Shimla: Himachal Pradesh High Court has restrained Sahara Group of Companies from collecting any money, directly or indirectly, for any of the schemes floated by the group in the state.
A division bench of Acting Chief Justice RB Mishra and Justice VK Sharma, today, passed orders in CWP 1681/2013 on a petition by Manjeet Sehgal holding that prima facie a case was made out against respondent companies, Sahara India Parivar; Roy Sahara; Credit Cooperative Society Limited; Q Shop Unique Product Range Limited; and Sahara Q Gold Mart Limited to restrain them from making any transactions with any bank accounts without the prior permission of Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI) in the state of Himachal Pradesh.
The court directed the Enforcement Directorate (ED) to respond to status on money laundering by Sahara Group of Companies as alleged by the petitioner.
The petitioner has pleaded that various schemes, namely, Sahara Q Shop of Group Company, Sahara E Shine (Fixed Deposit for 96 months), Sahara M Benefit (Recurring deposit), Sahara A Select (Fixed Deposit for 48 months), Sahara U Golden (Fixed Deposit for 10 & 15 years), Q Goldbank of Sahara Q Goldmart Ltd., Sahara K Money Fix Deposit Scheme for ten years, Sahara Monthly, Sahara 4 DS Daily Scheme, Sahara Super 4 months Scheme, Sahara Luner 18 months and Sahara Combo Ginni 12250 etc. have been floated in different states of the country, which includes Himachal.
The petitioner states that there is apprehension and potential danger that thousand crores of money so collected by Sahara Group of Companies are transferred to foreign countries.
The petition has also brought to our notice of the court an order of the Supreme Court on 31.8.2012, in Civil Appeal Nos. 9813 and 9833 of 2011 that had directed two Sahara group companies, namely, Sahara India Real Estate Corporation Ltd. and Sahara Housing Investment Corporation Ltd. to refund a sum of Rs 24,000 Crores to the investors through SEBI.
The petitioner alleges the group was collecting huge money without any rules or regulations and without providing opportunities to the investors and public to know the pros and cons of such deposit.
Allegations have also made for an on behalf of the petitioner that Sahara Group of Companies was involved in money laundering and was purchasing hotels abroad.
Before listing the next hearing for 22 April, the court authorized ED and RBI to investigate into allegations of illegal activities of Sahara group.