Home » Vocational » Stenography » Shorthand Dictation 80 Words per minute “ Sahara Group ” , Test 10 Minutes with 10 Minutes Audio Dictation, Shorthand Outline and Text Matter. Test 08

Shorthand Dictation 80 Words per minute “ Sahara Group ” , Test 10 Minutes with 10 Minutes Audio Dictation, Shorthand Outline and Text Matter. Test 08

This Memorandum of Information is being make by Sahara India Real Estate Corporation Limited which is andImage_31_1 unlisted Company and neither its equity shares nor any of the bonds /  debentures are listed or proposed to be listed. This issue is purely on the private placement basis and the company does not intend to get these Optionally Fully Convertible Debentures listed on any of the Stock Exchanges in India or abroad. This Memorandum for Private Placement is neither a Prospectus nor a Statement in Lieu op Prospectus. It does not constitute an offer for an invitation to subscribe to OFCD’s issued by India Real Estate Corporation Limited. The Memorandum for Private Placement is intended to form the basis of evaluation for the investors to whom it is addressed and who are willing and eligible to subscribe to these OFCD’s. Investors are required to make their own independent evaluation and judgment before making the investment. The contents of this Memorandum for Private Placement are intended to be used by the investors to whom it is addressed and distributed. This Memorandum for Private Placement is not intended for distribution and is for the consideration of the person to whom it is addressed and should not be reproduced by the recipient.

                The OFCD’s mentioned herein are being issued on a private placement basis and this offer does not constitute a public offer invitation. I may also indicate that all the bonds stipulated that bond holders could avail of loan facility as per the terms and conditions of the application forms. Nirmaan and Real Estate Bonds prescribed an additional feature of death risk cover as well. Clause of RHP imposed no restriction on the transfer of the OFCD’s. Sahara Housing Investment Corporation Limited, a member of Sahara Group Companies, also convened an Annual General Meeting on 16th September 2009 to raise funds by issue of OFCD’s by way of private placement, to friends, associated group companies, workers/employees and other individuals associated/affiliated or connected in any manner with the Sahara Group companies. Consequently, a RHP was filed on under Section 60B of the Companies Act with the RoC, Mumbai, Maharashtra. Later SHICL issued OFCDs of the nature Housing Bonds to persons.

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                SEBI, as already indicated, had come to know of the large scale collection of money from the public by Saharas through OFCDs, while processing the RHP Submitted by Sahara Prime City Limited,­­­++ another Company of the Sahara Group, on 12th January, 2010 for its initial public offer. SEBI160++ then addressed a letter to Enam Securities Private Limited, merchant bankers of Sahara Prime City Limited about the complaint received 480++ from one Roshan Lal alleging that Sahara Group was issuing Housing bonds without complying with Rules/Regulations.Guidelines issued by 500++ RBI. Merchant Banker sent a reply stating that SIRECL and SHICL520++ were not registered with any stock exchange and were not subjected to any rule / regulation / guidelines / notification / directions framed there under and the 540++ issuance of OFCDs were in compliance with the applicable laws. Following the above another letter was also 560++ sent by the Merchant Banker to SEBI stating that SIRECL and SHICL580++ had issued the OFCDs pursuant to a special resolution under Section 81 of the Companies600++ Act, 1956 passed on respectively. Further, it was also pointed out that they had issued and circulated an IM620++ prior to the opening of the offer and that RHP issued by SIRECL was filed with 640++ RoC, U.P. and Uttarakhand and RHP issued by SIHCL was filed with RoC, Maharashtra. SEBI on 21st April, 2010 addressed a letter 660++ to the Regional Director, Northern and Western Regions of  Ministry of Corporate Affairs enclosing the complaint received in respect of OFCDs680++ issued by Saharas.

Securities & Exchange Board of India had stated that those companies had solicited and issued OFCDs700++ violating statutory requirements and that they were not listed companies and had not filed the RHP720++ with SEBI. SEBI sent a communication to Saharas calling for various details including the details regarding 740++ the number of application forms circulated after filing of RHP with RoC, details regarding the number of760++ applications received and subscription amount received, date of opening and closing of subscription list of OFCDs, number780 and list of allotees etc. SIRECL addressed a letter to MCA for guidance/advice800 as to whether it was SEBI of MCA who had locus standi in the820 matter of unlisted companies in view of the provisions of Section 55A of the Companies Act 1956

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