new Delhi: Sahara Group chief Subrata Roy’s difficulties have increased. Markets regulator SEBI has ordered attachment of bank and demat accounts of Sahara group company Subrata Roy and other officials to recover Rs 6.42 crore for violation of norms in issuance of OFCDs. . The Securities and Exchange Board of India (SEBI) said in its order that attachment process is being initiated against five persons associated with Sahara Group in the issuance of Optionally Fully Convertible Debentures (OFCD). A total of Rs 6.42 crore is to be recovered from him in all items including fine and interest. The attachment order has been passed against Sahara India Real Estate Corporation (now Sahara Commodity Services Corporation), Subrata Roy, Ashok Roy Chowdhury, Ravi Shankar Dubey and Vandana Bhargava.
SEBI in its notice has directed all banks, depositories and mutual fund entities not to allow withdrawals from demat accounts of any of them. However, these people will be allowed to make deposits in their accounts. Apart from this, SEBI has asked all the banks to attach the lockers besides the accounts of these defaulters. SEBI, in its order issued in June last, imposed a total penalty of Rs 6 crore on the Sahara group firm and its four key officials.
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what is the matter
The fine was imposed on Sahara for raising money from investors by issuing OFCDs in 2008-09. SEBI said that this debenture was issued in violation of its regulatory norms. According to SEBI, various procedures were not followed to protect the interest of the investors in the issue of debentures. In this case a few days ago SEBI had asked to pay these money for recovery but this amount was not paid within the stipulated time. This is the reason that now SEBI has ordered this action of attachment.