SEBI freezes accounts of two Sahara Group companies and promoters

Market regulator SEBI has cracked down on the Sahara Group on Wednesday, freezing more than 100 bank accounts of two of its group companies – Sahara India Real Estate Corp Ltd (SIREC) and Sahara Housing Investment Corp Ltd (SHIC) – according to PTI. SEBI also attached the assets and properties of their promoters and the directors.

Last week, the Supreme Court said that the Securities and Exchange Board of India was free to seize its assets and freeze its bank accounts. The court issued notice to Sahara on a SEBI petition alleging that the company, led by Subrata Roy, should be held in contempt as it had failed to deposit Rs 24,000 crore collected from millions of investors. It also asked Sahara to file an affidavit to explain its actions within two weeks.

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