 lakh to use special facilities in jail. Roy was with the changing requirement of market. allowed by the Supreme Court to use the jail's conference room to negotiate sale of his hotels According to (Jagannathan, 2016) The Sahara in order to collect Rs 10,000 crore for his bail. case is getting curiouser and curiouser. Jailbird 8. And since the day of detention Subrata Roy Subrata Roy, bossman of the Sahara group, has was in the jail until he got bail on his mother’s been in Tihar for more than two years but is demise in May, 2016. showing no eagerness to come out. The Supreme Court is exasperated but has not found a way to make him pay his bail amount and get out. 2. REVIEW OF LITERATURE Politicians are quiet, despite being on bum-chum terms with Roy. Sebi has been twiddling its thumbs According to (Pande, 2014) With a population of on Roy, attending court hearing after court hearing, over 1.2 billion, more than 250 million people in without anything to show for its patience. What India live in abject poverty. Corruption at the top gives? Roy has been in jail since 4 March 2014 for and grassroots level is at an all-time high, and GDP failing to comply with a Supreme Court order of growth has slowed to 4.7 percent in 2014. The August 2012 asking him to refund over Rs 24,000 Indian economy relies significantly on the crore raised illegally by two Sahara group corporate sector, and the rising number of financial companies. With interest piling up due to non- scams has pertinent ethical implications now more compliance, Roy’s bill has shot up to over Rs than ever. The Sahara and Saradha Group scandals 36,000 crore now. And counting. After failing to represent the antithesis of all business ethics. pay up and evading the court’s orders for more than Sahara, for one, has been convicted of wrongfully 18 months, an angry Supreme Court ordered his acquiring investor money without proper arrest and said he could be released only on a bail authorization. Of course, there is the obvious issue amount of Rs 10,000 crore – half in cash, and the of misrepresenting funding activities to investors as rest by way of a bank guarantee. well as SEBI, but that is simply the tip of the Imperial Journal of Interdisciplinary Research (IJIR) Page 1200 Imperial Journal of Interdisciplinary Research (IJIR) Vol-3, Issue-3, 2017 ISSN: 2454-1362, http://www.onlinejournal.in (Rao, 2015) Analyzed The paper studies the Sahara Primary Data – In this research, primary data India Pariwar scam.
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