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Sahara funnels cash from small savers to keep Aamby Valley afloat

Mumbai: The Sahara conglomerate has been funnelling cash from small savers to canada goose outlet uk sale fund one of its biggest projects, a luxury resort south of Mumbai, according to documents Reuters reviewed.

Canada Goose online Sahara has canada goose outlet online uk ploughed at least Rs 1,500 crore ($221 million) from two of its credit cooperatives into the Aamby Valley resort project through investments in preference canada goose outlet store shares, according to documents filed with the companies regulator, as some investors in its credit cooperatives complained of having struggled to get Sahara to pay out their matured time deposits even for sums as low as Rs 30,000. Canada Goose online

canada goose clearance The credit cooperatives investments canada goose outlet toronto factory into Aamby Valley are not illegal. Responding to Reuters queries, a Sahara Credit Cooperative Society Ltd spokesman said via email that “all required approvals” were in place and the investments would official canada goose outlet not put investors at risk. He did not elaborate. Sahara Credit Cooperative had shares worth Rs 1,039 crore in Aamby Valley, according to its 2014 annual report. Saharayn E Multipurpose Society Ltd, which had shares worth Rs 4,600 crore in the resort, did not respond to canada goose outlet shop requests for comment. canada goose clearance

canada goose factory sale The two credit cooperatives could be hit “if Aamby Valley is monetised and the proceeds are given up to the investors of the earlier financial schemes, which is canada goose outlet reviews sitting in the Supreme Court,” said Prem Rajani, founding partner of Mumbai based law firm canada goose outlet parka Rajani Associates, which works in the canada goose outlet new york city areas of banking and finance, canada goose outlet store uk and corporate litigation. canada goose factory sale

canada goose coats on sale The Supreme Court will decide next Tuesday whether to appoint a receiver to auction off some of Sahara’s properties to refund canada goose black friday sale investors canada goose outlet sale in the banned savings deposit scheme. canada goose outlet black friday A senior official agriculture ministry official said Sahara could be “misusing provisions of the law” that govern credit cooperatives by investing some of the cooperative funds into Aamby Valley. canada goose coats on sale

canada goose store The division will look into the matter if they receive any complaint on this, the official said. canada goose store

buy canada goose jacket cheap Sahara has been struggling financially since the Supreme Court ordered it in 2014 to repay investors in a 2008 11 Sahara time deposit plan that it declared was illegal. Founder Subrata Roy has been in jail for the past 22 months for not complying with the Court’s order. buy canada goose jacket cheap

Canada Goose Online Reuters has spoken to dozens of savers who said Sahara had not given them their money when their deposits matured. Instead, they complained, Sahara’s agents and branch officials tried to persuade them to switch their matured savings deposits into new schemes offered through credit cooperatives run by Sahara. In canada goose outlet an email, Sahara said it was not aware of this practice. Canada Goose Online

canada goose uk shop Sahara said in goose outlet canada a statement to Reuters the Aamby Valley project was valued at about Rs 1,00,000 crore ($14.76 billion), citing a 2014 report of property consultant Knight Frank’s India unit. canada goose uk shop

Canada Goose Outlet Markets regulator canada goose outlet canada the Securities and Exchange Board of India (SEBI), which had asked the Supreme Court to order Sahara to repay investors, has pegged its value at about Rs 40,500 crore ($5.95 billion). Canada Goose Outlet

canada goose uk outlet The high valuation claim of Sahara contrasts with the flagging financial profile of the project: Aamby Valley posted an after tax profit of Rs 9 crore in the year ended March 2013. This cookie policy should be read together with our Privacy Policy. canada goose uk outlet

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