Sebi’S Adventurous ‘Investor Protection’ Costs Investors Dearly
Securities and Exchange Board of India (SEBI) seems to be in the
habit of jumping in deep waters without realizing its consequences and
then shying away from what it has been created for in 1992 by virtue of a
special statute.
During its existence of about two decades, its role as a benefactor of investors has often come into question. One such case where SEBI went overboard by taking harsh unrealistic actions in the name of 'investor protection' and then later shrugging off from its duty when the going got tough is that of Golden Forest India Limited (GFIL), where the investors are for the past 14 years, lurching in gloom on the fate of their hard-earned money, courtesy SEBI. The investors had staged protest against SEBI in a hope to get back their money but till now, have not got any respite.
Golden Forest India Limited was a Chandigarh based company which started its business in 1987 by creating social forestry farms. By 1998, the company had raised around Rs. 1,037 crores of money. SEBI banned GFIL by citing that it is not safe for investment when the company declined to get itself registered with SEBI. The regulator slapped the order of selling the assets of the company. Having done this, the regulator also moved Bombay High Court seeking a restriction on the company's business. The Bombay High Court asked SEBI as well as the Reserve Bank of India to set up a committee for studying the matter. Subsequently, GFIL came up with a scheme for repaying its investors and informed about the same to the court. The court, after considering the plan, appointed Justice (Retired) M.L. Pendse to repay the investors by selling 19 properties belonging to the company. Consequently, a multitude of petitions were filed by the investors in different High Courts throughout India demanding a stay on the sale of these 19 properties. Owing to the prevailing chaos, numerous cases were also filed against GFIL and its proprietors in various courts.
For More:-
http://samacharlive.in/business/sebis-adventurous-investor-protection-costs-investors-dearly/
During its existence of about two decades, its role as a benefactor of investors has often come into question. One such case where SEBI went overboard by taking harsh unrealistic actions in the name of 'investor protection' and then later shrugging off from its duty when the going got tough is that of Golden Forest India Limited (GFIL), where the investors are for the past 14 years, lurching in gloom on the fate of their hard-earned money, courtesy SEBI. The investors had staged protest against SEBI in a hope to get back their money but till now, have not got any respite.
Golden Forest India Limited was a Chandigarh based company which started its business in 1987 by creating social forestry farms. By 1998, the company had raised around Rs. 1,037 crores of money. SEBI banned GFIL by citing that it is not safe for investment when the company declined to get itself registered with SEBI. The regulator slapped the order of selling the assets of the company. Having done this, the regulator also moved Bombay High Court seeking a restriction on the company's business. The Bombay High Court asked SEBI as well as the Reserve Bank of India to set up a committee for studying the matter. Subsequently, GFIL came up with a scheme for repaying its investors and informed about the same to the court. The court, after considering the plan, appointed Justice (Retired) M.L. Pendse to repay the investors by selling 19 properties belonging to the company. Consequently, a multitude of petitions were filed by the investors in different High Courts throughout India demanding a stay on the sale of these 19 properties. Owing to the prevailing chaos, numerous cases were also filed against GFIL and its proprietors in various courts.
For More:-
http://samacharlive.in/business/sebis-adventurous-investor-protection-costs-investors-dearly/
Sahara India Pariwar honours Indian medal winners of London Olympics 2012
Lucknow, October 31, 2012: Sahara India Pariwar, a major business conglomerate and the prime promoter & patron of sports in India, today honoured the Indian sportspersons who won medals in the recently held London Olympics, in a grand felicitation ceremony organised at Sahara Shaher, Lucknow. Prior to the commencement of the London Olympics, Sahara India Pariwar, in July this year, had announced to award medals of pure gold of 5 Kg, 3 Kg and 2 Kg to every Indian winning gold, silver and bronze medal respectively in the London Olympics 2012. In pursuance of the said announcement, a ceremony was organised to award medals to the Indian Olympic winners. The ceremony witnessed the awarding of a big 3 kg medal of pure gold to the sportsmen who won silver medal in London Olympics 2012, namely, Shri Vijay Kumar (Shooting) and Mr. Sushil Kumar (Wrestling), whereas 2 Kg medals of pure gold were awarded to the Indian sportspersons - Shri Gagan Narang (Shooting), Ms. Saina Nehwal (Badminton), Ms. Mary Kom (Boxing) and Shri Yogeshwar Dutt (Wrestling) for winning bronze medal in the London Olympics 2012. The awards were presented to the sportspersons by Shri Akhilesh Yadav, Hon’ble Chief Minister, Uttar Pradesh, amongst the presence of many dignitaries from across all walks of life.
A cultural programme was also held as a part of the ceremony which included some memorable performances by Shri Sonu Niigaam and Shri Shiamak Davar’s troupe.
Speaking on the occasion, Hon’ble Chief Minister of Uttar Pradesh, Shri Akhilesh Singh Yadav, said, “I would like to congratulate the sportspersons who have brought laurels to our nation on an international level. I would, first of all, like to thank Saharasri Ji for honoring these talented sportspersons by inviting them to Lucknow and adorning them with huge medals of Gold. I am feeling as happy as I used to feel while watching them on Television.”
Speaking on the occasion, ‘Saharasri’ Subrata Roy Sahara, Managing Worker & Chairman, Sahara India Pariwar, said, “I would, first of all, like to welcome all the 6 great sons and daughters of our great nation, from the depth of my heart. All these talented children of our nation have made us immensely proud. I have known them since long. They started their career in sports on their own and the only ones who stood by them then, were their family members. I felt that something needs to be done in this regard. So, Sahara has come-up with a new planning so as to increase the medal count in the next Olympics. As per this plan, we will be setting up a sports centre of international level at Aamby Valley City where many budding sportspersons will be given world class training. I would also request our friends from media to give more appreciation to these heroes and be even more instrumental in helping them to enhance their performance. I would also like to thank Hon’ble Chief Minister of Uttar Pradesh, Shri Akhilesh Singh Yadav for taking out time from his busy schedule and gracing this occasion.”
Shri Sushil Kumar said that earlier also he has received continuous support, appreciation and encouragement from Saharasri Ji. In the past, we have seen that no other organization has supported sports as Sahara has done. This time also, I am extremely overwhelmed by his gracious blessings. This fact was echoed all the other sportspersons present during the ceremony.
With the objective of developing sports in India and securing better prospects for India in terms of medals tally in the London Olympics, Sahara India Pariwar, adopted Indian Boxing, Wrestling, Archery, Shooting, Track & Field and Tennis, covering support of a total of 101 sportsmen in these 6 games who were potential medal winners. Apart from this, Sahara has also extended support to the Indian Volleyball by sponsoring the Men’s National Teams (Senior & Junior) for a span of 4 years till 2016.
Sahara is also the sponsor of Indian Cricket team and Indian Hockey teams (Men & Women National and Junior Hockey Teams), owner of the IPL Cricket team – ‘Pune Warriors India’ and ‘Sahara Force India’ – the only Indian Formula 1 Team.
ABOUT SAHARA INDIA PARIWAR
Sahara India Pariwar is a major business conglomerate in India with operations in multiple sectors, including financial services, life insurance, mutual funds, housing finance, infrastructure & housing, city development, print and television news media, entertainment channels, cinema production, consumer merchandise retail, healthcare, hospitality, manufacturing, sports, and information technology.
More:-
http://www.prlog.org/12013596-sahara-india-pariwar-honours-indian-medal-winners-of-london-olympics-2012.html
A cultural programme was also held as a part of the ceremony which included some memorable performances by Shri Sonu Niigaam and Shri Shiamak Davar’s troupe.
Speaking on the occasion, Hon’ble Chief Minister of Uttar Pradesh, Shri Akhilesh Singh Yadav, said, “I would like to congratulate the sportspersons who have brought laurels to our nation on an international level. I would, first of all, like to thank Saharasri Ji for honoring these talented sportspersons by inviting them to Lucknow and adorning them with huge medals of Gold. I am feeling as happy as I used to feel while watching them on Television.”
Speaking on the occasion, ‘Saharasri’ Subrata Roy Sahara, Managing Worker & Chairman, Sahara India Pariwar, said, “I would, first of all, like to welcome all the 6 great sons and daughters of our great nation, from the depth of my heart. All these talented children of our nation have made us immensely proud. I have known them since long. They started their career in sports on their own and the only ones who stood by them then, were their family members. I felt that something needs to be done in this regard. So, Sahara has come-up with a new planning so as to increase the medal count in the next Olympics. As per this plan, we will be setting up a sports centre of international level at Aamby Valley City where many budding sportspersons will be given world class training. I would also request our friends from media to give more appreciation to these heroes and be even more instrumental in helping them to enhance their performance. I would also like to thank Hon’ble Chief Minister of Uttar Pradesh, Shri Akhilesh Singh Yadav for taking out time from his busy schedule and gracing this occasion.”
Shri Sushil Kumar said that earlier also he has received continuous support, appreciation and encouragement from Saharasri Ji. In the past, we have seen that no other organization has supported sports as Sahara has done. This time also, I am extremely overwhelmed by his gracious blessings. This fact was echoed all the other sportspersons present during the ceremony.
With the objective of developing sports in India and securing better prospects for India in terms of medals tally in the London Olympics, Sahara India Pariwar, adopted Indian Boxing, Wrestling, Archery, Shooting, Track & Field and Tennis, covering support of a total of 101 sportsmen in these 6 games who were potential medal winners. Apart from this, Sahara has also extended support to the Indian Volleyball by sponsoring the Men’s National Teams (Senior & Junior) for a span of 4 years till 2016.
Sahara is also the sponsor of Indian Cricket team and Indian Hockey teams (Men & Women National and Junior Hockey Teams), owner of the IPL Cricket team – ‘Pune Warriors India’ and ‘Sahara Force India’ – the only Indian Formula 1 Team.
ABOUT SAHARA INDIA PARIWAR
Sahara India Pariwar is a major business conglomerate in India with operations in multiple sectors, including financial services, life insurance, mutual funds, housing finance, infrastructure & housing, city development, print and television news media, entertainment channels, cinema production, consumer merchandise retail, healthcare, hospitality, manufacturing, sports, and information technology.
More:-
http://www.prlog.org/12013596-sahara-india-pariwar-honours-indian-medal-winners-of-london-olympics-2012.html
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