IPS officer Amitabh Thakur and social activist Dr Nutan Thakur have a demanded enquiry regarding the money-collection scheme introduced by Sahara India through its Sahara Q shop and Sahara Credit society.
In their complaint to the Securities and Exchange Board of India (SEBI) along with the Corporate Affairs Ministry, the two have said that it is being widely alleged that along with the Sahara Q shop scheme, Sahara India is collecting public money through a new entity called the Sahara Credit cooperative society, having a variety of schemes like Sahara E shine, Sahara A Select, Sahara Minor, Sahara M Benefit etc.
As per the complaint, this society is registered with the Ministry of Agriculture, Government of India and is collecting money against the rule of law regarding the collection of public money.
Thus just like what the Supreme Court said in its order in regard to Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited (SHICL), money collection under the Sahara Q shop and Sahara credit society schemes seem to fall under the definition of “securities” as defined under Section 2(h) of Securities Contracts (Regulation) Act, 1956, where Sahara India seems to be contravening the provisions of Sections 56, 73, 117A, 117B and 117C of the Companies Act along with the various clauses of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000 and the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009.
The petitioners have said that they had previously sent their complaint on 2 January 2014 but no action has been taken so far and that if these complaints were not enquired in time, it might prove extremely detrimental to the interests of many helpless investors.
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