Haridwar: District Magistrate Haridwar in Uttarakhand has banned the purchase and sale of the prized land of Sahara India Private Limited located in Bahadarabad area of Haridwar causing a stir among the local business fraternity, sources said. It is learnt that the District Magistrate Haridwar Vinay Shankar Pandey has banned the purchase and sale of 544 bigha land of Sahara India Company in Bahadarabad.
The company has been accused of purchasing land worth crores instead of paying the investors and misleading them. The purchase and sale of the land of Sahara Group has been banned with immediate effect. The price of several hundred bighas of land owned by the Sahara Group is said to be more than two hundred crore rupees.
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District Magistrate Vinay Shankar Pandey said in the order that the land was purchased by investing people's money, which was not being returned to the investors. The gag order on the sale and purchase of Sahara land come two days after the Securities and Exchange Board of India (SEBI) issued a notice to attach bank and demat accounts of the two group firms of the Sahara Group for allegedly violating regulatory norms in the issuance of optionally fully convertible debentures (OFCDs).
Sahara Group chief Subrata Roy has been in trouble after the group failed to return Rs 85,000 crore to its investors by August 31, 2012 as ordered by the court. Roy is currently out on interim bail. He has spent two years in jail in the case. As per reports, the Sahara Group is yet to return Rs 9,000 crore to the investors.
