SEBI Order on Sahara India Real Estate (June 23, 2011)
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Transcript of SEBI Order on Sahara India Real Estate (June 23, 2011)
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
http://slidepdf.com/reader/full/sebi-order-on-sahara-india-real-estate-june-23-2011 1/99
[hdo 8 mn <<
TUF-@FH-BNE-2<3-;>-3;88
ROB_SLULOR HAE OWBGHADO CMHSE MN LAELH
MSEOS
ELSOBULMAR _AEOS ROBULMAR 88) 88'5,) 88H HAE 88C MN UGO ROB_SLULOR
HAE OWBGHADO CMHSE MN LAELH HBU) 8<<3 HAE SOD_IHULMA 8;4 MN UGO
ROB_SLULOR HAE OWBGHADO CMHSE MN LAELH 'LRR_O MN BH[LUHI HAE
ELRBIMR_SO SOX_LSOFOAUR, SOD_IHULMAR) 3;;< LA UGO FHUUOS MN
LRR_HABO MN M[ULMAHII\ N_II\ BMA^OSULCIO EOCOAU_SOR C\
RHGHSH LAELH SOHI ORUHUO BMS[MSHULMA ILFLUOE 'AMT @AMTA HR
RHGHSH BMFFMELU\ ROS^LBOR BMS[MSHULMA ILFLUOE, HAE RHGHSH
GM_RLAD LA^ORUFOAU BMS[MSHULMA ILFLUOE
8! Uglr Mseos lr {hrroe la bmf{ilhabo tlug ugo Mseos hae elsobulmar mn ugo
Gmamshcio R{sofo Bmsu mn Laelh ehuoe Fh| 83) 3;88 la [oululma nms R{oblhi Ioh~o
um H{{ohi 'Bl~li, Am!88;32-3;88) tglbg lr hr nmiimtr:
’La uglr fhuuos ugo xorulmar hr um tghu lr MNBE hae ugo
fhaaos la tglbg la~orufoaur hso bhiioe nms hso ~os| lf{msuhau
xorulmar! ROCL) colad ugo brumelha mn ugo La~orums$rlauosoru hae hr ha ow{osu cme|) rgmie owhflao ugoro xorulmar
h{hsu nsmf mugos lrror! Conmso to {hrr nsugos mseosr) to
thau ROCL um eobleo ugo h{{ilbhulma'r, {oaelad conmso lu rm
ughu to bmie mcuhla ugo soxlrluo la{u nms eoblelad ugoro
{oululmar! To soxoru ROCL um ow{oelulmri| gohs hae eobleo
uglr bhro rm ughu uglr Bmsu bha {hrr rluhcio mseosr ma so&
m{oalad! Gmto~os) onnobu um ugo mseos mn ROCL tlii amu co
dl~oa! To hso uh`lad uglr smuo hr to thau um {smuobu ugo
lauosoru mn ugo La~orums! La ugo fohaulfo) ugo Gldg Bmsu fh|
{smbooe) ln lu rm bgmmror) um elr{mro mn ugo bhro hu ugo
ohsiloru!
Ugo r{oblhi ioh~o {oululmar rghii ruhae m~os um Ji|) 3;88!‖
3! H cslon chb`dsmae um ugo fhuuos lr muilaoe la aowu not robulmar! La ugo
bmsro mn {smborrlad ugo Eshnu Soe Gosslad [smr{obur 'gosolahnuos sonossoe um hr ugo
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
http://slidepdf.com/reader/full/sebi-order-on-sahara-india-real-estate-june-23-2011 2/99
[hdo 3 mn <<
ESG[, mn Rhghsh [slfo Blu| Ilfluoe) la sor{obu mn lur {sm{mroe lalulhi {cilb mnnos) ugo
Robslulor hae Owbghado Cmhse mn Laelh 'gosolahnuos sonossoe um hr ROCL, ghe amulboe
ughu utm mugos bmf{halor nmsflad {hsu mn ugo Rhghsh Dsm{) ahfoi|) Rhghsh Laelh
Sohi Oruhuo Bms{mshulma Ilfluoe) amt `amta hr Rhghsh Bmffmelu| Ros~lbor
Bms{mshulma Ilfluoe 'gosolahnuos sonossoe um hr RLSOBI, hae Rhghsh Gmrlad
La~orufoau Bms{mshulma Ilfluoe 'gosolahnuos sonossoe um hr RGLBI, ghe lrroe
M{ulmahii| Nii| Bma~osulcio Eocoausor 'gosolahnuos sonossoe um hr MNBEr, hiiodoei|
la bmaush~oaulma mn ugo {sm~lrlmar mn ugo Bmf{halor Hbu) 8<?>'gosolahnuos sonossoe um
hr ugo Bmf{halor Hbu,) ugo Robslulor hae Owbghado Cmhse mn Laelh Hbu)
8<<3'gosolahnuos sonossoe um hr ugo ROCL Hbu,) ugo osrutglio Robslulor hae Owbghado
Cmhse mn Laelh 'Elrbimrso hae La~orums [smuobulma, Dleoilaor) 3;;; 'gosolahnuos
sonossoe um hr ugo EL[ Dleoilaor, hae ugo Robslulor hae Owbghado Cmhse mn Laelh
'Lrro mn Bh{luhi hae Elrbimrso Soxlsofoaur, Sodihulmar) 3;;< 'gosolahnuos
sonossoe um hr ugo LBES Sodihulmar,! Lu thr mcros~oe ughu RLSOBI hae RGLBI
'gosolahnuos bmiiobul~oi| sonossoe um hr ugo utm Bmf{halor, toso shlrlad rlzhcio
hfmaur mn fmao| nsmf ugo {cilb tlugmu bmanmsflad um ugo {seoau elrbimrso hae
mugos la~orums {smuobulma amsfr tglbg dm~osa {cilb lrror! Fmsom~os ugo eouhlir mn
rbg fmclilzhulma toso hirm amu fheo h~hlihcio la ugo {cilb emfhla! Um {smuobu ugo
lauosoru mn la~orumsr) ROCL) la mseos um {so~oau ugo utm Bmf{halor nsmf shlrlad
nsugos sormsbor nsmf ugo {cilb) {hrroe ha Mseos ehuoe Am~ofcos 35) 3;8; hae
lauos hilh sorushlaoe RLSOBI hae RGLBI nsmf fmclilzlad naer aeos ugo Soe Gosslad
[smr{obur 'gosolahnuos sonossoe um hr ugo SG[, ehuoe Fhsbg 82) 3;;7 hae Mbumcos
>) 3;;<) sor{obul~oi|) nlioe tlug ugo bmabosaoe Sodlrushs mn Bmf{halor) ulii nsugos
elsobulmar! Ugo utm Bmf{halor toso elsobuoe amu um mnnos ugols oxlu| rghsor-MNBEr
ms ha| mugos robslulor) um ugo {cilb ms la~luo rcrbsl{ulmar) la ha| fhaaos
tghurmo~os) olugos elsobui| ms laelsobui|) ulii nsugos elsobulmar!
2! Ugo hnmsorhle Mseos thr bghiioadoe conmso ugo Ib`amt Coabg mn ugo
Gmamshcio Gldg Bmsu mn Jelbhuso hu Hiihghche! Ugo Gmamshcio Gldg Bmsu) ~leoMseos ehuoe Eobofcos 82) 3;8; hefluuoe ugo tslu {oululma nms gohslad hae {hrroe
ugo nmiimtlad elsobulma: ’Hr ha lauoslf fohrso) ugo m{oshulma mn ugo lf{daoe mseos
bmauhlaoe la Haaowso Am! 8 um ugo tslu {oululma lr ruh|oe tlug ilcosu| um ROCL um
{smbooe tlug ugo laxls| cu am nlahi eoblrlma rghii co uh`oa‖! Uglr mseos mn
Gmamshcio Gldg Bmsu thr bghiioadoe c| ROCL c| th| mn h R{oblhi Ioh~o [oululma
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 2 mn <<
'la {oululma nms r{oblhi ioh~o um h{{ohi bl~li am! 2>55?-3;8;, conmso ugo Gmamshcio
R{sofo Bmsu mn Laelh hae ugo Gmamshcio Bmsu) ~leo Mseos ehuoe Jhahs| 5) 3;88
ghe lauos hilh mcros~oe hr nmiimtr:
’Rlabo ugo lf{daoe mseos lr ha he&lauoslf mseos hae hr ugo
fhuuos lr ilruoe nms {osof{ums| gohslad ma 83ug Jhahs|) 3;88)
to roo am sohrma um lauosnoso hu uglr ruhdo! Gmto~os) la ~lot
mn ugo ruh`or la~mi~oe 'labielad {smuobulma mn ugo
la~orumsr,) to hso elsobulad ugo Gldg Bmsu um {smbooe tlug
ugo gohslad mn ugo bhro ma eh|&um&eh| chrlr nsmf 83ug Jhahs|)
3;88) tlugmu hejmsalad ugo bhro! To hso elsobulad ROCL hae
SMB um nlio lur bmauos hnnleh~lu c| 4ug Jhahs|) 3;88) hae
bm{| co nsalrgoe lffoelhuoi| um Sor{maeoau Am!8 gosola!‖
……!!
……!!
Nsmf ugo rhle {hshdsh{g) to nlae ughu ugo Gldg Bmsu ghr dl~oa
ilcosu| um ROCL um {smbooe tlug ugo laxls|! Hu ugo rhfo ulfo)
ugo Gldg Bmsu ghr elsobuoe Sor{maeoau Am!8 um dl~o ugo ahfor
mn ugo la~orumsr um SMB la uosfr mn ugo amulbo ehuoe 38ru
Ro{uofcos) 3;8; hae 85ug Mbumcos) 3;8;! To fh`o lu biohs ughu
ROCL tmie hirm co oauluioe um bhii nms ha| lanmsfhulma tglbg
lu eoofr nlu) labielad ugo ahfor mn ugo la~orumsr tgm gh~o
la~oruoe la MNBE la ugo bmsro mn ugo laxls|! Fs! Rmshcjoo)iohsaoe roalms bmaroi h{{ohslad nms Sor{maeoau
Am!8) ~os| nhlsi| ruhuor ughu ugo| hdsoo um dl~o lanmsfhulma
ughu ROCL tlii bhii {ma ugof um nsalrg la ugo
laxls|! Gmto~os) lu rghii co dl~oa tlugmu {sojelbo um ugo
sldgur hae bmauoaulmar la ugo {oaelad fhuuos!
Conmso bmabielad) to fh`o lu biohs ughu to ow{sorr am m{lalma
ma ugo foslur mn ugo bhro! To soxoru ugo Gldg Bmsu um
ow{oelulmri| gohs hae eobleo ugo bhro!
Ugo r{oblhi ioh~o {oululma lr elr{mroe mn hbbmseladi|!‖
5! Ugosohnuos) ugo fhuuos thr gohse c| ugo Gmamshcio Gldg Bmsu mn Jelbhuso
hu Hiihghche) Ib`amt Coabg hae rcroxoaui|) tglio ~hbhulad ugo lauoslf mseos
'{hrroe ma ehuoe Eobofcos 82) 3;8;,) ~leo Mseos ehuoe H{sli 4) 3;88) ugo
Gmamshcio Bmsu lauos hilh mcros~oe ugo nmiimtlad:
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 5 mn <<
’Ugo {oululmaosr toso r{{mroe um bmm{oshuo la ugo laxls| hae
ugols lauosoru thr {smuobuoe c| sorushlalad ugo ROCL nsmf
{hrrlad ha| nlahi mseosr! Ugo fhuuos thr colad gohse nlahii|
aeos ugo ow{obuhulma ughu ugo hrrshabor dl~oa c| ugo Iohsaoe
Bmaroi nms ugo {oululmaosr tmie co gmamsoe c| ugo
{oululmaosr hae ugo fhuuos tmie co nlalrgoe hu ugo ohsiloru!
Cu ugo {oululmaosr h{{ohs um gh~o ugmdgu mugostlro! Ugo
Bmsu$r mseos bhaamu co hiimtoe um co ~lmihuoe ms blsbf~oauoe
c| ha| fohar!
To) ugosonmso) em amu nlae ha| dsmae um bmaulao tlug ugo
lauoslf mseos) tglbg lr gosoc| ~hbhuoe nms ugo mta bmaebu mn
ugo {oululmaosr hae nms tglbg ugo| gh~o um ugha` ugols mta
ruhsr!‖
?! Ugo rhle Mseos mn ugo Gmamshcio Gldg Bmsu thr bghiioadoe c| RLSOBI
conmso ugo Gmamshcio R{sofo Bmsu mn Laelh la [oululma nms R{oblhi Ioh~o um
H{{ohi 'Bl~li, Am!88;32-3;88! La ugo fohatglio) RLSOBI nlioe hamugos h{{ilbhulma
conmso ugo Gmamshcio Gldg Bmsu mn Jelbhuso hu Hiihghche) Ib`amt Coabg um
sorumso ugo ruh| mseos {hrroe c| lu) ~leo mseos ehuoe Eobofcos 82) 3;8;! Ugo
Gmamshcio Gldg Bmsu mn Jelbhuso hu Hiihghche) Ib`amt Coabg) ~leo mseos ehuoe
H{sli 3<) 3;88 tglio elrflrrlad ugo rhle h{{ilbhulma) fheo ugo nmiimtlad mcros~hulma:
’H {osrma) tgm bmfor um ugo Bmsu) lr r{{mroe um bmfo tlug
bioha ghaer hae cmah nleo lauoaulmar) hae ghr um hcleo c| ugo
mseosr {hrroe c| ugo Bmsu) fmso rm la h bhro tgoso ugo
{hsulor“ bmaroi hdsoo nms bosuhla hbulmar um co aeosuh`oa!
Ln rmfo hrrshabo lr dl~oa c| ha| {osrma um ugo Bmsu) hr ghr
cooa emao la ugo {soroau bhro) hae ugo rhle
hrrshabo-aeosruhaelad lr amu gmamsoe) ugo Bmsu tmie amu
bmfo um glr sorbo!
Ugo h{{ilbhulma lr ugosonmso) sojobuoe!‖
Rcroxoaui|) ugo Gmamshcio R{sofo Bmsu mn Laelh) ~leo mseos ehuoe Fh| 83)
3;88 'so{smeboe la [hshdsh{g 8 hcm~o, elsobuoe ROCL) colad ugo brumelha mn ugo
La~orums“r Lauosoru hae hr ha ow{osu cme|) um owhflao ugo lrror labielad ugo ahuso
mn MNBEr hae ugo fhaaos la tglbg ugo la~orufoaur hso bhiioe nms!
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo ? mn <<
>! La mseos um bmabieo ugo {smbooeladr) la bmf{ilhabo tlug ugo elsobulmar mn ugo
Gmamshcio R{sofo Bmsu mn Laelh) ROCL lrroe h amulbo ehuoe Fh| 3;) 3;88 um ugo
utm Bmf{halor) hae {osrmar ahfoe hr [smfmuosr hae Elsobumsr mn ugo utm
Bmf{halor la ugols sor{obul~o SG[r) ~lz! Fs! Rcshuh Sm| Rhghsh) Fr! ^haehah
Cghsdh~h) Fs! Sh~l Rgha`hs Eco| hae Fs! Hrgm` Sm| Bgmeghs|) hr`lad ugof um
rgmt bhro hr um tg| h{{sm{slhuo elsobulmar labielad elsobulmar foaulmaoe la ugo
Mseos ehuoe Am~ofcos 35) 3;8; rgmie amu co lrroe hdhlaru ugof! Nsugos) ha
m{{msualu| mn gohslad thr hirm {sm~leoe um ugof c| ROCL ma Jao >) 3;88! Ugo utm
Bmf{halor) ~leo iouuosr ehuoe Fh| 2;) 3;88) nlioe eouhlioe so{ilor um ugo rgmt bhro
amulbo) tglbg hso elrbrroe la ugo ihuuos {hsu mn uglr Mseos! RLSOBI) la ugo rhle iouuos
nlioe h bm{| mn h nsorg Bosulnlbhuo mn Labms{mshulma bmaroxoau {ma bghado mn ahfo
um Rhghsh Bmffmelu| Ros~lbor Bms{mshulma Ilfluoe! Fs! Rcshuh Sm| Rhghsh) Fr
^haehah Cghsdh~h) Fs! Sh~l Rgha`hs Eco| hae Fs! Hrgm` Sm| Bgmeghs|) ~leo
ro{hshuo iouuosr ehuoe Fh| 28) 3;88 soxoruoe ROCL um bmarleos ugo so{ilor mn
RLSOBI hae RGLBI hr ln ugo rhfo toso labms{mshuoe la ugols sor{obul~o iouuosr! Ma
Jao >) 3;88) Fs! Reoo{ Roug) he~mbhuo h{{ohsoe ma coghin mn ugo hnmsorhle
oaululor-{osrmar! Hnuos eouhlioe hsdfoaur ma ugo ilaor mn ugo hnmsorhle so{ilor mn ugo
utm Bmf{halor) ugo Iohsaoe Bmaroi soxoruoe ughu ugo fhuuos fh| co bmaulaoe um
co gohse ma ugo aowu eh|! Lu thr fuhii| hdsooe) ughu ugo fhuuos tmie co gohse ma
Jao 7) 3;88! Hbbmseladi|) ugo Iohsaoe Bmaroi bmabieoe glr rcflrrlmar ma ugo
rhle ehuo! Fs! C!F! Usl{hug| hae Fs! Ha{hf [sh`hrg mn Rhghsh Laelh [hsl~hs toso
hirm {soroau eslad ugo gohsladr goie ma Jao >) 3;88 hae Jao 7) 3;88! Ugo
{slfhs| rcflrrlmar mn ugo Iohsaoe Bmaroi) csloni|) hso ugo nmiimtlad0
H! Ugo utm Bmf{halor gh~o fheo ‗{sl~huo {ihbofoaur“ mn M{ulmahii| Nii|
Bma~osulcio Eocoausor 'MNBEr, um {osrmar soihuoe ms hrrmblhuoe tlug
ugo Rhghsh Laelh Dsm{) hae ugosonmso ugoro lrrhabor hso amu ‗{cilb“
lrror!
C! MNBEr hso aolugos rghsor ams eocoausor la lur ruslbu roaro hae hso laugo ahuso mn ‗g|csle“ hr eonlaoe la ugo Bmf{halor Hbu) 8<?>
'gosolahnuos sonossoe um hr ugo Bmf{halor Hbu,!
B! ROCL emor amu gh~o ha| jslrelbulma ma rbg g|csle lrror hr ugo uosf
‗g|csle“ lr amu labieoe la ugo eonlalulma mn ‗robslulor“) aeos ugo ROCL
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo > mn <<
Hbu) ms la ugo Robslulor Bmaushbur 'Sodihulma, Hbu) 8<?> 'gosolahnuos
sonossoe um hr ugo RBS Hbu,!
E! Rbg g|csle robslulor toso lrroe c| ugo utm Bmf{halor 'cmug
ailruoe,) la uosfr mn Robulma >;C mn ugo Bmf{halor Hbu hae ugosonmso)
ugo jslrelbulma la sor{obu mn rbg lrror ilor tlug ugo Boaushi
Dm~osafoau la uosfr mn Robulma ??H'b, ugosomn hae amu tlug ROCL!
O! Robulmar >4 hae 42 mn ugo Bmf{halor Hbu hso amu h{{ilbhcio um rbg
g|csle robslulor lrroe c| ugo utm Bmf{halor!
N! Ugo EL[ Dleoilaor hae ugo LBES Sodihulmar tmie amu co h{{ilbhcio
um ugo g|csle robslulor hr aolugos ugo ROCL Hbu ams RBSH bmanos
jslrelbulma ma ROCL la sor{obu mn rbg robslulor!
4! L gh~o bmarleosoe ugo {slfh nhblo nlaeladr hae mcros~hulmar fheo c| ROCL la
lur Mseos ehuoe Am~ofcos 35) 3;8;) ugo rgmt bhro amulbo ehuoe Fh| 3;) 3;88) ugo
so{ilor nlioe c| ugo {hsulor hae ugo rcflrrlmar fheo c| ugo Iohsaoe Bmaroi eslad
ugo gohslad! La bmf{ilhabo tlug ugo Mseos mn ugo Gmamshcio R{sofo Bmsu mn Laelh
ehuoe Fh| 83) 3;88) f| nlaeladr hae mcros~hulmar la sor{obu mn ~hslmr lrror la ugo
fhuuos hso dl~oa la ugo rcroxoau {hshdsh{gr! L gh~o rou mu uglr Mseos la ugsoo
{hsur! La [hsu H) L gh~o heesorroe ~hslmr lrror shlroe c| ugo utm Bmf{halor
bghiioadlad ugo jslrelbulma mn ROCL ma ugo fhuuosr la uglr Mseos) aeos ugo csmhe
gohe mn ‗Xorulma mn Jslrelbulma“! La [hsu C) L gh~o elrbrroe ugo soio~hau {sm~lrlmar
mn iht la ugo Bmf{halor Hbu hae ugo ROCL Hbu) ugo EL[ Dleoilaor hae ugo LBES
Sodihulmar hae ugols h{{ilbhclilu| um ugo utm Bmf{halor hae ugo MNBEr lrroe c|
ugof aeos ugo doaoshi gohe mn ‗Elrbrrlma mn H{{ilbhcio Iodhi [sm~lrlmar“! La [hsu
B) L rou mu f| mcros~hulmar hae sobmse f| nlaeladr) ma ugo chrlr mn ugo h{{soblhulma
mn ugo lrror la [hsu H hae C! Ugo Iohsaoe Bmaroi nms ugo utm Bmf{halor ghe
sonossoe um h ~os| el~osro shado mn lrror la nlahabo hr toii hr la iht! Ohbg mn ugoro
shlror xorulmar mn dsohu lf{msuhabo0 goabo nms ohro mn sonosoabo) L gh~o elrbrroe
ugof la ro{hshuo robulmar tlugla ugo ugsoo [hsur la uglr Mseos!
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 4 mn <<
[HSU H
X_ORULMA MN J_SLRELBULMA
7! La uglr [hsu) L {smbooe um elrbrr utm naehfoauhi lrror) ~luhi um ugoro
{smbooeladr conmso fo! Ugo nlsru soihuor um ugo ahuso mn MNBEr ugofroi~or! Ugo
robmae lr ma tgougos ROCL ghr ugo jslrelbulma um sodihuo MNBEr! Conmso L em rm) lu
tmie co larusbul~o um csloni| eorbslco ugo rhiloau nohusor mn ugo MNBEr lrroe c|
ugo utm Bmf{halor!
<! Eorbsl{ulma mn MNBEr lrroe c| ugo utm Bmf{halor
<!8! Nsmf ugo tsluuoa ruhuofoau hae embfoaur nsalrgoe c| ugo utm Bmf{halor)
lu lr mcros~oe ughu ugo nlahablhi larusfoaur lrroe hso arobsoe MNBEr! Cslon
eorbsl{ulmar mn ugoro MNBEr lrroe c| ugo utm Bmf{halor hso dl~oa coimt! L hf
gmto~os) lanmsfoe c| ugo La~oruldhulad Hugmslu| ughu rmfo ~hslhulmar la eouhlir
hbsmrr H{{ilbhulma Nmsfr lrroe la ugo rhfo u|{o mn cmae ghr cooa mcros~oe! L
rgmie la {hrrlad foaulma ughu ugo utm Bmf{halor gh~o roe ugo uosf ‗Cmaer“ nms
ugols MNBEr! Gmto~os) ugo uosf ‗cmaer“ hae ‗eocoausor“ hso roe lauosbghadohci|
la nlahabo) ugmdg la ugo ruslbuos roaro) cmaer lf{i| h fmso ow{ilblu bm~oahau ms
bmaushbu coutooa ugo la~orums 'c|os, hae ugo lrros 'roiios, mn ugo cmae!
<!3! RLSOBI) ghr lrroe ugsoo u|{or mn cmaer) hr dl~oa coimt:
h! Hcmeo Cmae ‒ Ugo cmae ghe h nhbo ~hio mn k?);;;-& 'nms ? cmaer, tlug h
uoaso mn 83; fmaugr) tlug h soeof{ulma ~hio mn k8?)?2;-&! Ugo flalff
h{{ilbhulma rlzo thr k?;;;-&! Ugo rhle cmae bha co soeoofoe {sofhusoi|
hnuos >; fmaugr! Ugo gmieosr fh| hirm owosblro m{ulma nms bma~osrlma mn
cmaer hdhlaru ugo nhbo ~hio mn ohbg cmae laum mao nii| {hle oxlu| rghso mn
k8;-& ohbg hu h {soflf mn k<<;-& ohbg) {sm~leoe rbg m{ulma lr owosblroe ma
bmf{ioulma mn 88< fmaugr! Ugo cmae gmieos bha usharnos ugo cmaer um ha|
mugos {osrma) rcjobu um ugo uosfr hae bmaelulmar hae h{{sm~hi mn ugo
bmf{ha|!
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 7 mn <<
c! Sohi Oruhuo Cmae ‒ H{{ilbhau fh| h{{i| nms h flalff mn utm cmaer mn
k>;;;-& ohbg c| {h|lad k3;;-& {os fmaug hae heelulmahi cmaer fh| co
rcrbslcoe c| {h|lad heelulmahi k8;;-& {os fmaug nms >; fmaugr! Too`i|)
Fmaugi|) Xhsuosi|) Ghin&|ohsi| hae \ohsi| {h|foaur toso hirm hbbo{uoe la
ugo rhfo {sm{msulma! Ugo cmae ghr h nhbo ~hio mn k83);;;-& 'nms utm cmaer,
hae bha co soeoofoe hnuos >; fmaugr nms h ~hio mn k8?)3?5-& 'soeof{ulma
~hio,!Gmieosr mn ugo cmaer fh| owosblro m{ulma nms bma~osrlma hdhlaru ugo
nhbo ~hio mn ohbg cmae laum uoa nii| {hle oxlu| rghsor mn k8;-& ohbg hu h
{soflf mn k?<;-& ohbg) {sm~leoe rbg m{ulma lr owosblroe ma bmf{ioulma mn
?< fmaugr! Ugo cmae gmieos bha usharnos ugo cmaer um ha| mugos {osrma)
rcjobu um ugo uosfr hae bmaelulmar hae h{{sm~hi mn ugo bmf{ha|!
b! Alsfhha Cmae ‒ H{{ilbhaur bha h{{i| nms h flalff mn nl~o cmaer mn k8;;;-&
ohbg hae la fiul{ior mn k8;;;-& ugosohnuos! Ugo cmae ghr h nhbo ~hio mn
k?);;;-& 'nms nl~o cmaer, tlug h uoaso mn 57 fmaugr! Ma bmf{ioulma mn ugo
uosf) ugo cmaer bha co soeoofoe nms k4)437-&! Ugo cmaer bha hirm co
soeoofoe ohsilos ma bmf{ioulma mn 87 fmaugr! Gmieosr mn ugo cmaer hirm
gh~o ugo m{ulma mn bma~osrlma! Ugo nhbo ~hio mn ohbg cmae bha co bma~osuoe
laum utm nii| {hle oxlu| rghsor mn k8;-& ohbg hu h {soflf mn k8<;-& ohbg)
{sm~leoe rbg m{ulma lr owosblroe ma bmf{ioulma mn 54 fmaugr! Ugo cmae
gmieos bha hirm usharnos ugo cmaer um ha| mugos {osrma) rcjobu um ugo uosfr
hae bmaelulmar hae h{{sm~hi mn ugo bmf{ha|!
<!2! RGLBI) hirm ghr) hr rooa nsmf lur tsluuoa so{i|) lrroe ugsoo u|{or mn cmaer)
hr dl~oa coimt:
h! Fiul{io Cmae ‒ H{{ilbhaur fh| h{{i| nms h flalff mn utm cmaer mn
k83;;;-& ohbg c| {h|lad k3;;-& {os fmaug nms 83; fmaugr hae ohbg heelulmahi
cmae fh| co rcrbslcoe c| {h|lad heelulmahi k8;;-& {os fmaug nms 83;
fmaugr! [h|foaur bha co fheo ma too`i|) fmaugi|) xhsuosi|) ghin&|ohsi|
hae |ohsi| chrlr! Ugo uoaso mn ugo cmae lr 87; fmaugr! Ugo gmieosr fh|
owosblro m{ulma nms bma~osrlma mn nii| {hle { cmaer hdhlaru ugo nhbo ~hio mn
ohbg cmae laum utoi~o '83, nii| {hle oxlu| rghso mn k8;-& ohbg hu h {soflf
mn k<<;-& ohbg) {sm~leoe rbg m{ulma lr owosblroe ma bmf{ioulma mn 84<
fmaugr! Ugo cmaer bha hirm co soeoofoe hnuos 87; fmaugr! Ugo cmae
gmieos hirm ghr ha m{ulma mn {so&fhuso soeof{ulma hnuos bmf{ioulma mn 83;
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo < mn <<
fmaugr c| dl~lad 2; eh|r amulbo! Ln ugo cmae gmieos ghr amu bmf{iouoe
{h|foau mn laruhifoaur sodihsi| nms 83; fmaugr) lu rghii co uosfoe ‗{hsui|
{hle“ hae la rbg bhro) ugo {hsui| {hle cmae gmieos rghii co {hle lauosoru la
{sm{msulma mn ugo {slabl{hi hfmau ruhaelad um glr bsoelu ulii ugo ulfo mn
soeof{ulma! Ugo cmae gmieos bha usharnos ugo cmaer um ha| mugos {osrma)
rcjobu um ugo uosfr hae bmaelulmar hae h{{sm~hi mn ugo bmf{ha|!
c! Labmfo Cmae ‒ H{{ilbhau fh| h{{i| nms h flalff mn rlw cmaer mn k8;;;-&
ohbg hae la fiul{ior mn k8;;;-& ugosohnuos! Ugo uoaso mn rbg cmaer lr 83;
fmaugr! Ugo cmae gmieosr rghii co {hle fmaugi| lauosoru ma ugo cmae hfmau
hr coimt:
Uoaso la fmaugr 83;
Nhbo ~hio mn > cmaer 'la k, >;;;
Fmaugi| lauosoru tlugeshthi hfmau nms 83;fmaugr 'la k,
?3!?;
Soeof{ulma ma bmf{ioulma mn uoaso 'la k, >;;;
Ugo gmieosr mn rbg cmaer fh| owosblro m{ulma nms bma~osrlma mn nii| {hle {
cmaer hdhlaru ugo nhbo ~hio mn ohbg cmae laum mao nii| {hle oxlu| rghso mn
k8;-& ohbg hu h {soflf mn k<<;-& ohbg) {sm~leoe rbg m{ulma lr owosblroe mabmf{ioulma mn 88< fmaugr! Ugo cmae gmieos bha usharnos ugo cmaer um ha|
mugos {osrma) rcjobu um ugo uosfr hae bmaelulmar hae h{{sm~hi mn ugo
bmf{ha|!
b! Gmrlad Cmae ‒ H{{ilbhaur fh| h{{i| nms h flalff mn nl~o cmaer mn
k8;;;-& ohbg hae la fiul{ior mn k8;;;-& ugosohnuos! Ugo uoaso mn ugo cmae lr
87; fmaugr! Gmieosr mn ugo cmaer fh| owosblro m{ulma nms bma~osrlma mn nii|
{hle { cmae hdhlaru ugo nhbo ~hio mn ohbg cmae laum mao nii| {hle oxlu|
rghso mn k8;-& ohbg hu h {soflf mn k<<;-& ohbg) {sm~leoe rbg m{ulma lr
owosblroe ma bmf{ioulma mn h {oslme mn 84< fmaugr! Ugo cmae bha hirm co
soeoofoe ma ugo soxoru mn ugo cmae gmieos ma bmf{ioulma mn 87; fmaugr nms
k28)?;;-& tgoa bma~osrlma m{ulma lr amu owosblroe hae m{u nms {hsulhi
tlugeshthi ms fmaugi| tlugeshthir) hr {sm~leoe ugosola! [so&fhuso
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 8; mn <<
soeof{ulma mn ugo cmaer lr hirm hiimtoe ma bmf{ioulma mn 8; |ohsr '83;
fmaugr,) c| dl~lad 2; eh|r amulbo! Ugo cmae gmieos bha hirm usharnos ugo
cmaer um ha| mugos {osrma) rcjobu um ugo uosfr hae bmaelulmar hae h{{sm~hi
mn ugo bmf{ha|!
8;! Ugo oaulso ugsru mn ugo Iohsaoe Bmaroi cmug la glr rcflrrlmar hae la ugo
tsluuoa so{ilor nlioe c| ugo utm Bmf{halor) lr ugo nmiimtlad:& MNBEr hso ‗g|csle“
robslulor! G|csle Robslulor hso bm~osoe aeos ugo eonlalulma mn uosf ‗robslulor“ la
ugo Bmf{halor Hbu) tglio ugo| em amu bmfo aeos ugo eonlalulma mn ugo uosf
‗robslulor“ aeos ugo RBS Hbu hae ugosonmso aeos ugo ROCL Hbu! Tgoa ugo
eonlalulma mn ’robslulor‖ thr hfoaeoe um hbbmffmehuo ‗g|csler‖ la ugo Bmf{halor
Hbu la 3;;;) ugo ROCL Hbu ms ugo RBS Hbu toso amu bmssor{maeladi| hfoaeoe!
Ugosonmso) ugo utm Bmf{halor bmauoae ughu ROCL ghr am jslrelbulma hae amsodihums| soflu m~os g|csle robslulor! G|csle Robslulor nhii aeos ugo sodihums|
jslrelbulma mn ugo Dm~osafoau mn Laelh la ugo Flalrus| mn Bms{mshuo Hnnhlsr! La nhbu) hii
mugos hsdfoaur ughu ugo utm Bmf{halor gh~o he~haboe roof um glado ma uglr mao
rladio g|{mugorlr ‒ ughu ROCL ghr am sodihums| jslrelbulma ma ’g|csle‖ robslulor hae
goabo m~os ugo ’MNBEr‖ lrroe c| ugof!
88! Ugo Gmamshcio R{sofo Bmsu mn Laelh ghr la lur mseos) elsobuoe ROCL) hr ha
ow{osu cme|) lauos hilh) um owhflao ugo ahuso mn MNBE! Hr fbg mn uglr owosblro
tmie la~mi~o hahi|rlr ughu fldgu hirm co mn h uobgalbhi ahuso) L rghii nlsru oaeoh~ms
um cslad umdougos ugo ~lotr ow{sorroe c| ~hslmr hugmslulor ma ugo {osulaoau lrror
codlaalad nlsru tlug ugo eonlalulma hae bihrrlnlbhulma mn uglr larusfoau bihrr ughu dmor
aeos ugo amfoabihuso ‗MNBE“ hae ugosohnuos h fmso eouhlioe ow{mrlulma mn ugo uso
ahuso mn rbg larusfoaur! L rghii ugoa {smbooe um hssl~o hu bosuhla lanosoabor)
soio~hau um ugo elr{mrhi mn ugoro {smbooeladr conmso fo!
83! Eonlalulma mn MNBE
83!8! Ugo hbsma|f ‗MNBE“ hr ruhuoe hcm~o) ruhaer nms ’M{ulmahii| Nii| Bma~osulcio
Eocoausor‖! [hifos“r Bmf{ha| Iht 'WWL^ Oe! 8<74) >43&>42, ow{ihlar ugo
fohalad mn ’eocoauso‖ la ugo nmiimtlad fhaaos:
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 88 mn <<
’Ugo uosf eocoauso lr amu h uobgalbhi uosf! Ilaeio| J
mcros~oe la mao bhro
’…!tghu ugo bmssobu fohalad mn ‗eocoauso“ lr L em amu `amt!
L em amu nlae ha|tgoso ha| {soblro eonlalulma mn lu! To `amt
ughu ugoso hso ~hslmr `laer mn larusfoaur bmffmai| bhiioeeocoausor……\m fh| gh~o eocoausor tglbg hso cmaer0…! \m fh|
gh~o h eocoauso tglbg lr amuglad fmso ugha ha hb`amtioedofoau
mn laeocuoeaorr!‖
Bgluu| J! ow{sorroe h rlflihs ~lot: ’L bhaamu nlae ha|
{soblro iodhi eonlalulma mn ugo uosf) lu lr amu olugos la iht
ms bmffosbo h ruslbui| uobgalbhi uosf) ms tghu lr bhiioe h
uosf mn hsu!‖
La hamugos bhro ugo rhfo iohsaoe jedo eorbslcoe ugo fohaladmn ugo uosf ’eocoauso‖ hr nmiimtr: ’Ugo uosf luroin lf{msur
h eocu ‒ ha hb`amtioedofoau mn h eocu ‒ hae r{oh`lad mn ugo
afosmr hae ~hslmr nmsfr mn larusfoaur tglbg gh~o cooa
bhiioe eocoausor tlugmu ha|mao colad hcio um rh| ugo uosf lr
labmssobui| roe) L nlae ughu doaoshii|) ln amu hith|r) ugo
larusfoau lf{msur ha mcildhulma ms bm~oahau um {h|! Uglr
mcildhulma ms bm~oahau lr la fmru bhror hu ugo {soroau eh|
hbbmf{haloe c| rmfo bghsdo ms robslu|!‖
La fmeosa bmffosblhi rhdo h eocoauso eoamuor ha larusfoau
lrroe c| ugo bmf{ha|) amsfhii| ‒ cu amu aoborrhsli| ‒ bhiioe
ma ugo nhbo mn lu h eocoauso hae {sm~lelad nms ugo {h|foau
mn) ms hb`amtioedlad ugo laeocuoeaorr la) h r{oblnloe rf…!hu
h nlwoe ehuo) tlug lauosoru ugosoma! Lu rhii| ‒ cu amu
aoborrhsli| ‒ dl~or h bghsdo c| th| mn robslu| ‒ ugmdg amu
la~hslhci| ‒ ow{sorroe um co mao mn h roslor mn il`o
eocoausor!‖
83!3! Hu h chrlb io~oi) eocoausor hso mn utm bhuodmslor ~lz! Bma~osulcio Eocoausor
hae Ama&Bma~osulcio Eocoausor! Bma~osulcio Eocoausor hso h u|{o mn eocu
robslu| tgoso olugos h {hsu ms tgmio ~hio mn ugo eocoauso lr bma~osulcio laum oxlu|
rghsor hr {soeouosflaoe) tgoa ugo eocoauso lr lrroe! Ugr bma~osulcio
eocoausor hso lrroe tlug {sm~lrlmar ughu hiimt ugo gmieos um owbghado ugo
eocoauso nms bmf{ha| rumb` ms oxlu|) hae {ma rbg owbghado tgoa ugo eocu
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 83 mn <<
mcildhulmar lagosoau la rbg eocoausor hso elrbghsdoe c| ugo oaulu| c| lrrlad rumb`
ms oxlu|! [hifos“r Bmf{ha| Iht eonlaor Bma~osulcio eocoausor la ugo nmiimtlad
fhaaos:
’Ugo bmf{ha| fh| nsugos lrro rm&bhiioe bma~osulcio
eocoausor tglbg hso h g|csle nmsf coutooa eocoausor {sm{os
hae rghsor! H bma~osulcio eocoauso tglbg fh| co lrroe
robsoe ms arobsoe bmauhlar ha m{ulma oauluilad ugo gmieos
um bma~osu glr eocu) hu ulfor ruhuoe la ugo eocoauso) laum
mselahs| ms {sonosoabo rghsor mn ugo bmf{ha| hu ruhuoe shuor
mn owbghado!‖
Bma~osroi|) Ama&Bma~osulcio Eocoausor hso ugmro tgoso am rbg bma~osrlma lr
{osfluuoe ma ugo elrbghsdo mn ugo eocu mcildhulma lagosoau la ugo eocoauso! La mugos
tmser) la ugo bhro mn Ama&Bma~osulcio Eocoausor) ugo {sbghros mn rbg
eocoausor) c| ~lsuo mn gh~lad {sbghroe rbg eocoausor) emor amu dou um cobmfo
h gmieos mn oxlu| ms rumb` la ugo oaulu| lrrlad rbg eocoausor) hu ugo uosflahulma mn
ugo eocoausor ma elrbghsdo mn ugo eocu ilhclilu| lagosoau la ugo rhfo!
83!2! Bma~osulcio Eocoausor hso nsugos rcel~leoe laum utm bhuodmslor ~lz! Nii|
Bma~osulcio Eocoausor hae [hsulhii| Bma~osulcio Eocoausor! Nii| Bma~osulcio
Eocoausor) hr ugo ahfo laelbhuor) hso ugmro tgoso ugo tgmio ~hio mn ugo
eocoauso lr bma~osulcio laum oxlu| mn ugo lrros) hr {soeouosflaoe) hu ugo ulfo mn
lrro! Bma~osroi|) [hsulhii| Bma~osulcio Eocoausor tmie co tgoso mai| h {msulma
mn ugo eocu tmie co oildlcio nms bma~osrlma laum oxlu| mn ugo lrros) hr {so&
eouosflaoe hu ugo ulfo mn lrro!
83!5! La doaoshi) la ugo bhro mn hii bma~osulcio eocoausor) ugo bma~osrlma mn ugo
eocu mcildhulma laum oxlu| mn ugo lrros bha co olugos hu ugo m{ulma mn ugo eocoauso
gmieos ms rbg bma~osrlma ghr um aoborrhsli| gh{{oa hu ugo ulfo mn elrbghsdo mn ugo
eocu mcildhulmar! La ugo nmsfos bihrr mn bma~osulcio eocoausor) ugo {sbghros ms gmieos mn rbg eocoausor tlii owosblro gos sldgu ms m{ulma) um bgmmro tgougos ms amu
um bma~osu ugo eocu ughu lr mtoe um gos) hu ugo h{{mlauoe ulfo! Goabo rbg
bma~osulcio eocoausor hso sonossoe um hr M{ulmahii| Bma~osulcio Eocoausor! La ugo
ihuuos bihrr mn bma~osulcio eocoausor) ugo eocu mcildhulmar lagosoau la ugo eocoausor
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 82 mn <<
aoborrhsli| ms bmf{irmsli| hso so{hle la ugo nmsf mn oxlu| mn ugo oaulu|! Goabo rbg
bma~osulcio eocoausor hso sonossoe um hr Bmf{irmsli| Bma~osulcio Eocoausor!
83!?! Tglio ugoso hso bghshbuoslrulbr mn rbg larusfoaur ughu bha co roe um fuhuo
ugoro Eocoausor laum fmso bmf{iow iodhi hae nlahablhi nmsfr) h elrbrrlma mn ugmro
tmie amu co soio~hau um ugo lrror bmarleosoe la uglr {smbooeladr! Hr foaulmaoe
ohsilos) o~os| bihrr mn eocoausor bha co olugos robsoe ms arobsoe! H uhwmamf|
mn eocoausor) soruslbuoe la uglr bmauowu um ugo lrror la~mi~oe gosola) lr {soroauoe
coimt! Ohbg mn ugo bihrror mn eocoausor {lbumslhii| eo{lbuoe coimt bha co mn ugo
hcm~o utm ~hsloulor ‒ ~lz! robsoe hae arobsoe!
83!>! MNBEr hso laelbhuoe la ugo elhdshf hcm~o! Ugo MNBEr lrroe c| ugo utm
Bmf{halor hso hefluuoei| arobsoe la ahuso! Ugr) eonlaoe rlf{i|) MNBEr hso
M{ulmahii| Nii| Bma~osulcio Eocoausor tgoso ugo MNBE gmieos '{sbghros,)
Pdoaoshii| ma ugo elrbghsdo mn ugo eocu c| ugo lrros oaulu| hu ugo r{oblnloe ulfoV dour
ha m{ulma um mcuhla oxlu| rghsor mn ugo oaulu| lrrlad 'roiilad, rbg MNBEr) la ilo mn
bhrg) chroe ma ugo uosfr eouosflaoe hu ugo ulfo mn lrro-rhio mn ugoro larusfoaur!
EOCOAU_SOR
AMA&BMA^OSULCIO BMA^OSULCIO
N_II\ [HSULHII\
BMF[_IRMSLI\
M[ULMAHII\
BMF[_RMSLI\
M[ULMAHII\
M[ULMAHII\
N_II\
BMA^OSULCIO
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 85 mn <<
82! Hso MNBEr lrroe c| ugo utm Bmf{halor ‗G|csle Robslulor“=
82!8! Um sormi~o uglr xorulma) lu lr nlsru aoborrhs| um aeosruhae ugo ahuso mn
g|csle robslulor ugofroi~or! Robulma 3'8<H, mn ugo Bmf{halor Hbu eonlaor ‗g|csle“
hr um foha ’ha| robslu| tglbg ghr ugo bghshbuos mn fmso ugha mao u|{o mn robslu|)
labielad ugols eosl~hul~or‖! 'Lausmeboe ugsmdg ugo Hfoaefoau Hbu Am!?2 mn 3;;;,!
Robulma 3'5?HH, mn ugo Bmf{halor Hbu eonlaor ‗robslulor“ hr eonlaoe la bihro 'g,
mn robulma 3 mn ugo RBS Hbu hae labieor g|csler‖!
82!3! La ugo so{ilor nlioe c| ugo utm Bmf{halor hr toii hr eslad ugo hsdfoaur mn
ugo Iohsaoe Bmaroi) ugo {mlau ughu bma~osulcio eocoausor hso g|csle robslulor thr
~os| rusmadi| of{ghrlroe! Ugo so{ilor mn ugo utm Bmf{halor xmuoe owuoarl~oi|
nsmf ugo jedofoau mn ugo Gmamshcio R{sofo Bmsu la Ahsoaesh @fhs
Fhgorgthsl ~r! _alma mn Laelh hr so{msuoe la 8<<; 'R{{i!, RBB 55; tgoso ugo
Gmamshcio R{sofo Bmsu amuor ughu ’O~oa h eocoauso) tglbg lr mai| bma~osulcio
hu m{ulma ghr cooa sodhseoe hr h ‗g|csle“ eocoauso c| [hifos“r Bmf{ha| Iht
'{hshdsh{g 55!;4 hu {hdo >4>,!‖ Ugo so{ilor nlioe c| ugo utm Bmf{halor hirm bluo
ro~oshi jelblhi {smamabofoaur hae hsdo ughu h {so eocoauso lr xluo elrulabu
hae ro{hshuo nsmf h bma~osulcio eocoauso tglbg lr h g|csle robslu|! Lu thr hirm
sdoe ughu o~oa ugo Soros~o Cha` mn Laelh ghr uh`oa ugo {mrlulma ughu m{ulmahii|
bma~osulcio-{hsulhii| bma~osulcio eocoauso hso g|csle larusfoaur! Cihb`“r Iht
Elbulmahs| '^LLL Oe!, eonlaor g|csle robslu| hr nmiimtr:
’H robslu| tlug nohusor mn h eocu larusfoau 'rbg hr h
cmae, hae ha oxlu| lauosoru 'rbg hr rghso ms rumb`,! Ha
owhf{io mn h g|csle robslu| lr h bma~osulcio cmae) tglbg bha
co owbghadoe nms rghsor la ugo lrrlad bms{mshulma hae lr
rcjobu um rumb`&{slbo nibuhulmar!‖
82!2! Ugo nmiimtlad elrbrrlma la H Shfh|lh 'W^LL Oe! 3;8; & Dleo um ugo
Bmf{halor Hbu, rgoer ildgu ma g|csle robslulor) hae ugo nohusor ughu elruladlrg
ugof nsmf mugos robslulor!
’Uglr bihro lr h aot {sm~lrlma larosuoe c| ugo Hfoaefoau Hbu)
3;;; um eonlao ’g|csle‖! Ugsmdgmu ugo tmsie) bms{mshuo
dsmtug ghr cooa hbbmf{haloe c| ugo lausmebulma mn ~hslmr
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 8? mn <<
nmsfr mn robslulor il`o eocu&oxlu| g|csler) eosl~hul~or)
m{ulmar hae rghsor tlug elnnosoaulhi sldgur!
Ugo uosf ’g|csle‖ lr ha mfalcr uosf fohalad ha larusfoau
gh~lad ofcoeeoe nohusor ughu hso obmamflbhii| hae
rcruhaul~oi| elnnosoau nsmf ugo nohusor mn ugo gmrubmaushbu! Eo{oaelad ma ugo bmauowu) ugo tmse ‗g|csle“ fohar h
nlahablhi larusfoau gh~lad ha ofcoeeoe eosl~hul~o) ms h
g|csle coutooa eocu hae oxlu|! Nms laruhabo) h rcmselahuoe
cmae lr h g|csle coutooa eocu hae oxlu|! Lu lr iodhii| la
ugo nmsf mn h eocu) cu obmamflbhii|) colad rcmselahuoe um
ugo bihlfr mn doaoshi bsoelumsr) ghr ugo nohusor mn oxlu|!
H bma~osulcio cmae lr hirm rhle um co h g|csle gh~lad ha
ofcoeeoe eosl~hul~o la lu! Ugo sldgu um bma~osu ugo cmae laum
h rghso lagosoaui| labieor h bhii m{ulma ma ugo rghsor mn ugo
lrrlad bmf{ha|) tglbg lr h eosl~hul~o! Hbbmaulad ruhaehser
nms nlahablhi larusfoaur rbg hr LHR 2< hae HR 2; soxlso
r{iluulad mn h eosl~hul~o ofcoeeoe laum h nlahablhi larusfoau
aeos bosuhla blsbfruhabor!‖ '[hdo ?<,
’G|csle Robslulor fohar robslulor tglbg gh~o rmfo mn ugo
huuslcuor mn cmug eocu robslulor hae oxlu| robslulor! H
u|{o mn robslu| tglbg) la ugo nmsf mn h eocoauso) bmauhlar
oiofoaur mn laeocuoeaorr hae oiofoaur mn oxlu| rumb` hirm lrha owhf{io mn h g|csle!‖ '[hdo 8;;,
82!5! Lu lr ha hefluuoe nhbu ughu ugo nlahablhi larusfoaur lrroe c| ugo utm
Bmf{halor) hso MNBEr! H foso {osrhi mn ugo eorbsl{ulma mn ugo larusfoaur lrroe
c| ugo utm Bmf{halor rou mu la [hshdsh{g < hcm~o tmie rgmt) ughu ugoro
larusfoaur gh~o ugo orroaulhi bghshbuoslrulb mn ha MNBE ahfoi| ughu ugo la~orums
ghr ugo sldgu um bma~osu gos eocoausor laum rghsor hu ugo h{{mlauoe ulfo hae ma ugo
chrlr mn {soeouosflaoe uosfr! Biohsi|) hr mcros~oe c| ugo Gmamshcio R{sofo
Bmsu la Ahsoaesh @fhs Fhgorgthsl ~r! _alma mn Laelh 'xmuoe r{sh, imad
conmso ugo uosf ‗g|csle“ thr lausmeboe la ugo Bmf{halor Hbu) hae nsmf ugo
nmsodmlad elrbrrlmar) ugoso lr am hfcldlu| ughu MNBEr lrroe c| ugo utm
Bmf{halor hso la ugo ahuso mn g|csle robslulor! Gh~lad bmabieoe rm) L amt
{smbooe um imm` laum ugo fohalad mn ugo uosf ‗robslulor“ hr eonlaoe la ugo RBS Hbu
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 8> mn <<
hae ugosohnuos um bmf{hso ugo rbm{o mn ugo uosf ‗robslulor“ hr eonlaoe ugosola hae
ugo Bmf{halor Hbu!
85! Rbm{o mn ugo uosf ’Robslulor‖ eonlaoe la ugo RBS Hbu
85!8! Robulma 3'g, mn ugo RBS Hbu eonlaor ugo uosf ’robslulor‖ um labieo
'l , rghsor) rbsl{r) rumb`r) cmaer) eocoausor) eocoauso rumb` ms mugos
fhs`ouhcio robslulor mn h il`o ahuso la ms mn ha| labms{mshuoe
bmf{ha| ms mugos cme| bms{mshuo0
'lh, eosl~hul~o0
'lc, alur ms ha| mugos larusfoau lrroe c| ha| bmiiobul~o la~orufoau
rbgofo um ugo la~orumsr la rbg rbgofor0
'lb, robslu| sobol{u hr eonlaoe la bihro 'zd, mn robulma 3 mn ugo
Robslulrhulma hae Sobmarusbulma mn Nlahablhi Hrrour hae Oanmsbofoau
mn Robslu| Lauosoru Hbu)3;;30
'll, Dm~osafoau robslulor0
'llh, rbg mugos larusfoaur hr fh| co eobihsoe c| ugo Boaushi Dm~osafoau
um co robslulor0 hae
'lll, sldgur ms lauosorur la robslulor0
85!3! La ugo fhuuos mn Regls Rghaulihi Foguh ~r! Boaushi Csoh mn La~oruldhulmaP3;;< '7, RBB 8V) bmffoaulad ma ugo rbm{o mn robslulor oabmf{hrroe c| ugo
eonlalulma mn ugo uosf la Robulma 3'g, mn ugo RBS Hbu) ugo Gmamshcio R{sofo Bmsu
mn Laelh) mcros~oe hr nmiimtr:
’Ugo eonlalulma mn $robslulor$ lr ha labirl~o mao! Lu lr amu
owghrul~o! Lu uh`or tlugla lur {s~lot amu mai| ugo fhuuosr
r{oblnloe ugosola cu hirm hii mgos |{or mn robusllor hr
bmffmai| uaeosrmme ! Ugo uosf $robslulor$) ugr) rgmie co
dl~oa ha ow{harl~o fohalad!
La Ruhuo mn Cmfch| hae mugosr ~! Ugo Gmr{luhi Fhzmms Rhcgh hae
mugosr) HLS 8<>; RB >8; uglr Bmsu tglio lauos{soulad ugo
eonlalulma mn #laerus|# hr bmauhlaoe la Robulma 3'j, mn ugo
Laeruslhi Elr{uor Hbu) 8<54 goie hr aeos:&
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 84 mn <<
#Lu lr mc~lmr ughu ugo tmser roe lr ha labirl~o eonlalulma
eoamuo owuoarlma hae bhaamu co usohuoe hr soruslbuoe la ha|
roaro! '^leo : Rusme“r Jelblhi Elbulmahs|#) ^mi! ) {! 858?,!
Tgoso to hso eohilad tlug ha labirl~o eonlalulma lu tmie co
lah{{sm{slhuo um {u h soruslbul~o lauos{souhulma {ma uosfr
mn tleos eoamuhulma#‖ 'Of{ghrlr r{{iloe,
85!2! L hirm amuo ughu ugo Gmamshcio R{sofo Bmsu mn Laelh la Ahsorg @!
Hddhsthih hae Bm! ~r! Bhacha` Nlahablhi Ros~lbor Ilfluoe hae hamugos P3;8;
'>, RBB 847V) tglio sonosslad um ugo eonlalulma mn ugo uosf ’robslulor‖ eonlaoe aeos
ugo RBS Hbu hae ugo h{{ilbhclilu| mn h blsbihs lrroe c| ugo Eoigl Rumb` Owbghado
Ilfluoe) mcros~oe ugo nmiimtlad:
’3;! Ugo bmauoaulma ughu ugo blsbihs ele amu h{{i| um
ailruoe robslulor thr ei| bmarleosoe hae sojobuoe c| ugo
R{oblhi Bmsu! Ugo R{oblhi Bmsu ugmsmdgi| bmarleosoe ugo
uosf krobslulor$ hr eonlaoe la Robulma 3'g, mn ugo Hbu! Lu
soher hr aeos:&
’3'g, Robslulor labieo ‒
…!
…!‖
[osurhi mn go hcm~o xumoe eonlallma rgmtr gh l emor am
fh`o ha| elrlablma cotooa ilroe robusllor hae uailroe
robusllor hae ugosonmso lu lr biohs ughu ugo Blsbihs tlii
h{{i| um ugo robslulor tglbg hso amu ilruoe ma ugo Rumb`
Owbghado!‖ POf{ghrlr r{{iloeV
85!5! Ugo El~lrlma Coabg mn ugo Gmamshcio Cmfch| Gldg Bmsu) tglio lauos{soulad
ugo hcm~o eonlalulma mn ‗Robslulor“ la Ehglcoa _foecghl [huoi ~! Amsfha Jhfor
Ghfliuma Hae Mugosr P8<7? ?4 Bmf{Bhr 4;; CmfV goie hr nmiimtr:
’Amt lu lr elnnlbiu nms r um hbbo{u ugo hsdfoau mn ugo
h{{oiihaur ughu ugo eonlalulma mn #robslulor# fru co rm sohe
ughu ugo tmser #mugos fhs`ouhcio robslulor mn h il`o ahuso#
toso amu lauoaeoe um laelbhuo ha oiofoau mn fhs`ouhclilu| la
rm nhs hr ugo {soboelad bhuodmslor toso bmabosaoe! H sohelad
mn ugo labirl~o {hsu mn ugo eonlalulma rgmtr ughu ugo
Iodlrihuso ghr oafoshuoe elnnosoau `laer mn robslulor hae
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 87 mn <<
c| th| mn h sorlehs| bihro roe ugo tmser #ms mugos
fhs`ouhcio robslulor mn h il`o ahuso#! Ugo ro mn ugoro
tmser thr biohsi| lauoaeoe um foha ughu ugo ohsilos bhuodmslor
mn robslulor ghe um co fhs`ouhcio hae ha| mugos robslulor mn
#il`o ahuso#) ughu lr um rh|) il`o ugmro tglbg toso
bhuodmslzoe ms oafoshuoe ohsilos toso hirm um co fhs`ouhcio
conmso ugo| bmie co goie um nhii tlugla ugo eonlalulma mn
#robslulor#!‖
Ugo Iohsaoe Bmaroi nms ugo utm Bmf{halor hsdoe ughu tglio ugo MNBEr hso
usharnoshcio) ugo| hso amu ‗ushehcio“ ms ‗fhs`ouhcio“! Ugosonmso) lu lr aoborrhs| um dou
rmfo larldgu laum ugo fohalad mn ugo utm uosfr) {hsulbihsi| la ugo bmauowu mn ugo
eonlalulma mn ugo uosf ‗robslulor“ la ugo RBS Hbu!
85!?! Fhs`ouhclilu| ~r! Usharnoshclilu|:
85!?!8! Ugo Iohsaoe Bmaroi {mlauoe f| huuoaulma um ugo nhbu ughu la ugo Soe
Gosslad [smr{obur nlioe c| ugof) lu ghr cooa biohsi| laelbhuoe ughu ha la~orums tmie
gh~o ugo sldgu um usharnos ugo cmaer um ha| mugos {osrma) rcjobu um ugo uosfr hae
bmaelulmar hae h{{sm~hi mn ugo bmf{ha|! Uglr ghr cooa emao um oarso ughu ugo
MNBEr hso usharnoshcio! Cu) hbbmselad um ugo Iohsaoe Bmaroi) ughu emor amu fh`o
ugoro larusfoaur ‗fhs`ouhcio“! Ugo nhbu ughu ‗fhs`ouhclilu|“ mn h robslu| lr h eonlalad
bghshbuoslrulb mn ugo uosf robslu| ghr cooa toii oruhcilrgoe aeos iht! Ugo
Gmamshcio Gldg Bmsu mn Bhibuuh PC!@! Gmieladr '[, Iue! ~! [sof Bghae Juo
Fliir '8<72, ?2 Bmf{ Bhr 2>4 'Bhi,V) tglio lauos{soulad ugo ow{sorrlma ’fhs`ouhcio
robslulor‖ goie hr nmiimtr: ’L roo am thsshau tghurmo~os nms ilflulad ugo
ow{sorrlma ’fhs`ouhcio robslulor‖ mai| um ugmro robslulor tglbg hso xmuoe
la ugo rumb` owbghado!‖
85!?!3! Ln fhs`ouhclilu| mn h robslu| lr rm ~luhi la eouosflalad ugo h{{ilbhclilu| mn
ugo Robulma 3'g,'l, mn ugo RBS Hbu luroin um h tleo bihrr mn larusfoaur) ugoa ugo
xorulma hslror hr um tghu ugo uosf luroin fohar! Ugo Gmamshcio Gldg Bmsu mn
Jelbhuso hu Cmfch| la lur jedfoau ehuoe Ji| 37) 3;;5 la ugo fhuuos mn F|rmso
Nslu [smebur Ilfluoe hae mugosr ~r! Ugo Brumelha hae mugosr P'3;;?,) 8;4
CMFIS <??V) tglio xmulad bosuhla {msulmar mn ugo jedfoau soaeosoe la ugo fhuuos
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 8< mn <<
mn Ehglcoa _foecghl [huoi ~! Amsfha Jhfor Ghfliuma hae Mugosr)ghe
mcros~oe ugo nmiimtlad:
’Ugo El~lrlma Coabg ghr hirm) lauos hilh) goie ughu la ugo
bhro mn rghsor mn h {cilb ilfluoe bmf{ha|) ugo usharnos lr
bmf{iouo hae o~oa ln ugo usharnos lr amu sodlruosoe ugo
usharnosms gmier ugo rghsor nms ugo coaonlu mn ugo usharnosoo!
Ugo El~lrlma Coabg goie ughu lu thr biohs ughu ugo eonlalulma
mn ugo tmse #robslulor# tmie labieo rghsor mn h {cilb
ilfluoe bmf{ha|! Ugo El~lrlma Coabg ghr hirm goie ughu ugo
uosf #robslulor# tmie) ugosonmso) foha robslulor tglbg toso
bh{hcio mn colad ilruoe ma h rumb` owbghado! Ugo ro mn ugo
uosf #bh{hcio#) la f| ~lot) tmie biohsi| labieo robslulor
tglbg hso amu jru ilruoe cu hirm robslulor mn {cilbbmf{halor tglbg hso bh{hcio mn colad ilroe ma h sobmdalroe
rmb` owbghado!‖ 'Of{ghrlr r{{iloe,
Ugo Gmamshcio Bmsu nsugos mcros~oe hr nmiimtr:
’Ln mao dmor ugsmdg ugo {sm~lrlmar mn ugo Hbu) ugo rbgofo mn
ugo Hbu fh`or lu biohs ughu am soruslbul~o lauos{souhulma bha
co {ihboe ma ugo uosfr roe la ugo Hbu! Ln ugo {sm~lrlmar mn
ugo Hbu hso imm`oe hu) lu lr biohs ughu lu soihuor amu fosoi|
um robslulor tglbg hso ilruoe cu lu hirm soihuor um
robslulor tglbg fh| amu co ilruoe la ha| rumb` owbghado! Hii
ughu lr soxlsoe lr ughu ugoso fru co #fhs`ouhclilu|#! La f|
~lot) lu bhaamu co rhle ughu ha| robslu| tglbg lr amu ilruoe
ma ha| sobmdalroe rumb` owbghado lr amu #fhs`ouhcio#! Hr ihle
emta c| ugo Rladio Jedo hae ugo El~lrlma Coabg 'la ugo
jedfoaur rou mu hcm~o, #fhs`ouhclilu|# lf{ilor ohro mn
roiilad hae labieor ha| robslu| tglbg lr bh{hcio mn colad
rmie la ugo fhs`ou! Uglr emor amu foha ughu lu fru co rmie la
ugo fhs`ou! Hii cmaer mn Dm~osafoau bmf{halor hso nsooi| hae
ohrli| usharnoshcio! Amsfhii|) rghsor mn {cilb ilfluoe
bmf{halor hso hirm nsooi| usharnoshcio! Ha| robusl| tglbg lr
bh{hcio mn colad nsooi| sharnoshcio lr fhs`ohcio!Hr lr rooa)
ugo eonlalulma mn ugo tmse #robslu|# aeos Robulma 3'g, lr ha
labirl~o eonlalulma! Lu lr ~os| tleo! Ugr hii robslulor
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 3; mn <<
tglbg hso fhs`ouhcio hae tglbg gh~o ha ohro ms nhblilu| mn
roiilad hae-ms tglbg gh~o h gldg eodsoo mn ilxlelu| hae- ms
hso bh{hcio mn colad rmie la h fhs`ou l!o! rumb` owbghado) hso
labieoe! …!‖ 'Of{ghrlr r{{iloe,
85!?!2! Ugr) fhs`ouhclilu| eoamuor ugo ohro tlug tglbg h robslu| lr bh{hcio
mn colad rmie! Ugo ohrlaorr mn emlad ha| uglad lr roiemf {soblroi| fohrshcio! Lu
ghr um co eonlaoe la ugo bmauowu la tglbg ugo leoh mn ohrlaorr lr oauosuhlaoe! La ugo
emfhla mn nlahabo hae hbbmaulad) fhs`ouhcio robslulor hso ugmro ughu hso ohrli|
bma~osulcio um bhrg cobhro ugoso lr rnnlbloau eofhae nms ugoro robslulor hae ugo|
bha co rmie xlb`i|! Fhs`ouhclilu| hae ilxlelu| hso bimroi| lauos&soihuoe) o~oa ugmdg
ugo uosfr hso amu r|ama|fr! Fhs`ouhclilu|) hr L tmie roo lu) lu lr fohrso mn ugo
hclilu| mn h robslu| um co cmdgu hae rmie! H dsohuos eodsoo mn owhbuaorr lr rooa la
hiuosahuo eonlalulma mn ugo uosf ughu lu eoamuor ugo soihul~o ohro tlug tglbg ha hrrou
bha co rmie xlb`i| hu h {slbo aohs ugo {slbo hu tglbg rlflihs hrrour hso roiilad! Ugo
Iohsaoe Bmaroi nms ugo utm Bmf{halor ruhuoe ughu ugo la~orumsr la ugo MNBEr hso
hiimtoe um usharnos ugo robslulor hae uglr lr {osfluuoe um oarso ugo usharnoshclilu| mn
ugoro larusfoaur! Gmto~os go foaulmaoe ughu usharnoshclilu| hae fhs`ouhclilu| hso
elnnosoau) ugmdg go ele amu rusorr ugo {mlau nsugos ms dm laum ugo rcuios hr{obur mn
uglr elnnosoabo! La ugo bmauowu mn robslulor fhs`our) lu lr amu abmffma um roo ugo
utm uosfr ‗fhs`ouhclilu|“ hae ‗usharnoshclilu|“ roe csmhei| tlug rlflihs bmaamuhulmar! L
hf amu {osrheoe ughu nms ugo {s{mro mn uglr Mseos) L rgmie {smco ugo rofhaulb
elnnosoabor coutooa ugo utm uosfr!
85!?!5! La Ehglcoa _foecghl [huoi ~! Amsfha Jhfor Ghfliuma Hae
Mugosr 'xmuoe r{sh,) ugo Gmamshcio Cmfch| Gldg Bmsu mcros~oe: ’Ugo
robslulor sonossoe um la ugo eonlalulma toso biohsi| lauoaeoe um gh~o bghshbuos mn
fhs`ouhclilu|! Lu lr am emcu uso ughu tghu lr rhiohcio bha hirm co fhs`ouhcio!‖
'Of{ghrlr r{{iloe,! Hefluuoei|) ugo utm Bmf{halor gh~o lrroe MNBEr um >!>
fliilma la~orumsr! Ugoro larusfoaur hso hirm usharnoshcio) rcjobu um ugo uosfr hae
bmaelulmar mn ugo Bmf{halor! Eslad ugo bmsro mn ugo gohslad conmso fo) L shlroe h
r{oblnlb xos| hr um ugo {sm~lrlma mn iht) tglbg dm~osar uglr usharnoshclilu|! Ugo
Iohsaoe Bmaroi sor{maeoe ughu ugo bmaelulmar ughu h{{i| um uglr usharnos hso aeos
Robulma 8;7 mn ugo Bmf{halor Hbu! H {osrhi mn Robulma 8;7 rgmtr ughu lu heesorror
ugo usharnos mn rghsor hae eocoausor mai|! Tmie lu foha ughu ugoso hso am robulmar
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 38 mn <<
ha|tgoso la ugo Bmf{halor Hbu ughu dm~osa ugo usharnos mn mugos robslulor labielad
ugmro lrroe c| ugo utm Bmf{halor= Cu ughu lr h xorulma ughu L rghii eohi tlug
oirotgoso la uglr Mseos!
85!?!?! Robulma 8;7 mn ugo Bmf{halor Hbu lr h doaoslb bihro ughu rul{ihuor
ughu o~os| usharnos mn rghsor hae eocoausor rghii co emao mai| ma {smebulma mn ugo
larusfoau mn usharnos! Ugo utm Bmf{halor gh~o amu {smeboe ha| embfoau ughu
rgoer ildgu ma tgougos ugoso lr ha| r{oblnlb soruslbulma ughu bmfor la ugo th| mn nsoo
rhio mn ugo MNBE) c| ugo msldlahi la~orums um ha| hamugos {osrma) tgm emor amu nhii
aeos ugo bhuodms| mn ’ nsloaer) of{im|oor) hrrmblhuor……!‖! Rlabo h {sbghros mn
ha MNBE lrroe c| ugo utm Bmf{halor bha roii lu um ha| mugos {osrma) tlugmu ha|
{slms sonosoabo um ugo Bmf{ha| lrrlad ugo MNBE luroin) L gh~o um {sorfo ughu
ugoso hso la nhbu am soruslbulmar lf{mroe c| ugo Bmf{ha| ma ugo fhs`ouhclilu| mn ugorobslu|! Tgoa >!> fliilma rcrbslcosr 'ugmdg amu hii aoborrhsli| elnnosoau la~orumsr,
hso hiimtoe um nsooi| usharhbu la ugo MNBEr) hae usharnos ugof um ha| {osrma) biohsi|
ughu {sm~leor h tleo hae el~osrlnloe chro mn la~orumsr hae tmie aemcuoei|
bmaruluuo h fhs`ou la ugoro robslulor! Ugo bhro mn ugo utm Bmf{halor lr ughu ugo|
gh~o lrroe MNBEr mai| um fofcosr hrrmblhuoe tlug ugo Rhghsh dsm{! O~oa) ln
mao toso um hbbo{u uglr hsdfoau) L emcu tgougos mao tmie gh~o ha| elnnlbiu|
tghurmo~os la hb`amtioedlad ugo nhbu ughu >!> fliilma lr bmimrrhi tleo chro mn
la~orumsr) hae bmie laeo{oaeoaui| bmaruluuo h fhs`ou nms ugoro eocoausor! O~oaugo ilruoe bmf{ha| tlug ugo clddoru fhs`ou bh{luhilrhulma hae ugo ihsdoru la~orums
chro la Laelh ghr mai| aeos 5 fliilma la~orumsr! La nhbu) ugo umuhi la~orums chro la
Laelh bssoaui| 'sob`maoe ma ugo chrlr mn alxo eo{mrlums| hbbmaur la ugo utm
Eo{mrlumslor uh`oa umdougos, lr mai| mn ugo mseos mn 8? fliilma( Cu ughu h{hsu) Robulma
8;7 mn ugo Bmf{halor Hbu biohsi| lr amu lauoaeoe um bhru ha| soruslbulmar ma ugo
usharnos) ma ugo mugos ghae lu lr {slfhsli| lauoaeoe um {smuobu ugo sldgur mn ugo c|os!
La mugos tmser) lu lr amu h Robulma la ugo Bmf{halor Hbu) lauoaeoe um lausmebo ha|
bm~oahau ughu lf{oeor ugo nsoo usharnoshclilu| mn ugo robslu|!
85!?!>! Chroe ma ugo dlehabo mn ugo Gmamshcio Gldg Bmsur muilaoe hcm~o)
L nlae ughu nlsrui|) fhs`ouhclilu| mn h robslu| eoamuor ugo ohro tlug tglbg lu bha co
rmie) robmaei| tghu lr nsooi| usharnoshcio lr fhs`ouhcio hae uglsei| tghu lr rhiohcio
lr hirm fhs`ouhcio! Biohsi|) MNBEr lrroe c| ugo utm Bmf{halor um rbg h tleo
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 33 mn <<
chro mn la~orumsr tgm bha roii ugoro robslulor hfmad ugofroi~or) ln amu um mugosr
hso o~leoaui| ‗fhs`ouhcio“! L gh~o um ugosonmso sodhse ugo MNBEr lrroe c| ugo
utm Bmf{halor hr fhs`ouhcio robslulor!
85!>! Hso ‗M{ulmahii| Nii| Bma~osulcio Eocoausor“ h bihrr mn
‗Eocoausor“=
85!>!8! Nsmf ugo amfoabihuso luroin) ‗M{ulmahii| Nii| Bma~osulcio Eocoausor“
hso ‗Eocoausor“) hr ugo| laeooe hso ahfoe rm! H ‗soe smro“ lr hr fbg h ‗smro“ hr
ha| mugos smro nimtos! Eocoausor hso robslulor aeos ugo RBS Hbu) hae ugosonmso
MNBEr hso robslulor hr toii) aeos ugo rhfo Hbu! Tglio ugoso tmie co {hi{hci|
amuglad tsmad la rbg sohrmalad) L rr{obu ughu h ulado mn nhboulmraorr fldgu co
{osbol~oe la rbg sohrmalad) lah{{sm{slhuo la ha| roslmr bmarleoshulma mn ugo lrror
la~mi~oe! H rbblabu oiblehulma mn tghu ugo uoru nms h ’robslu|‖ aeos robslulor ihtr
fh| co nmae la H Shfh|lh 'W^LL Oe! 3;8; & Dleo um ugo Bmf{halor Hbu ‒ [hdo
8;;,! Ugo hble uoru lr tgougos ugo rbgofo la~mi~or ha la~orufoau mn fmao| la h
bmffma oauos{slro tlug {smnlur um bmfo rmioi| nsmf ugo onnmsur mn mugosr rm ughu
tgoao~os ha la~orums soilaxlrgor bmausmi m~os gos naer hae rcflur ugols bmausmi um
hamugos nms ugo {s{mro hae gm{oni ow{obuhulma mn eosl~lad {smnlur ugosomn) rgo lr la
nhbu la~orulad gos naer la h robslu|! Ugo uoru eosl~oe nsmf ugo jslr{seoabo ma
robslulor ihtr la ugo _aluoe Ruhuor mn Hfoslbh lr ’tgougos ugo la~orufoau lr fheo lah bmffma oauos{slro tglbg lr {soflroe {ma ugo sohrmahcio ow{obuhulma mn {smnlur
rmioi| nsmf ugo fhahdoslhi ms oauso{soaoslhi onnmsur mn mugosr! Rbg uoru bmauhlar
ugsoo oiofoaur: ugo la~orufoau mn fmao|0 h bmffma oauos{slro0 hae {smnlur ms
sousar rmioi| eosl~oe nsmf ugo onnmsur mn mugosr!‖ Hr uglr uoru ghr lur msldla la ugo
robslulor ihtr h{{ilbhcio um ugo _aluoe Ruhuor mn Hfoslbh) lu tmie co h{{sm{slhuo um
ro rbg h uoru mai| ln ugo eonlalulmar mn ugo uosf ‗robslulor“ la ugo utm jslrelbulmar
ugofroi~or hso sohrmahci| rlflihs la rbm{o) la rm nhs hr lu soihuor um eocoausor hae
g|csler ‒ ugo utm robslulor soio~hau um ugoro {smbooeladr conmso fo! Ugo eonlalulmamn ‗robslu|“ la ugo Robslulor Hbu mn 8<22 '_aluoe Ruhuor mn Hfoslbh, lr so{smeboe
coimt:
’ROB! 3! 'h, EONLALULMAR!―Tgoa roe la uglr uluio) aiorr ugo
bmauowu mugostlro soxlsor― '8, Ugo uosf ‗‗robslu|““ fohar
ha| amuo) rumb`) usohrs| rumb`) robslu| nuso) robslu|&
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 32 mn <<
chroe rth{) cmae) eocoauso) o~leoabo mn laeocuoeaorr)
bosulnlbhuo mn lauosoru ms {hsulbl{hulma la ha| {smnlu&rghslad
hdsoofoau) bmiihuoshi&usru bosulnlbhuo) {somsdhalzhulma
bosulnlbhuo ms rcrbsl{ulma) usharnoshcio rghso) la~orufoau
bmaushbu) ~mulad&usru bosulnlbhuo) bosulnlbhuo mn eo{mrlu nms
h robslu|) nshbulmahi ael~leoe lauosoru la mli) dhr) ms
mugos flaoshi sldgur) ha| {u) bhii) rusheeio) m{ulma) ms
{sl~liodo ma ha| robslu|) bosulnlbhuo mn eo{mrlu) ms dsm{ ms
laeow mn robslulor 'labielad ha| lauosoru ugosola ms chroe
ma ugo ~hio ugosomn,) ms ha| {u) bhii) rusheeio) m{ulma) ms
{sl~liodo oauosoe laum ma h ahulmahi robslulor owbghado
soihulad um nmsolda bssoab|) ms) la doaoshi) ha| lauosoru ms
larusfoau bmffmai| `amta hr h ‗‗robslu|““) ms ha|
bosulnlbhuo mn lauosoru ms {hsulbl{hulma la) uof{mshs| mslauoslf bosulnlbhuo nms) sobol{u nms) dhshauoo mn) ms thsshau
ms sldgu um rcrbslco um ms {sbghro) ha| mn ugo nmsodmlad!‖
'Of{ghrlr r{{iloe,
85!>!3! Tghu hso {osulaoau um ugo blsbfruhabor ughu hso aeos bmarleoshulma la
uglr Mseos lr ughu cmug ugo eonlalulmar aeos robslulor ihtr la Laelh hae ugo _aluoe
Ruhuor mn Hfoslbh) em amu elruladlrg nsugos rc bihrror mn ‗eocoausor“) hae ughu
ugoso lr ~os| gldg eodsoo mn bmadsoabo coutooa ugo utm rour mn eonlalulmar! Uglr
fmso ugha sohrmahci|) jrulnlor of{im|lad ugo uoru sonossoe um hcm~o) um leoauln| h
robslu|) hae um eouosflao tgougos MNBEr lrroe c| ugo utm Bmf{halor) tmie
bmfo aeos ugo hfclu mn Robulma 3'g, mn ugo RBS Hbu) hae L) ugosonmso {smbooe um em
rm! La uglr bhro) ugo la~orums {sbghrlad ugo MNBE fh`or ha la~orufoau! Cmug ugo
utm Bmf{halor lrrlad ugo MNBEr hso bmffma oauos{slror) colad {cilb ilfluoe
bmf{halor! Ugo la~orums gosroin ghr hcrmiuoi| am {hsu la doaoshulad {smnlur ma gos
la~orufoau ‒ hae ugosonmso) hr rbg) ugo {smnlur ms sousar hso rmioi| eosl~oe nsmf ugo
onnmsur mn mugosr! Ugosonmso) ma ugo chrlr mn uglr uoru) lu lr hf{i| o~leoau ughu MNBEr
bmfo toii tlugla ugo rbm{o mn robslulor hr eonlaoe la Robulma 3'g, mn ugo RBS Hbu!
85!>!2! La Orrhs Ruooi Iue! ^r! Dshfosb| Ofosdlad Fhs`ou Nae '3;;2 88>
Bmf{Bhr 357 Dj,) ugo Gmamshcio Gldg Bmsu heesorroe ugo lrro hr um tghu
bmaruluuor h ‗robslu|“ hae mcros~oe ugo nmiimtlad:
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 35 mn <<
’La mseos um eouosflao tgougos h usharhbulma la~mi~or h
‗robslu|0) ugo usharhbulma ghr um co owhflaoe um hrrorr ugo
fmul~hulmar ughu tmie {smf{u h sohrmahcio roiios hae c|os um
oauos laum lu! Ln ugo roiios“r {s{mro lr um shlro fmao| nms
ugo doaoshi ro mn h crlaorr oauos{slro ms um nlahabo
rcruhaulhi la~orufoaur hae ugo c|os lr lauosoruoe {slfhsli|
la ugo {smnlu ugo amuo lr ow{obuoe um doaoshuo) ugo larusfoau
lr il`oi| um co h ‗robslu|“!‖
Lu emor amu aooe ha| nsugos oihcmshulma um roo ughu ugo MNBEr lrroe c| ugo utm
Bmf{halor rhulrn| ugo ladsoeloaur mn uglr uoru! Uglr uoru umm sohnnlsfr ughu ugo MNBEr
la xorulma bmfo toii tlugla ugo rbm{o mn robslulor hr eonlaoe la Robulma 3'g, mn ugo
RBS Hbu!
85!>!5! La [hshdsh{g 83 hcm~o) L ghe rou mu ugo eonlalulma mn ‗eocoausor“ hae
bluoe nsmf soio~hau hugmslulor ughu ugo uosf ‗eocoausor“ lr amu eonlaoe tlug ha|
eodsoo mn {soblrlma) hae tghu ugo uosf ghr bmfo um foha la fmeosa eh| rhdo) la
nlahablhi hae iodhi lauos{souhulma! Robulma 3'83, eonlaor ugo uosf ‗eocoausor“ la ugo
Bmf{halor Hbu hae lr {osulaoau:
’'83, #eocoauso# labieor eocoauso rumb`) cmaer hae ha|
mugos robslulor mn h bmf{ha|) tgougos bmaruluulad h bghsdo
ma ugo hrrour mn ugo bmf{ha| ms amu0‖
Ugr o~oa ugo Bmf{halor Hbu bmauof{ihuor ugo labirlma mn h tleo shado mn
robslulor tlugla ugo uosf ‗eocoausor“) hae sonshlar nsmf huuof{ulad um soruslbu uglr
laum ha owbirl~o ilru mn r{oblnlb robslulor tlugla ugo fohalad mn ugo uosf! Ugo uosf
eocoauso ghr lur msldla la ugo ihula tmse ’eocoaus ‖ tglbg usharihuor laum ’ugoso hso
mtoe‖! Eocoauso lr ’H eocu robsoe mai| c| ugo eocums“r ohsalad {mtos) amu c| h
iloa ma ha| r{oblnlb hrrou!‖ [osgh{r ugo coru larldgu laum ugo ~os| tleo rbm{o hae
hf{ilueo mn ugo uosf ‗eocoausor“ lr ugo nmiimtlad: 'xmuoe la Rusme“r Jelblhi
Elbulmahs| mn Tmser hae [gshror ‒ ^mi! LL) ^ Oe! 8<7>,
’Ugo tmse ’eocoauso‖ ghr) h{hsu nsmf ha| eonlalulma) am
{soblro fohalad! Lu lr ugo ahfo mn h doaur hae am mn h
r{oblor!‖ 'Of{ghrlr r{{iloe,
85!>!?! Nms dsohuos bmf{iouoaorr um ugo elrbrrlma) L sonos um ugo rbm{o mn ugo
ow{sorrlma ‗robslulor“ la ugo robslulor iht {osuhlalad um hamugos jslrelbulma) tgoso
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 3? mn <<
MNBEr hae rlflihs robslulor hso lrroe hae ilruoe nsooi|! Larusfoaur bsohulad ms
hb`amtioedlad laeocuoeaorr ughu nhii aeos ‗robslulor“ eonlaoe la Bihro 2'8, mn ugo
Nlahablhi Ros~lbor hae Fhs`ou Hbu) 3;;; '_aluoe @lademf, labieo 'h, eocoausor0
'c, eocoauso rumb` 'b, imha rumb` 'e, cmaer 'o, bosulnlbhuor mn eo{mrlu hae 'n, ha|
mugos larusfoau bsohulad ms hb`amtioedlad laeocuoeaorr! L mcros~o ughu uglr
eonlalulma h{{ilbhcio la ugo rhle jslrelbulma umm emor amu r{obln| ha| r{oblhi bihrr mn
robslulor ughu lr eorldaoe um hbbmffmehuo h g|csle il`o MNBE!
85!>!>! Ugoso lr am lanmsfhulma h~hlihcio um fo ma ha| jslrelbulma tgoso ugo
ow{sorrlma ‗robslulor“ ow{ilblui| hae ro{hshuoi| {sm~leor nms ugo eonlalulma mn ~hslmr
u|{or mn eocoausor 'il`o MNBEr, ms ‗g|csler“ um oahcio lur sodihulma la ughu
jslrelbulma! La nhbu) MNBEr ugofroi~or la ugo nlahablhi tmsie bha gh~o la usa)
elnnosoau ahabor la ugo nmsf mn ofcoeeoe {u hae bhii eosl~hul~or! La f| m{lalma) lutmie co r{osnimr hae rlf{i| lf{shbulbhcio um `oo{ ma tleoalad hae nlao ualad
ugo rbm{o mn ugo uosf ‗robslulor“ um `oo{ {hbo tlug ugo ow{imrl~o dsmtug mn aot
doasor mn {smebur hae hrrou bihrror ‒ ohbg tlug lur mta bmf{iowlu| la ugols eorlda)
~hihulma) slr` bghshbuoslrulbr) hbbmaulad bmarleoshulmar hae uhw lf{ilbhulmar! Rmfo
jslrelbulmar) il`o ugo _aluoe @lademf) gh~o o~oa hem{uoe h shugos oiodhau rmiulma um
uglr lrro c| owuoaelad ugols ilru mn robslulor ugsmdg h amulnlbhulma) hr hae tgoa lu lr
soxlsoe! Mugosr jslrelbulmar il`o ugo _aluoe Ruhuor mn Hfoslbh uhb`io uglr {smciof
c| rlf{i| eonlalad ’robslulor‖ um labieo ’la doaoshi) ha| lauosoru ms larusfoaubmffmai| `amta hr h ‗robslu|“!‖
85!>!4! Eocoausor) la ilao tlug lur eonlalulma la ugo Bmf{halor Hbu luroin)
ugosonmso) hr foaulmaoe r{sh) gh~o um co bmarleosoe hr h ‗doar“) bh{hcio mn
hbbmffmehulad h ihsdo ~hslou| mn nlahablhi larusfoaur tlug orroaulhii| rlflihs bmso
bghshbuoslrulbr ughu fh| elnnos la mugos {osl{goshi hae o~oa lf{msuhau nohusor!
MNBEr bha co bmarleosoe mai| hr h ‗r{oblor“) tlugla uglr ‗doar“ mn eocoausor! La
uglr bhro) ugo bmso rlflihslu| coutooa Eocoausor hae MNBEr hso ughu) cmug hso
lauosoru {h|lad eocu larusfoaur) tgoso ugo {slabl{hi ghr um co so{hle! Ugo orroaulhi
aln|lad ugsohe coutooa {ihla ‗Eocoausor“ hae ‗MNBEr“ lr ughu ugo lrros ‗mtor“
rmfouglad elrulabu um ugo la~orums) tglbg ghr um {hle chb` tlug eo bmarleoshulma '~lz!
ugo lauosoru,! Rbg eocu ughu lr mtoe tmie gh~o um co soeoofoe c| ugo lrros hu ugo
h{{mlauoe ulfo ma ugo {so&eouosflaoe uosfr! Ugo {osl{goshi) ao~osugoiorr lf{msuhau
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 3> mn <<
elnnosoabo coutooa h Eocoauso 'rushldgu l!o! Ama&Bma~osulcio, hae ha M{ulmahii|
Nii| Bma~osulcio Eocoausor ‒ rlf{i| lr ughu hu ugo ulfo mn rbg soeof{ulma mn ugo
eocu) ugo la~orums bha m{u nms soeof{ulma la `lae 'la ugo nmsf mn oxlu| rghsor,
laruohe mn soeof{ulma la bhrg! Gmto~os) c| am rusoubg mn lfhdlahulma) bha mao
bmabieo ughu M{ulmahii| Nii| Bma~osulcio Eocoausor tmie ugosonmso nhii murleo
ugo ‗doar“ mn Eocoausor ugofroi~or!
85!>!7! La Ahsoaesh @fhs Fhgorgthsl ~r! _alma mn Laelh 'xmuoe r{sh,)
ugo Gmamshcio R{sofo Bmsu) mcros~oe ughu la ugo ~hslmr dleoilaor h{{ilbhcio um
rbg larusfoaur) bmf{irmsli| bma~osulcio eocoausor hso sodhseoe hr ‗oxlu|“ hae
amu hr h imha ms eocu!‖ Mao mn ugo bslulbhi bmarleoshulmar hem{uoe c| ugo Gmamshcio
R{sofo Bmsu mn Laelh la bmabielad rm) lr ughu ’H bmf{irmsli| bma~osulcio
eocoauso emor amu {mruihuo ha| so{h|foau mn ugo {slabl{hi!‖ Ugo ugla`lad mn ugo Gmamshcio R{sofo Bmsu so~ohioe la uglr jedofoau) amu mai| bihslnlor ugo
lrro) cu hirm {sm~leor fo tlug h umbgrumao um eouosflao tgougos ugo MNBEr
lrroe c| ugo utm Bmf{halor hso fmso la ugo ahuso mn rghsor ms eocoausor!
RLSOBI ghr lrroe ugsoo cmaer ~lz! Hcmeo Cmae) Sohi Oruhuo Cmae hae Alsfhha
Cmae! RGLBI ghr hirm lrroe ugsoo cmaer ~lz! Fiul{io Cmae) Labmfo Cmae hae
Gmrlad Cmae! Nsmf h {ihla sohelad mn ugo rffhs| mn ugols eorbsl{ulmar hu
[hshdsh{g <!3 hae <!2 hcm~o) lu lr o~leoau ughu hii ugoro rlw cmaer {mruihuo h
so{h|foau mn ugo {slabl{hi! Ugo so{h|foau mn ugo {slabl{hi tlii co hu ugo m{ulma mn ugo la~orums! Ugo la~orums gmier ugo m{ulma) tglbg dl~or gos h sldgu um eouosflao
tgougos rgo tmie il`o um dou gos {slabl{hi chb` la bhrg ms hr oxlu| rghsor! Goabo)
M{ulmahii| Nii| Bma~osulcio Eocoausor ail`o ugols bmauos{hsu bhuodms| mn
Bmf{irmsli| Bma~osulcio Eocoausor em amu rghso ugo bghshbuoslrulb {mlauoe mu c|
ugo Gmamshcio R{sofo Bmsu la hssl~lad hu ugo bmabirlma ughu Bmf{irmsli|
Bma~osulcio Eocoausor hso fmso mn oxlu| ugha mn eocoausor! Ugr) hii ugo rlw
nlahablhi larusfoaur lrroe c| ugo utm Bmf{halor rghso ugo eonlalad nohuso mn
eocoausor la ughu h {h|foau mn lauosoru um ugo la~orums hae h so{h|foau mn ugo
{slabl{hi) hicolu hu ugo m{ulma mn ugo la~orums) lr {mruihuoe!
85!>!<! La ugo tsluuoa so{ilor hr toii hr la ugo rcflrrlmar c| ugo Iohsaoe
Bmaroi) lu thr {mlauoe mu ughu Robulma 78'2, mn ugo Bmf{halor Hbu owof{ur ugo
labsohro mn ugo rcrbslcoe bh{luhi mn h {cilb bmf{ha| bhroe c| ugo owosblro mn ha
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 34 mn <<
’m{ulma huuhbgoe um‖ ugo eocoausor lrroe! Tglio uglr hsdfoau mn ugo utm
Bmf{halor lr colad heesorroe ro{hshuoi|) tghu lr bsblhi goso lr ughu uglr hdhla
esl~or gmfo ugo nhbu ughu ugo Bmf{halor Hbu la Robulma 78'2, sobmdalzor h
‗bma~osulcio eocoauso tlug ha m{ulma huuhbgoe um lu“ hr coimadlad um ugo csmhe nhfli|
mn ‗eocoausor“! Hr mcros~oe hcm~o) ugo MNBE lrroe c| ugo utm Bmf{halor) lr
amuglad cu h ‗bma~osulcio eocoauso tlug ha m{ulma huuhbgoe um lu! La mugos tmser)
o~oa ugo Bmf{halor Hbu) tgoso lu fh`or h sonosoabo um rbg {smebur ms
larusfoaur tgoso ha m{ulma dour huuhbgoe um h eocoauso ‒ hb`amtioedor ughu ugo
{slfhs| doar lr ughu mn ugo ‗eocoauso“! Uglr soihulma coutooa ugo m{ulma hae ugo
eocoauso) um tglbg lu lr huuhbgoe) lr ao~os {osbol~oe um co soniowl~o ~lz! ha MNBE lr
ao~os ~lrhilzoe la ugo rbloabo mn nlahabo ms la iht) hr h ‗eocoauso“ ughu dour
huuhbgoe um ha ‗m{ulma“!
85!4! Eorlda hae ^hihulma bmarleoshulmar nms MNBEr
85!4!8! Um bmabieo uglr elrbrrlma) lu cobmfor hirm soio~hau um owhflao ugo
nlahablhi bghshbuoslrulbr mn MNBEr ugofroi~or! Biohsi|) MNBEr 'hr lrroe c| ugo
utm Bmf{halor, hso h bmfclahulma mn utm robslulor & Eocoausor laum tglbg ugo
‗m{ulma“ um nii| bma~osu ugo rhfo) hu ugo h{{mlauoe ulfo) laum oxlu| rghsor mn ugo
sor{obul~o Bmf{ha| ghr cooa ofcoeeoe! L gh~o sonossoe um h tleoi| sobmdalzoe
hugmslu| ma ugo rcjobu ~lz! Ugo Ghaecmm` mn Nlwoe Labmfo Robslulor) ^LL Oe!)
Nsha` J! Nhcmzzl 'Oelums, ‒ Bgh{uosr ?< hae >;! Uglr elrbrrlma {sm~leor roni
larldgur laum tg| bmf{halor lrro bma~osulcio robslulor 'il`o MNBEr, hae tg|
la~orumsr {sbghro ugof! Rmfo mn ugo elrbrrlma ugosola lr owushbuoe hae
so{smeboe coimt!
’Ugo ~hio mn h bma~osulcio robslu| lr soihuoe um fha|
~hslhcior) labielad bghador la ugo {slbo mn ugo aeosi|lad
rumb` hae bghador la lauosoru shuor) bsoelu xhilu| hae ugo
~mihulilu| mn cmug ugo rumb` hae ugo lauosoru shuor! Ugoleohi bma~osulcio cmae soaeosr h cmaeil`o sousa ln ugo sousa
ma ugo aeosi|lad lrros“r rumb` lr flalfhi ms aodhul~o hae ha
oxlu|&il`o sousa ln ugo aeosi|lad rumb`“r sousa lr xluo
{mrlul~o! Ahushii|) h cmae il`o sousa) ln goie um fhuslu|
lr eouosflaoe c| ugo bm{ma {h|foaur) ugo ohsaladr ma ugo
sola~oruoe bm{mar) hae ugo sousa mn {slabl{hi! Ugr ugo
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 37 mn <<
bma~osulcio {sm~leor ugo la~orums tlug ugo ’couuos mn‖ sousa
{smnlio!‖
’Bma~osulcio lrror mnnos utm chrlb {muoaulhi he~hauhdor um
ugo lrros! Ugo lrrhabo mn bma~osulcio cmaer mnnosr ugo
he~hauhdo mn imtos lauosoru bmru hae iorr soruslbul~obm~oahaur soihul~o um h amabma~osulcio cmae lrro! La mugos
tmser) ugo la~orums {h|r nms ugo sldgu um {hsulbl{huo la
nuso nh~mshcio {slbo bghador la ugo aeosi|lad bmffma rumb`
c| hbbo{ulad h imtos |loie hae h iorr soruslbul~o eocu
hdsoofoau!‖
’Ha la~orums {sbghrlad h bma~osulcio robslu| sobol~or ugo
he~hauhdor mn h fmso roalms robslu|: ugo rhnou| mn {slabl{hi
'{slms bihlf um hrrour m~os oxlu| robslulor gmieosr, hae
soihul~o labmfo ruhclilu| hu h `amta lauosoru shuo!
Nsugosfmso) ln ugo bmffma rumb` mn ugo lrros slror la {slbo)
ugo bma~osulcio larusfoau rhii| hirm tlii slro um soniobu
ugo labsohroe ~hio mn ugo aeosi|lad bmffma rumb`!‖
85!4!3! Ugo rhfo hugmslu| la Owglclu ?<!3 '[hdo 8242, uluioe ’Bma~osulcio
Robslulor: Ugo Coru mn Utm Tmsier‖) {sm~leor ha oiodhau eo{lbulma mn ugo chrlb
bma~osulcio rusbuso hr nmiimtr:
tgoso ugo uosf ‗rushldgu cmae“ lr roe hr h r|ama|f nms h rushldgu ‗Eocoauso“!
’Ha la~orums la h bma~osulcio robslu| onnobul~oi| mtar h
amabma~osulcio nlwoe labmfo robslu| hae h bhii m{ulma ma ugo
lrros“r bmffma rumb`! Ugo ~hio mn h bma~osulcio robslu| lr
ugosonmso ugo rf mn ugoro utm ~hior…!‖ 'nsmf Nhcmzzl bluoe
r{sh,
85!4!2! Ugr) la ilao tlug ugo elrbrrlma hcm~o) ha| bma~osulcio eocoauso
'labielad MNBEr, lr h bmfclahulma mn h eocoauso hae ha m{ulma! Hr foaulmaoe
hcm~o) Robulma 78'2, mn ugo Bmf{halor Hbu hirm sonosr um owhbui| rbg h
RUSHLDGU
CMAEM[ULMA BMA^OSULCIO+ 6
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 3< mn <<
bmfclahulma! Ugo bmfclaoe ~hio mn ugo eocoauso hae ugo m{ulma eouosflaor ugo
hbuhi ~hio mn ugo bma~osulcio eocoauso! Rlf{io Eocoausor hso ~hioe ma ugo
chrlr mn o~hihulma mn {soroau ~hio mn hii bhrg nimtr 'la ugo nmsf mn {h|foaur,
hbbslad nsmf lu! M{ulmar hso ~hioe ma ugo chrlr mn ugo h{{ilbhcio fhugofhulbhi
fmeoi) h{{sm{slhuo um ugo r{oblnlb uosfr mn ugo m{ulma luroin! Ugo tgmio ~hio mn ugo
bmfclaoe {smebu ugoa tmie co rf mn ugo utm {hsu ~hior mn lur bmf{maoaur!
Tglio ugosonmso) h bma~osulcio eocoauso il`o ha MNBE) lr h bmfclahulma mn utm
elrulabu {smebur ~lz! ugo eocoauso hae ha m{ulma) ugo| hso ao~os bmarleosoe ms
bihrrlnloe hr h u|{o mn m{ulma! Um xmuo nsmf ugo rhfo hugmslu| bluoe r{sh) ’Ugo
fmru nsoxoaui| bluoe sohrma um la~oru la bma~osulcior lr ughu bma~osulcior {sm~leo
{rleo {hsulbl{hulma tlug emtarleo {smuobulma!‖ Uglr rlf{i| fohar ughu ha la~orums lr
hrrsoe mn h eonlaluo sousa 'goabo ugo uosf ‗emtarleo {smuobulma“, hr la ugo bhro mn h
{ihla eocoauso) cu rgmie ugo bmf{ha| dsmt hae lur rumb` {slbo labsohro) ugoa ugo
la~orums dour um {hsulbl{huo la uglr dsmtug hae o~oa dour um co ha mtaos la ugo
bmf{ha| hr ha oxlu| gmieos hnuos ugo bma~osrlma 'goabo ugo uosf ‗{rleo
{hsulbl{hulma“,! La mugos tmser) Bma~osulcio Eocoausor 'labielad MNBEr, hso h ehi
bmfclahulma mn utm {smebur) ugo| hso ao~os bihrrlnloe hr m{ulmar) cobhro ugo
‗m{ulma“ rlf{i| rlur oiodhaui| ma ugo ‗eocoauso“ hr h rtoouoaos 'hr sonossoe um la
rmfo uowu cmm`r, um huushbu la~orumsr um la~oru la ugo rhfo! H rbsf{ulmr bh`o
oaulbladi| eobmshuoe tlug lblad ma um{ mn lu lr `amta c| ugo bh`o hae amu c| ugo lblad
ughu rlur hum{ lu! Hahimdmri|) MNBEr coimad um ugo {slfhs| nhfli| mn Eocoausor
hae amu M{ulmar!
85!7! [hifos“r Bmf{ha| Iht 'WWL^ Oe! [hdo >4>, amuor ughu ’Bma~osulcio
eocoausor fh| co lrroe hr eocoausor ms eocoauso rumb`‖! PGoso ugo ow{sorrlma
eocoauso rumb` lr elruladlrgoe nsmf eocoausor) {slfhsli| la ugo el~lrlclilu| mn ugo
rumb` luroin! Eocoauso rumb` bha co usharnossoe la nshbulmahi hfmaur) cu orroaulhii|
hso eocoausor!V Ugr) o~oa nsmf uglr bmarleoshulma mn gmt rbg nlahablhi
larusfoaur hso lrroe) Bma~osulcio Eocoausor il`o MNBEr hso lrroe la ugo ahuso
mn eocoausor himao!
85!<! Eslad ugo bmsro mn ugo hsdfoau) ugo Iohsaoe Bmaroi rcfluuoe ughu ugo
RBS Hbu lr amu h{{ilbhcio um bma~osulcio cmaer aeos Robulma 37'8,'c, mn ugo rhfo!
Gmto~os) lu lr amu elnnlbiu um roo ughu ugo Iohsaoe Bmaroi ghr lauos{souoe uglr
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 2; mn <<
Robulma ossmaomri|! Tghu lr bmauof{ihuoe la uglr Robulma 37'8,'c, lr ughu ugo rhle
Hbu rghii amu h{{i| um ugo ‗oauluiofoau“ mn ugo c|os) lagosoau la ugo bma~osulcio cmae!
La mugos tmser) ugo oauluiofoau ughu fh| co ro~oshcio c| luroin emor amu xhiln| hr h
robslu| ughu bha co heflalruosoe c| ugo RBS Hbu) aiorr lrroe la h eouhbghcio
nmsfhu!
85!8;! Ugo nmiimtlad rffhslror ugo elrbrrlmar hcm~o:
8! Hr ihle emta la ugo jedofoau la ugo fhuuos mn Regls Rghaulihi Foguh ~r!
B!C!L 'xmuoe r{sh,) ugo eonlalulma mn ‗robslulor“ la Robulma 3'g, mn ugo
RBS Hbu lr ha labirl~o mao hae amu owghrul~o) tlug heoxhuo ihulueo um
hbbmffmehuo MNBEr!
3! MNBEr lrroe c| ugo utm Bmf{halor hso fhs`ouhcio robslulor!
2! Ugoro larusfoaur rhulrn| hii ugo bghshbuoslrulb nohusor ughu leoauln| h
robslu| chroe ma biohs uorur roe um leoauln| tghu h robslu| aeos Robulma
3'g, mn ugo RBS Hbu lr!
5! Eocoauso lr h doar hae amu h r{oblor mn nlahablhi larusfoaur! Uglr
doar labieor MNBEr!
?! MNBEr bmauof{ihuo ugo so{h|foau mn {slabl{hi) hae goabo rlad ugo|hserulb` hem{uoe c| ugo Gmamshcio R{sofo Bmsu mn Laelhla
Ahsoaesh @fhs Fhgorgthsl ~r! _alma mn Laelh 'xmuoe r{sh,) ugoro
larusfoaur laeooe hso eocoausor!
>! Ugo Bmf{halor Hbu sobmdalzor MNBEr hr h bmf{mrluo nlahablhi
larusfoau tgoso ha m{ulma lr huuhbgoe um h eocoauso!
4! Eorlda hae ~hihulma bghshbuoslrulbr mn MNBEr) rgmt ughu lu lr ugo rf mn
ugo ~hihulma mn ugo utm {hsur ~lz! eocoauso hae m{ulma) tgoso ugo m{ulma
lr ~hioe hr h ‗rtoouoaos“ um lf{sm~o ugo {slblad hae slr` bghshbuoslrulbr mn
ugo eocoauso!
7! MNBEr hso lrroe hr eocoausor '[hifos“r Bmf{ha| Iht & WWL^ Oe!
[hdo >4>,!
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 28 mn <<
85!88! Nsmf ugo nmsodmlad elrbrrlmar) lu ugosonmso cobmfor hcaehaui| biohs ughu
MNBEr coimad um ugo nhfli| mn Eocoausor bm~osoe c| ugo eonlalulma mn ugo uosf
‗robslulor“ la Robulma 3'g, mn ugo RBS Hbu! Ughu ha MNBE lr h g|csle ugosonmso emor
amu eoushbu nsmf ugo nhbu ughu ha MNBE lr c| eonlalulma) eorlda hae lur bghshbuoslrulbr)
lauslarlbhii| hae orroaulhii| h ‗eocoauso“!
8?! Bmf{hslrma mn ugo eonlalulma mn ugo uosf robslulor aeos ugo
Bmf{halor Hbu hae ugo RBS Hbu hae [mtosr mn ROCL
8?!8! Um soluoshuo) Robulma 3'8<H, mn ugo Bmf{halor Hbu eonlaor ‗g|csle“ um foha
’ha| robslu| tglbg ghr ugo bghshbuos mn fmso ugha mao u|{o mn robslu|) labielad
ugols eosl~hul~or‖! Cihb`“r Iht Elbulmahs| '^LLL Oe!, eonlaor g|csle robslu| hr: ’H
robslu| tlug nohusor mn h eocu larusfoau 'rbg hr h cmae, hae ha oxlu| lauosoru
'rbg hr rghso ms rumb`,!‖ Tglio ugo Bmf{halor Hbu bmauof{ihuor ughu h g|csle bha
co ha| bmfclahulma mn robslulor ‒ hae fh`or lu ha mfalcr eonlalulma) ugo fmso
{soblro eonlalulma la Cihb`“r Iht Elbulmahs| lr ughu lu lr h bmfclahulma mn h eocu
larusfoau hae ha oxlu| lauosoru! La nhbu la ugo sohi tmsie mn nlahabo) lu lr uglr
eonlalulma ughu hbuhii| gmier! L gh~o amu bmfo hbsmrr ha| tleo sonosoabo um ha
g|csle la ugo nlahablhi fhs`our la Laelh ughu lr amu h bmfclahulma mn h eocu hae oxlu|
robslu| ‒ {osgh{r tlug h eosl~hul~o ofcoeeoe laum lu! Cu ugo chrlb oxhulma ~lz!
g|csle 6 eocu + oxlu|) lr hifmru al~osrhii| uso) tlug eocu hae oxlu| colad flwoe la
elnnosoau rusoadugr) um rlu ugo nlahablhi soxlsofoaur mn ugo lrros! Uglr lr tgoso mao
aooer um so~lrlu Robulma 3'g,'l, mn ugo RBS Hbu) tglbg r{oblnlor ughu ’robslulor‖
labieor ’rghsor) rbsl{r) rumb`r) cmaer) eocoausor) eocoauso rumb` ms mugos
fhs`ouhcio robslulor mn h il`o ahuso la ms mn ha| labms{mshuoe bmf{ha| ms mugos
cme| bms{mshuo‖! La uglr ilru mn larusfoaur) ugo ihru ugsoo ~lz! cmaer) eocoausor hae
eocoauso rumb` hso eocu larusfoaur) hae ugo nlsru ugsoo ~lz! ~lz! rghsor) rbsl{r hae
rumb`r hso oxlu| larusfoaur! _aeos ugo eonlalulma) ha| fhs`ouhcio robslu| mn $h il`o
ahuso“ humfhulbhii| nhiir aeos Robulma 3g'l, mn ugo RBS Hbu! H g|csle) hr imad hr lu
lr fhs`ouhcio) sodhseiorr mn ugo rusoadug ms {sm{msulma la tglbg ugo eocu hae oxlu|
bmf{maoaur hso hrrofcioe umdougos) cohsr ha aflruh`hcio il`oaorr um mao ms fmso
mn ugoro rlw larusfoaur! Rm biohsi|) ha| fhs`ouhcio g|csle) la ugo th| to
aeosruhae g|csler la Laelh umeh|) lr h fhs`ouhcio robslu| mn h ‗il`o“ ahuso! La mugos
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[hdo 23 mn <<
tmser) tgoa eocu hae oxlu| hso flwoe umdougos um nmsf h ‗g|csle“) tghu gh{{oar lr
ughu & um ro ha hahimd| nsmf ugo rbloabo mn Bgoflrus| & h ‗flwuso“ lr bsohuoe tgoso
ugo aflruh`hcio bghshbuoslrulbr mn ugo oiofoaur 'eocu hae oxlu|, hso cmug
{soros~oe! Ugo soriulad r|augorlr mn ugo g|csle emor amu bsohuo h aot ‗bmf{mae“)
tgoso ugo msldlahi bghshbuoslrulbr mn ugo bmf{maoaur hso umuhii| imru ms hiuosoe co|mae
sobmdalulma!
8?!3! Uglr lr amu um rh| ughu hii g|csler la~hslhci| gh~o um bmfclao eocu hae oxlu|!
Fha| lrrosr gh~o rmie eocu larusfoaur tgoso ugo hfmau mn {slabl{hi {h|hcio hu
fhuslu| lr uloe um ugo {osnmsfhabo mn h rumb` ms cmae laeow) ms h bmffmelu| ms
nmsolda bssoab| ms o~oa ugo shuo mn lanihulma! Tgougos la ugo nuso) nlahablhi
oadlaooslad tlii bsohuo aotos g|csler hr bmfclahulmar mn mugos robslulor ughu
cobmfo {m{ihs la Laelh lr ghse um {soelbu ‒ cu umeh|) lu lr aoxl~mbhii| uso ughu hii
fhs`ouhcio g|csler h~hlihcio la ugo fhs`ou aohui| nhii laum ugo bhuodmslor ’fhs`ouhcio
robslulor mn h il`o ahuso‖!
8?!2! Nsmf Robulma 3'8<H, mn ugo Bmf{halor Hbu) lu lr o~leoau ughu h ’g|csle‖ lr h
nmsf mn robslu|! Ugoso roofr um co am hfcldlu| sodhselad uglr! Gmto~os) ugo
Iohsaoe Bmaroi nms ugo utm Bmf{halor ghr rusoamri| hsdoe ughu ugo eonlalulma mn
robslulor lausmeboe laum ugo Bmf{halor Hbu ghr tleoaoe ugo rbm{o mn robslulor
co|mae ugo rbm{o mn ugo rhfo ow{sorrlma hr eonlaoe la ugo RBS Hbu! Ugo Iohsaoe
Bmaroi roofr um chro glr h~osfoau ma ugo r{{mrlulma ughu ugo rbm{o mn eonlalulma
mn ugo uosf ‗robslulor“ la ugo Bmf{halor Hbu ghr cooa tleoaoe c| ugo uosfr ’hae
labieor g|csler‖!
8?!5! L rghii) hu rmfo ioadug) dm laum ugo iodhi lauos{souhulma mn ugo uosf ’hae
labieor‖) hr lu h{{ohsr la Robulma 3'5?HH, mn ugo Bmf{halor Hbu) um h{{soblhuo ugo
ruhur mn ‗g|csler“ la ugo rbm{o mn robslulor! La Dmenso| [gliil{r Laelh Iue! hae
Hamugos ~r! Ruhuo mn _![ hae Mugosr 'T['B, Amr! ?>4 hae ?>7&?><-<5 ehuoe
Jhahs| 3;) 3;;?,) ugo Gmamshcio R{sofo Bmsu) tglio lauos{soulad ugo fohaladmn ugo tmse ’labielad‖ bmauhlaoe la Oaus| >3 la Ilru LL 'Ruhuo Ilru, la ugo roauoabo
’Uhwor ma iwslor) labielad uhwor ma oauosuhlafoaur) hfrofoaur) couulad hae
dhfcilad‖) mcros~oe hr nmiimtr:
’To hso hthso ughu ugo fhwlf mn amrblus h rmbllr fh| co h
usohbgosmr mao aiorr ugo ‗rmblouhr“ um tglbg ugo ‗rmbll“
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 22 mn <<
coimad) hso `amta! Ugo slr` fh| co {soroau tgoa ugoso lr am
mugos nhbums owbo{u bmauldlu| um rddoru ugo ‗rmblouhr“! Cu
tgoso ugoso lr) hr goso) h uosf mn tleo eoamuhulma tglbg lr
amu nsoo nsmf hfcldlu|) ugo heelulma mn ugo tmser rbg hr
‗labielad“ lr rnnlbloaui| laelbhul~o mn ugo rmblouhr! Hr to
gh~o rhle go tmse ‗labiueor“ la go {soroa bmaow laelbhor
h bmffmahil| ms rghsoe nohusor ms hslcuor mn go
labiuelad tmse tlg go labiueoe!‖ 'Of{ghrlr r{{iloe,
8?!?! Um bluo ha owhf{io nsmf ugo jslr{seoabo hsmae uglr rcjobu) la ugo _aluoe
Ruhuor mn Hfoslbh PFmauoiim Rhiu Bm! ^! _uhg) 338 _! R! 5?3 '8<88,V) ugo Bmsu
tglio lauos{soulad tmser #hae labielad hii rhilao ihaer la ugo ruhuo#) nmae ughu ugo
tmser #hae labielad# nmiimtlad h eorbsl{ulma em amu aoborrhsli| foha #la heelulma
um)# cu fh| sonos um h {hsu mn ugo uglad eorbslcoe) mcros~oe hr nmiimtr:
’To gh~o rooa ughu ugo ruhuo sdor ughu ugo tmse #hae# lr
hith|r of{im|oe um ow{sorr ugo soihulma mn heelulma) hae lu lr
rhle) tlug tmser mn of{ghrlr) ughu Bmadsorr bhaamu co r{{mroe
um gh~o cooa ldamshau mn lur fohalad! Ugo r{sofo bmsu mn ugo
ruhuo hirm dh~o r{oblhi rldalnlbhabo um ugo ro mn #hae)# hr
heelad rmfouglad um ughu tglbg {soboeoe! Ugo bmsu hirm
bmarleosoe ughu ugo tmse #labielad# thr roe hr h tmse mn
oaihsdofoau) ugo iohsaoe bmsu colad mn m{lalma ughu rbg thr
lur mselahs| roaro! Tlg glr to bhaam bmabus! L lr lr
owbo{lmahi roaro) hr go elblmahslor hae bhror laelbho!‖
'Of{ghrlr r{{iloe,
8?!>! La ugo fhuuos mn Ugo Rmug Djhshu Smmnlad Ulior Fhanhbusosr
Hrrmblhulma hae hamugos ~r! Ugo Ruhuo mn Djhshu hae hamugos P8<44V 8RBS747)
ugo Gmamshcio R{sofo Bmsu mn Laelh mcros~oe ’Lu lr uso ughu ‗labieor“ lr
doaoshii| roe h tmse mn owuoarlma) cu ugo fohalad mn h tmse ms {gshro lr owuoaeoe
tgoa lu lr rhle um labieo ugladr ughu tmie amu nhii tlugla lur mselahs| bmaamuhulma!‖ H
‗g|csle“ colad amuglad cu h bmfclahulma mn robslulor) hr elrbrroe hcm~o) lu tmie
co elnnlbiu um hsdo ughu lu tmie amu nhii tlugla lur mselahs| bmaamuhulma! Cihb`r Iht
Elbulmahs| '^LLL Oe! 3;;5, eonlaor ugo uosf ’labieor‖ hr ’um bmauhla hr {hsu mn
rmfouglad‖! La rgmsu) h{{i|lad ugo mc~lmr hae ugo ahushi fohalad mn ugo {gshro
’hae labieor‖ hr roe la Robulma 3'5?HH, mn ugo Bmf{halor Hbu) biohsi| fohar ughu
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 25 mn <<
’g|csle‖ hso bmauhlaoe la ugo ow{sorrlma ’robslulor hr eonlaoe la‖ Robulma 3'g, mn
RBS Hbu! Ugoso hso am owbo{ulmahi blsbfruhabor ughu ofosdo goso) ughu tmie
{osrheo mao um huuslcuo ha| mugos fohalad um ugo ow{sorrlma ’hae labieor‖ hr
roe la Robulma 3'5?HH, mn ugo Bmf{halor Hbu! Ugosonmso) lu tmie nmiimt ughu
robslulor eonlaoe la ugo Bmf{halor Hbu gh~o ugo rhfo fohalad hr eonlaoe la ugo
RBS Hbu) tglbg tmie hirm bm~os ugo r{oblor mn ’g|csle‖ eonlaoe la Robulma 3'8<H, mn
ugo rhfo Hbu! Ugr) ugo ow{sorrlma ’hae labieor‖ fosoi| lr ow{ihahums| la ahuso!
Lu rlf{i| bihslnlor hae oihcmshuor tghu lr hisohe| `amta) hae sohnnlsfr ughu ugo aoti|
eonlaoe bihrr mn robslulor lr hirm {hsu mn ugo owlrulad rou mn nlahablhi larusfoaur
hisohe| bm~osoe aeos ugo RBS Hbu!
8?!4! Robulma 3'5?C, 'lausmeboe c| ugo Eo{mrlumslor Hbu) 8<<>, la ugo Bmf{halor
Hbu sobmdalror ugo Robslulor Owbghado Cmhse mn Laelh oruhcilrgoe aeos Robulma 2mn ugo ROCL Hbu! Robulma ??H 'larosuoe c| ugo Bmf{halor 'Hfoaefoau, Hbu) 3;;;,
eonlaor ugo {mtosr mn ROCL aeos ugo Bmf{halor Hbu! Lu rour hrleo h tms`lad
eofhsbhulma mn ugo hsohr ughu hso dl~oa um ROCL hae ugmro rou hrleo nms colad
heflalruosoe c| ugo Boaushi Dm~osafoau!
Robulma ??H soher hr nmiimtr:
[mtosr mn Robslulor hae Owbghado Cmhse mn Laelh!―
??H! Ugo {sm~lrlmar bmauhlaoe la robulmar ?? um ?7) ?< um 75)
8;7) 8;<) 88;) 883) 882) 88>) 884) 887) 88<) 83;) 838) 833)
3;>) 3;>H hae 3;4) rm nhs hr ugo| soihuo um lrro hae usharnos
mn robusllor hae ama&{h|foau mn el~leoae rghii)―
'h, la bhro mn ilruoe {cilb bmf{halor0
'c, la bhro mn ugmro {cilb bmf{halor tglbg lauoae um dou
ugols robslulor ilruoe ma ha| sobmdalzoe rumb` owbghado la
Laelh) co heflalruosoe c| ugo Robslulor hae Owbghado Cmhse mn
Laelh0 hae
'b, la ha| mugos bhro) co heflalruosoe c| ugo Boaushi
Dm~osafoau! 'Of{ghrlr r{{iloe,
8?!7! Ugo ruhuofoau mn mcjobur hae sohrmar nms Bmf{halor 'Hfoaefoau, Hbu) 3;;;
{sm~leor nms fohrsor) lauos hilh) hr nmiimtr:
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
http://slidepdf.com/reader/full/sebi-order-on-sahara-india-real-estate-june-23-2011 35/99
[hdo 2? mn <<
’um {sm~leo ughu ugo Robslulor hae Owbghado Cmhse mn Laelh co oausruoe tlug
{mtosr tlug sodhse um hii fhuuosr soihulad um {cilb lrror hae usharnosr
labielad {mtos um {smrobuo eonhiulad bmf{halor hae ugols elsobumsr!‖
Ugosonmso) la sohelad hae lauos{soulad Robulma ??H) ugo {hshfmau bmarleoshulma ughu
rgmie co ughu ROCL ghr cooa oausruoe tlug hii {mtosr um sodihuo {cilb lrror hr
lr h{{sm{slhuo!
8?!<! Robulma ??H ofcmelor ugo {mtosr usharnossoe aeos ugo Bmf{halor Hbu um
ugo cme| ‗ROCL“ oruhcilrgoe aeos Robulma 2 ugo ROCL Hbu! Ugo tmse ‗robslulor“ la
Robulma ??H mn ugo Bmf{halor Hbu sonosr um ugo ow{sorrlma ‗robslulor“ eonlaoe la ugo
Bmf{halor Hbu luroin! Lu dmor tlugmu rh|lad ughu lu emor amu sonos um ugo ow{sorrlma
‗robslulor“ la ugo ROCL Hbu ms RBS Hbu! Ohbg mn ugo utm Hbur lr roin bmauhlaoe la
ugols eonlalulmar) hae aiorr lu lr ow{ilblui| {sm~leoe ughu h eonlalulma nsmf hamugos Hbu
lr lf{msuoe nms ugo {s{mro mn ha| r{oblnlb Robulma la olugos! Ugosonmso) nms ugo rh`o
mn hsdfoau) o~oa toso to um hrrfo ughu ugo rbm{o mn ugo uosf ‗robslulor“ lr tleos
hr eonlaoe aeos ugo Bmf{halor Hbu hr bmf{hsoe um lur eonlalulma aeos ugo RBS
Hbu) ROCL tmie owosblro hii ugo {mtosr ughu [hsilhfoau ghr bmanossoe ma lu) aeos
Robulma ??H mn ugo Bmf{halor Hbu! Ugosonmso) hr nhs hr ROCL“r {mtosr aeos ugo
Bmf{halor Hbu dm) ugo| owuoae um hii ‗robslulor“ nhiilad aeos ugo Bmf{halor Hbu)
blsbfrbslcoe mn bmsro) c| tghu [hsilhfoau ghr {sm~leoe aeos Robulma ??H
ugosola! Ugo {mtosr mn ROCL um sodihuo ‗robslulor“ aeos ohbg mn ugoro Hbur hso
ro{hshuoi| chroe ma ugo sor{obul~o eonlalulma mn ugo uosf ‗robslulor“ ugosola! Ugoro
{mtosr nimt {hshiioi hae hso amu lauosutlaoe ms fuhii| eo{oaeoau! L tmie gmie ughu
lu lr lffhuoslhi ugosonmso) tgougos ugoso lr bmadsoabo coutooa ugo utm eonlalulmar mn
ugo ow{sorrlma ‗robslulor“ aeos ugo Bmf{halor Hbu hae ugo RBS Hbu) nms ugo
owosblro mn ugo {mtosr mn ROCL aeos Robulma ??H mn ugo Bmf{halor Hbu!
8?!8;! Cu ha| hrrfoe el~osdoabo coutooa ugo utm eonlalulmar o~oa nms ugo rh`o mn
hsdfoau) ioher um h nhlsi| {so{mruosmr rluhulma la ugo sodihums| nshfotms` nms
robslulor! Ugo Bmf{halor Hbu bmanosr {mtosr ma ROCL aeos Robulma ??H nms ~os|
r{oblnlb {s{mror! ROCL ghr cooa lauos hilh) hrrldaoe {mtosr ugsmdg ~os| r{oblnlb
Robulmar la [hsu LLL 'soihulad um [smr{obur hae Hiimufoau hae Mugos Fhuuosr soihulad
um lrro mn rghsor ms eocoausor, hae [hsu L^ 'soihulad um Rghso Bh{luhi hae
Eocoausor,! La rgmsu) ugo sodihums| soflu mn ROCL ilor aeos ugo csmhe gohe mn
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 2> mn <<
lrro hae usharnos mn robslulor hae ama&{h|foau mn el~leoaer! Ma ugo mugos ghae)
ugo RBS Hbu ghr cooa oahbuoe um {so~oau aeorlshcio usharhbulmar la robslulor c|
sodihulad ugo crlaorr mn eohilad ugosola! Ugo ROCL Hbu la usa {sm~leor nms ugo
oruhcilrgfoau mn h Cmhse um lauos hilh sodihuo) ugo ‗robslulor“ fhs`ou) tgoso ugo
ow{sorrlma ‗robslulor“ ghr ugo fohalad hrrldaoe um lu la Robulma 3'g, mn ugo RBS Hbu!
Ugr) ugo Bmf{halor Hbu {sm~leor nms ugo bsohulma) lrro hae usharnos mn robslulor
hae ugo RBS Hbu {sm~leor nms ugo sodihulma mn ugo usharhbulmar mn ugoro robslulor
la ugo fhs`ou luroin! Ln) rh|) ‗g|csler“ sonossoe um la ugo eonlalulma mn ‗robslulor“ aeos
ugo Bmf{halor Hbu hso murleo ugo rbm{o mn ugo rhfo ow{sorrlma aeos ugo RBS
Hbu) lu tmie foha ughu ROCL sodihuor ugo bsohulma) lrro hae usharnos mn rbg
robslulor) hr hiimtoe aeos Robulma ??H mn ugo Bmf{halor Hbu) cu emor amu
sodihuo usharhbulmar mn rbg ‗g|csler“ la ugo robslulor fhs`ou! La nhbu) hr h
bmsmiihs|) ugoa lu tmie nmiimt ughu ugoso hso am ihtr mn ms ihae ughu {sm~leo nms ugo
sodihulma mn usharhbulmar mn ‗g|csler“ hu hii) cobhro rh~o ugo RBS Hbu ‒ am mugos
Hbu eonlaor robslulor nms uglr {s{mro! Lu tmie ugoa nmiimt ughu) usharhbulmar la
‗g|csler“ hso la h sodihums| ilfcm la Laelh! Ughu bmie amu gh~o cooa ugo lauoaulma mn
[hsilhfoau) hae rbg ha lauos{souhulma tmie rlf{i| co h eoo{ hnnsmau um ugo tlremf
mn ms ihtfh`osr! Goabo) soebulm he hcrsef) nms uglr sohrma umm) g|csler bhaamu
owlru murleo ugo eonlalulma mn ’robslulor‖ la ugo RBS Hbu!
8?!88! O~oa nsmf h bilalbhi h{{soblhulma mn uglr eonlalulma) rlad ugo ummir ughu ugorbloabo mn Imdlb {sm~leor r) lu lr amu ghse um roo ughu ugo hsdfoau mn ugo Iohsaoe
Bmaroi tmie iohe um h nhiihb|! Ln ‗g|csler“ hso eonlaoe hr h bmfclahulma mn
‗robslulor“ 'aeos Bmf{halor Hbu,) tglbg bmf{slror mn ‗robslulor“ 'aeos RBS
Hbu, hae ‗luroin“) ugoa mc~lmri| ugo eonlalulma luroin lr h blsbihs mao! Ha mcjobu
bhaamu co eonlaoe la uosfr mn ugo rhfo mcjobu ughu lr um co eonlaoe! La ugo rbloabo mn
imdlb) uglr tmie co h bihrrlb bhro mn blsbihs eonlalulma ‒ ms fmso ru|ilroe c| ugo
doaoshi bihrr mn nhiihblor ughu hso sonossoe um hr ‗blsbir la {smchaem“ ms ‗ {oululm
{slabl{l “! Lu tmie uhauhfmau um h eonlalulma nhlilad um {sm~leo ha| oiblehulma ma ugo
mcjobu ughu lu {s{msuoei| eonlaor!
8?!83! Nl~o eonlaluo bmabirlmar ofosdo nsmf ugo hcm~o elrbrrlma!
8! MNBE hr h g|csle lr h ‗eocoauso“ aeos Robulma 3'g,'l, mn ugo RBS Hbu
hae lr hirm h fhs`ouhcio robslu|!
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 24 mn <<
3! Ugo lf{msu mn ugo ow{sorrlma ’hae labieor‖ hr roe la Robulma
3'5?HH, mn ugo Bmf{halor Hbu ghr um co h{{soblhuoe hdhlaru ugo fhwlf mn
amrblus h rmbllr! Ugo uosf ‗robslulor“ luroin ghr h ~os| owuoarl~o rbm{o!
Ugoso hso am owbo{ulmahi blsbfruhabor ughu rddoru ugo aooe nms ha|
eo~lhulma nsmf h amsfhi hae bmffma lauos{souhulma mn rbg ow{sorrlma!
Ugosonmso) ugo eonlalulma mn ugo uosf ‗robslulor“ la Robulma 3'g, mn RBS Hbu
oabmf{hrror ’g|csle‖ hirm hae lr ugosonmso oxl~hioau um ugo eonlalulma la
Robulma 3'5?HH, la ugo Bmf{halor Hbu!
2! Ugo {mtosr bmanossoe ma ROCL aeos Robulma ??H mn ugo Bmf{halor
Hbu) soihuo um ‗robslulor“ eonlaoe aeos ughu Hbu) hae amu aeos ugo RBS Hbu!
Rm o~oa ln mao toso um hrrfo ughu ugoso hso elnnosoabor coutooa ugo utm
eonlalulmar 'o~oa ugmdg ugoso hso amao,) ROCL bha sodihuo hii robslulor
'tgougos g|csle ms amu, aeos Robulma ??H mn ugo Bmf{halor Hbu!
5! Ha| hrrf{ulma) o~oa nms hsdfoau“r rh`o) ughu g|csler hso amu
bm~osoe aeos ugo RBS Hbu) tmie iohe um ha auoahcio {mrlulma) tlug h
sodihums| ~hbf la rm nhs hr sodihulma mn usharhbulmar la rbg g|csler hso
bmabosaoe) mabo ugo| hso lrroe!
?! Nlahii|) toso ’g|csle‖) hr eonlaoe la ugo Bmf{halor Hbu) um co usohuoe
hr elrulabu nsmf) hae nhiilad murleo ’robslulor‖ aeos ugo RBS Hbu) ugoa uglr
tmie dl~o slro um ha labshcio eonobu la ugo ~os| eonlalulma mn ugo uosf ’g|csle‖
luroin!
8?!82! Tglio L gh~o la ugo aowu Robulma) owhflaoe tg| ugo uosf ‗g|csle“ thr
lausmeboe la ugo Bmf{halor Hbu hu hii) L hf mn ugo ~lot ughu ugo labirlma mn ugo tmse
’g|csle‖ la ugo eonlalulma mn ugo ow{sorrlma ‗robslulor“ la ugo Bmf{halor Hbu) emor amu
gh~o ha| rldalnlbhau iodhi ms nlahablhi lf{ilbhulmar! La nhbu) ugo uosf ‗g|csle“ lr amu
roe ha|tgoso la ugo Bmf{halor Hbu) mugos ugha la ugo eonlalulmar ugofroi~or! L hf
nsugos rusoadugoaoe la uglr bma~lbulma) hr L nlae ughu la ugo {sm{mroe Bmf{halor Clii)3;;<) ugo Flalrus| mn Bms{mshuo Hnnhlsr ghr la nhbu amu nmae lu aoborrhs| um fhlauhla
rbg h ro{hshuo bihrrlnlbhulma mn ‗g|csler“! Lu ghr hem{uoe ugo rhfo eonlalulma la ugo
RBS Hbu! Robulma 3'zzzb, mn ugo Bmf{halor Clii) amt aeos {smborr) soher hr
nmiimtr:
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 27 mn <<
’'zzzb, ’robslulor‖ fohar ugo robslulor hr eonlaoe la bihro
'g, mn robulma 3 mn ugo Robslulor Bmaushbur 'Sodihulma, Hbu)
8<?>0‖
8?!85! L hf ugosonmso mn ugo bmarleosoe m{lalma ughu ugoso hso am elnnosoabor)
tghurmo~os) la ugo hbuhi rbm{o mn tghu lr bm~osoe aeos ugo ow{sorrlma ‗robslulor“
la ugols eonlalulmar la ugo Bmf{halor Hbu hae ugo RBS Hbu! Ugo Bmf{halor Hbu
fosoi| bihslnlor ughu ’g|csle‖ hso robslulor umm! Lur {soroabo la ugo eonlalulma mn ugo
uosf ‗robslulor“ la ugo Bmf{halor Hbu emor amu oaihsdo ugo rbm{o mn ugo uosf
robslulor co|mae tghu lr bmauof{ihuoe la ugo RBS Hbu cu fosoi| oiblehuor lu
nsugos! Nsugosfmso) ugo ROCL Hbu la Robulma 88H ugosola laeo{oaeoaui| umm
of{mtosr ROCL um sodihuo hii fhuuosr soihulad um ugo lrro mn robslulor) tlugmu
{sojelbo um ugo Bmf{halor Hbu!
8>! Ugo lausmebulma mn ’g|csle‖ la ugo eonlalulma mn robslulor
aeos ugo Bmf{halor Hbu
8>!8! O~oa la 8<<;) tgoa ugo Gmamshcio R{sofo Bmsu mn Laelh {smamaboe lur
jedofoau la Ahsoaesh @fhs Fhgorgthsl ~r! _alma mn Laelh 'xmuoe r{sh,)
o~leoaui| bmf{halor toso lrrlad g|csler la ugo nmsf mn Bmf{irms| Bma~osulcio
Eocoausor um shlro bh{luhi! Mugos g|csler il`o m{ulmahii| ms bmf{irmsli| bma~osulcio
{sonosoabo rghsor toso hirm la ugo chuuos| mn larusfoaur h~hlihcio nms nlsfr um shlro
bh{luhi! Hii uglr {soehuor ugo lausmebulma mn ugo uosf ‗g|csle“ la ugo Bmf{halor Hbu la
3;;;! Ugoso lr am bhro ughu g|csler la Laelh toso lrroe mai| hnuos ugo lausmebulma
mn ugo eonlalulma la Robulma 3'8<H, hae Robulma 3'5?HH, mn ugo Bmf{halor Hbu!
8>!3! Hbbmselad um lanmsfhulma h~hlihcio tlug ugo Sodlrushs mn Bmf{halor) @mi`huh)
Rhghsh Laelh Bmffosblhi Bms{mshulma Ilfluoe 'h bmf{ha| coimadlad um Rhghsh Laelh
Dsm{,) ghe luroin lrroe MNBEr la 8<<7! Uglr lrro) tglbg thr bimroe hnuos uoa
|ohsr la 3;;7 thr nms k84)3?; bs! m~os nl~o rbgofor! Biohsi|) bmf{halor la ugo
Rhghsh Laelh dsm{ ‒um tglbg ugo utm Bmf{halor ugofroi~or coimad) toso lrrlad
MNBEr o~oa {slms um ugo lausmebulma mn ugo eonlalulma mn ‗g|csle“ la ugo Bmf{halor
Hbu!
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 2< mn <<
8>!2! Ugosonmso o~leoaui|) hu iohru la ugo fhuuos mn bma~osulcior il`o MNBEr) lu lr amu
ugo bhro ughu ugoro g|csler toso hii aot laam~hulmar ughu soxlsoe ugo rusoadug mn
Robulma 3'8<H, hae 3'5?HH, mn ugo Bmf{halor Hbu) nms ugols lausmebulma laum Laelha
nlahablhi fhs`our! Ughu colad rm) lu lr iodlulfhuo um hr` uglr xorulma hr um tghu thr
ugo {s{mro ros~oe c| labielad ugo eonlalulma mn ‗g|csle“ la ugo Bmf{halor Hbu! Thr
uglr aot eonlalulma r{osnimr hae soeaehau= Thr lu fosoi| um soruhuo tghu thr
hisohe| {osfluuoe la ugo robslulor fhs`ou) la h fmso bmf{hbu hae ru|ilroe nhrglma=
Um nlae ha hartos um uglr) mao ghr um imm` murleo ugo Bmf{halor Hbu luroin!
8>!5! Ugo Tms`lad Dsm{ ma Bmf{halor Hbu '8<<4,) ma tgmro sobmffoaehulmar
ugo Hfoaefoaur toso fheo um larosu ugo rhle {sm~lrlmar la ugo Bmf{halor Hbu)
ow{ihlaoe ugo uosf ‗g|csle“ hr ’ha mfalcr uosf ughu hiimtr ugo bmfclahulma mn
robslulor labielad ugols eosl~hul~or hae m{ulmar!‖ 'Nmmuamuo um [hsh 2!> mn ugols so{msu,! Soio~hau owushbur mn uglr So{msu hso dl~oa coimt!
’2!> Ugsmdgmu ugo tmsie) bms{mshuo dsmtug ghr cooa
hbbmf{haloe c| ugo lausmebulma mn ~hslmr nmsfr mn
robslulor: eocu&oxlu| g|csler) eosl~hul~or) m{ulmar) hae
rghsor tlug elnnosoaulhi sldgur! Am bh{luhi fhs`ou mn ugo
rlzo mn Laelh“r sofhlar habgmsoe um ugo mie) ugsoo&nmie
bihrrlnlbhulma mn robslulor: {so eocu larusfoaur) mselahs|
rghsor hae {sonosoabo rghsor!‖
8>!?! Rm lu roofr rmfotghu mc~lmr um fo) ughu tghu thr lauoaeoe c| lausmeblad
h aot eonlalulma mn ‗g|csle‖ thr um csoh` ugo dsleimb` mn bmf{halor colad bmanlaoe um
rghsor) {sonosoabo rghsor hae eocoausor nms ugols aooer nms bh{luhi! Lu ghr um co
lanossoe ughu [hsilhfoau lausmeboe ugo aot eonlalulma {slfhsli| um dl~o h aot
elsobulma) ugsru hae nliil{ um nmsfhulma mn bh{luhi la ugo bmaus|) ugsmdg fmso
laam~hul~o bghaaoir! L bha roo hu iohru ugsoo {s{mror ughu fh| gh~o cooa lauoaeoe
c| ugo aot eonlalulma! Ugo nlsru) hr foaulmaoe hcm~o) ugo uosf ‗g|csle“ la ugo
eonlalulma goi{r gldgildgu ugo leoh ughu la Laelh robslulor bha co bmfclaoe um eorlda
laam~hul~o nlahablhi larusfoaur) um rlu ugo aooer mn ugo lrros hae rhulrn| ugo slr`
h{{ouluo mn ugo la~orums! Robmaei|) lu {sm~leor h tleos r{hbo la ugo nuso nms ha|
u|{o mn bmfclahulma mn robslulor um bsohuo g|csler) ugha tghu lr h~hlihcio la ugo
fhs`ou amt ‒ ~lz! tlugmu soruslbulad g|csler um {so bmfclahulmar mn eocu hae oxlu|
'tlug ms tlugmu eosl~hul~or,! Uglsei|) nms ~hihulma hae uhwhulma {s{mror lu lr ohrlos
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[hdo 5; mn <<
um bihrrln| ugoro laam~hul~o larusfoaur aeos uglr bihrr ~lz! g|csle) {hsulbihsi|
tgoso ugo ~hihulmar mn ugo bmf{maoau {hsur fh| gh~o um co elrhrrofcioe hae
elrbimroe!
8>!>! Co|mae ugo sohrmar elrbrroe hcm~o nms lausmeblad ugo uosf ‗g|csle“ la ugo
Bmf{halor Hbu) L hf mn ugo bmarleosoe ~lot ughu ugo {soroabo mn ugo uosf ‗g|csle“ la
ugo eonlalulma mn ugo uosf ‗robslulor“ emor amu lausmebo ha|uglad naehfoauhii|
shelbhi laum ms aeosruhaelad mn ugo uosf ‗robslulor“ luroin!
[HSU C
ELRB_RRLMA MN H[[ILBHCIO IODHI [SM^LRLMAR
84! Fhaaos mn bhiilad nms la~orufoaur c| ugo utm Bmf{halor nms
ugols MNBE rbgofor ‒ Hso ugoro {cilb ms {sl~huo {ihbofoaur=
84!8! Ugo Gmamshcio R{sofo Bmsu mn Laelh ghr la lur Mseos) ghr elsobuoe ROCL um
owhflao lauos hilh ugo fhaaos la tglbg la~orufoaur hso bhiioe nms c| ugo bmf{ha|!
Ugo utm Bmf{halor gh~o rcfluuoe ughu ugo MNBEr lrroe c| ugof gh~o cooa
fheo c| blsbihulma mn lanmsfhulma fofmshaef c| th| mn {sl~huo {ihbofoau hae
tlugmu ha| he~osulrofoau um ugo {cilb) c| hem{ulad ugo smuo {sm~leoe aeos
Robulma >;C mn ugo Bmf{halor Hbu!
84!3! L soi| ma ugo Mseos 'ehuoe Ji| 8<) 3;;5, mn ugo Gmamshcio Robslulor
H{{oiihuo Uslcahi la ugo fhuuos mn Umcsm Lanmuobg hae Laeruslor Ilfluoe hae
Hamugos ~ Robslulor hae Owbghado Cmhse mn Laelh) tgosola ugo Gmamshcio
Uslcahi shlroe ugo lrro) hr um tgougos ugo eocoausor toso mnnosoe um ugo {cilb ms
tgougos lu thr h {sl~huo {ihbofoau! Ugo Gmamshcio Uslcahi ghe mcros~oe ugo
nmiimtlad:
’83! Robulma >4 mn ugo Bmf{halor Hbu dl~or ha laelbhulma mn
ugo elnnosoabo coutooa {sl~huo {ihbofoau hae {cilb lrro!
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[hdo 58 mn <<
Robulma >4'2, lr biohs hae bhuodmslbhi! Robulma >4'2, soher
hr nmiimtr:
’Am mnnos ms la~luhulma rghii co usohuoe hr fheo um ugo {cilb
c| ~lsuo mn rc&robulma '8, ms rc&robulma '3,) hr ugo bhro
fh| co) ln ugo mnnos ms la~luhulma bha {sm{osi| co sodhseoe)
la hii ugo blsbfruhabor&
'h, hr amu colad bhibihuoe um soriu) elsobui| ms
laelsobui|) la ugo rghsor ms eocoausor cobmflad h~hlihcio nms
rcrbsl{ulma ms {sbghro c| {osrmar mugos ugha ugmro sobol~lad
ugo mnnos ms la~luhulma0 ms
'c, mugostlro hr colad h emforulb bmabosa mn ugo {osrmar
fh`lad hae sobol~lad ugo mnnos ms la~luhulma :‖
Ugo nlsr {sm~lrm m roblma >4'2, larosoe c| go Bmf{halor
'Hfoaefoa, Hb) 3;;; tlg onnob nsmf 82!83!3;;; ror h sorgo xuorlma c| rhlad gh ln ha la~lhlma m rucrbsl{lma
lr fheo m ?; ms fmso {osrmar) l bohror m co h {sl~ho
{ihbofoa! Ugo nlsru {sm~lrm soher hr nmiimtr:
’[sm~leoe ughu amuglad bmauhlaoe la uglr rc&robulma rghii
h{{i| la h bhro tgoso ugo mnnos ms la~luhulma um rcrbslco nms
rghsor ms eocoausor lr fheo um nlnu| {osrmar ms fmso:‖
Uglr {sm~lrm thr amu la nmsbo tgoa ugo utm eocoauso lrror
toso fheo c| ugo bmf{ha|! Ugo nlsru lrro thr ma 8ru mn
Ro{uofcos 8<<< hae ugo robmae lrro thr ma Jao 8) 3;;;! Ugo
hiimufoaur toso bmf{iouoe c| Ji| 3;;;! Ugosonmso) go
{sm~lrm) tglbg bhfo lam nmsbo ma 82!83!3;;; gmielad gh ha|
lrruo fheo m ?; ms fmso {osrmar tlii co eoofoe m co {ucilb
lrruo) thr amu la nmsbo! POf{ghrlr r{{iloeV
84!2! Ugo {mrlulma lr ugosonmso biohs hr um tghu bmaruluuor h ‗{cilb“ lrro! Hnuos
Eobofcos 82) 3;;;) ha| mnnos mn robslulor c| h {cilb bmf{ha| um fmso ugha ?;
{osrmar tlii co usohuoe hr h {cilb lrro aeos ugo Bmf{halor Hbu! La uglr bhro
hefluuoei|) ugo lrro ghr cooa fheo hnuos Eobofcos 3;;; hae ugo afcos mn
la~orumsr sa laum ro~oshi fliilmar! Goabo) ugoso lr am hfcldlu| hr um tgougos ugo
utm Bmf{halor gh~o lrroe MNBEr um ugo {cilb!
84!5! Ugo Iohsaoe Bmaroi hirm sonossoe um utm jedfoaur) tgoso go {mlauoe mu
ughu ugoro sonossoe um utm laruhabor tgoso ROCL ghr amu bihlfoe jslrelbulma o~oa
ugmdg ugo lrro thr fheo um fmso ugha ?; {osrmar! Ugo nlsru jedofoau lr mn ugo
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 53 mn <<
Gmamshcio Gldg Bmsu mn Jelbhuso hu Cmfch| la ugo fhuuos mn @hi{hah Cghaehsl
~r! ROCL) bluoe la r{{msu mn glr bmauoaulma ughu ROCL bha owosblro {mtosr aeos
Robulma ??H mai| la ugo bhro mn ilruoe {cilb bmf{halor hae ugmro {cilb bmf{halor
tglbg lauoae um ilru hae amu m~os ailruoe bmf{halor! La uglr jedofoau) L nlae ughu
ugo bmf{ha| ugosola) Rorh Laeruslor Ilfluoe ghe fheo h {sonosoaulhi hiimufoau mn
oxlu| rghsor eslad ugo |ohs 8<<2 um hsmae 28);;; la~orumsr) colad rghsogmieosr
mn h emforulb bmabosa! Uglr hiimufoau ghe gh{{oaoe la 8<<2 fbg conmso ugo
larosulma mn ugo {sm~lrm um Robulma >4'2, mn ugo Bmf{halor Hbu! Ugo {sm~lrm um
Robulma >4'2, ruhuor ughu amuglad bmauhlaoe la Robulma >4'2, rghii h{{i| la h bhro
tgoso ugo mnnos ms la~luhulma um rcrbslco nms rghsor ms eocoausor lr fheo um nlnu|
{osrmar ms fmso! Ugosonmso) ugo bhro iht emor amu h{{ohs um co soio~hau um ugo
{soroau nhbur hae blsbfruhabor!
84!?! La ugo jedfoau mn ugo Gmamshcio Gldg Bmsu mn Eoigl la ugo fhuuos mn
Rmblou| nms Bmarfos hae La~orums [smuobulma ~r! _alma mn Laelh hae Mugosr) um
tglbg ugo Iohsaoe Bmaroi ghe hirm sonossoe) ugo lrro soihuoe um la~orums
bmf{ihlaur hslrlad nsmf h sldgur lrro mn ha ailruoe bmf{ha|! La uglr jedofoau) ugo
Gmamshcio Bmsu sonossoe lu chb` um ROCL nms nsugos owhflahulma! ROCL hnuos
owhflahulma nmsthseoe ugo rhfo um ugo Flalrus| mn Bms{mshuo Hnnhlsr nms emlad ugo
aooeni hr ugo bmf{ihlaur sonossoe um ugo sldgur lrro mn ha ailruoe bmf{ha|! H
sldgur lrro c| h Bmf{ha| iohelad um hiimufoau mn rghsor um lur mta rghsogmieosr lr
bosuhlai| amu bmf{hshcio um ugo laruhau bhro) tgoso ugo utm Bmf{halor hso bmiiobulad
rcrbsl{ulmar nsmf fliilmar mn rcrbslcosr la ugo bmaus| hiiodoei| aeos ugo dlro mn
{sl~huo {ihbofoau! Ugo bmabosar mn ROCL hr h sodihums bghsdoe tlug ugo {smuobulma
mn la~orumsr tmie co shelbhii| elnnosoau la ugo bhro mn sldgur lrro c| ha ailruoe
bmf{ha| tgoso ugo robslulor hso {slfhsli| lrroe mai| tlugla ugo nmie mn owlrulad
rghsogmieosr!
84!>! Iou fo amt) nms h fmfoau ldamso ugo rul{ihulma ughu ha| lrro mn robslulor um
?; ms fmso {osrmar) lr h {cilb lrro ‒ hae fosoi| hahi|ro ugo hbuhi fhaaos mn
lrro mn ugo MNBEr c| ugo utm Bmf{halor hae roo tgougos ugoso lr ha|uglad ughu lr
mn h ahuso ughu fh`or ugo mnnos mn MNBEr c| ugo utm Bmf{halor h {sl~huo lrro! Lr
ugoso la nhbu) h ‗{sl~huo“ ahuso um ugo lrro hr bihlfoe c| ugo utm Bmf{halor= Ugo
hsdfoau mn ugo utm Bmf{halor lr ughu ugoro MNBEr gh~o cooa lrroe um {osrmar
soihuoe ms hrrmblhuoe tlug ugo bmf{halor ugofroi~or! Eslad ugo bmsro mn glr
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[hdo 52 mn <<
rcflrrlmar) ugo Iohsaoe Bmaroi ow{ihlaoe ugo shulmahio hr um tg| ugo heesorror
mn la~orumsr la ugo Bmf{hbu Elrb 'BE, nsalrgoe c| ugof toso flraeosrumme um co
labmf{iouo) tgoa la nhbu ugo| toso amu! Go umm` dsohu {hlar um ow{ihla ughu nms sshi
hsohr la Laelh) la~orumsr bha co leoaulnloe c| rlf{io ‗ahfor“ hae ughu lr ugo sohrma
tg| ahfor himao gh~o cooa nsalrgoe himad tlug ugols ~liihdo mn sorleoabo! La rofl&
scha hsohr |m fldgu aooe h not fmso mn eouhlir il`o rusoou ahfo oub!) um leoauln|
ugo la~orums hae goabo {hsulhi heesorror toso {sm~leoe! Lu lr mai| la scha hsohr)
ughu nii hae bmf{iouo heesorror hso soxlsoe um leoauln| ugo la~orums! Ma coghin mn
ugo utm Bmf{halor) ugo Iohsaoe Bmaroi mnnosoe ugo hrrlruhabo mn ugols ruhnn) ln ROCL
tlrgoe um leoauln| ha| la~orums la ugo ilru! L thr xluo lausldoe cmug c| uglr hsdfoau
hr toii hr ugo mnnos um hrrlru ROCL la ushblad la~orumsr! Ma ugo nhbo mn lu) L tmie
bosuhlai| ugla` ughu ha|mao tmie co h{{hiioe c| rbg h bhrhi fhaaos mn
fhlauhlalad h ilru mn la~orumsr! La uglr hdo) tgoa sodihumsr hbsmrr ugo dimco hso
owosulad ugofroi~or um sonlao ugo ‗@amt \ms Biloau“ '@\B, nmsfr hae eorlda hae
fhlauhla fmso smcru ehuhchror mn la~orumsr) bmauhlalad ehuh ma ugols leoaululor) rbg
h ihb`hehlrlbhi hae bh~hilos huulueo um la~orums leoaulnlbhulma) o{goflrulbhii|
r{oh`lad) lr rlf{i| rgmb`lad!
84!4! La ugo Lanmsfhulma Fofmshaef mn RLSOBI aeos [hsu LL ugosomn) ugo rhle
bmf{ha| ghe sonossoe um Robulma >7H'8, mn ugo Bmf{halor Hbu! Uglr {sm~lrlma
{sorbslcor ugo {oahiu| ughu nhiir ma ha| {osrma tgm fh`or ha h{{ilbhulma um h
bmf{ha| nms hbxlslad ms rcrbslclad um ha| rghsor la h nlbululmr ahfo! Nms h
{sl~huo {ihbofoau emao c| h bmf{ha| um roiobuoe hae r{oblnloe la~orumsr hrrmblhuoe
tlug ugof) L tmaeos gmt hae tg| ugo utm Bmf{halor bmarleosoe lu aoborrhs| um
labieo h sonosoabo um ughu Robulma) ln laeooe ugo| toso fh`lad ugols mnnos mai| um
{osrmar hrrmblhuoe tlug lu! Ugosonmso) L bha mai| lanos ughu ugo utm Bmf{halor ele
amu gh~o ha| {hsulbihs uhsdou dsm{ mn {osrmar nms {ihbofoau mn lur eocoausor hae
ghe lauoaeoe um mnnos ugo rhfo um mugosr hirm) nsmf ugo doaoshi {cilb) um
tgmfrmo~os ugols hdoaur toso hcio um rbborrnii| fhs`ou lu! La mugos tmser) ugobmf{ha| ghe eorldaoe ugo MNBE lrror um la~luo rcrbsl{ulmar nsmf ugo {cilb hu
ihsdo!
84!7! La ugo {soroau bhro) rcrbsl{ulmar laum ugo MNBEr gh~o cooa fmclilzoe nsmf
fliilmar mn la~orumsr ugsmdg ugmrhaer mn ros~lbo boausor) ugsmdg ha lanmsfhulma
fofmshaef! Nsugos) ugo utm Bmf{halor gh~o amu csmdgu ma sobmse) la ugoro
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 55 mn <<
{smbooeladr) ha| embfoau um rgmt ughu ugo MNBEr toso r{oblnlbhii| mnnosoe um h
uhsdouoe rou! Am mnnos iouuosr nsmf ugo utm bmf{halor um ugo leoaulnloe rou mn {osrmar
ms embfoaur rgmtlad hbbo{uhabo mn ugo mnnos mai| c| rbg leoaulnloe {osrmar toso
{smeboe conmso fo! Nsugosfmso) ugo sormiulmar mn ugo utm bmf{halor hugmslzlad
ugo rhle lrrhabor ele amu bmauhla ha| ilru mn {osrmar um tgmf ugo mnnos thr
lauoaeoe!
84!<! L amuo ughu ugo La~oruldhulad Hugmslu| ghe) hr elsobuoe c| fo) fheo oaxlslor
tlug utm mn ugo rcrbslcosr 'tgm hso sorlelad la Ffchl, um rbg MNBEr fheo c|
ugo bmf{halor! Ugoro la~orumsr ghe ruhuoe ughu ugols la~orufoaur la rbg
larusfoaur toso fheo ma ugo chrlr mn ugo so{soroauhulmar fheo c| ugo imbhi hdoaur
'of{im|oe c| ugo bmf{halor, hae ughu ugo| ghe am bmaaobulma) tghurmo~os) tlug ugo
utm Bmf{halor ugofroi~or ms um ugo Rhghsh Laelh [hsl~hs!
84!8;! Hem{ulad ugo dlehabo mn ugo Gmamshcio Uslcahi la ugo fhuuos mn Umcsm
Lanmuobg . Laeruslor Ilfluoe hae hamugos ~r! ROCL) sonossoe um hcm~o) uglr tmie
co bmabirl~o dsmaer um gmie ughu ugo lrrhabo mn MNBEr fheo c| ugo utm
bmf{halor toso hbuhii| amu {sl~huo {ihbofoaur hr bihlfoe um co cu {cilb lrror
tglbg toso elrdlroe hr {sl~huo lrror!
84!88! La ugo cmaer mn cmug ugo bmf{halor) RLSOBI hae RGLBI) aeos ugo gohe
’Eobihshulma‖) ugo nmiimtlad lr lauos hilh foaulmaoe:
’…!L bmanlsf ughu L hf-h{{ilbhau hrrmblhuoe tlug Rhghsh Laelh
Dsm{! L gh~o cooa ow{ihlaoe o~os|uglad la ugo ihadhdo `amta
um fo hae L gh~o dl~oa f| nii bmaroau ma uosfr hae bmaelulmar
foaulmaoe hcm~o‖!
Ugo soihulma ms hrrmblhulma tlug ugo Rhghsh Laelh Dsm{ roofr um gh~o cooa ionu
bslmri| ~hdo la ugo hcm~o ruhaehse ~haliih eobihshulma! La nhbu) ugo utm Bmf{halor
gh~o amu {u nmsthse ha| mshi hsdfoau ms tsluuoa embfoaur um o~oa ow{ihla hr um
tghu rbg ha hrrmblhulma ms soihulmargl{ lf{ilor) ms hr um tghu hso ugo xhilnlbhulmar
rou nms h {osrma um co eonlaoe hr ha hrrmblhuo ms nms colad soihuoe um ugo Dsm{!
84!83! Nsugos) umthser ugo oae mn ugo {hdo bmauhlalad ugo uosfr hae h bmaelulma mn h
cmae) ugo nmiimtlad lr hirm foaulmaoe:
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 5? mn <<
’L gh~o ow{ihlaoe o~os|uglad la ugo ihadhdo `amta um ugo
h{{ilbhau-So{soroauhul~o mn h{{ilbhau hae go-rgo ghr dl~oa
glr-gos nii bmaroau ma uosfr hae bmaelulmar foaulmaoe hcm~o!
L) gosoc| nsugos eobihso ughu hii eobihshulma fheo c| ugo
Cmae Gmieos-So{soroauhul~o mn Cmae Gmieos hae hii ugo
lanmsfhulma-{osrmahi {hsulbihs dl~oa hcm~o c| ugo Cmae
gmieos-So{soroauhul~o mn Cmae Gmieos hso bmssobu hae uso um
ugo coru mn f| `amtioedo hae coilon!
Rldahuso mn go Lasmeubos ]]]]]]]]]]]]]]]]]]]]]]]]‖
84!82! Hii ugoro hso laeooe rddorul~o mn ugo nhbu ughu ugo cmae lrroe c| ugo utm
Bmf{halor lr rlf{i| h doaoshi mao eorldaoe um rmilblu rcrbsl{ulma nsmf ugo {cilb hu
ihsdo! Ln ugo MNBE lrror toso {sl~huoi| {ihboe um {osrmar `amta um ugo utm
Bmf{halor) hr bihlfoe) ugoa ugoso tmie co aolugos ha| aooe mn ha ’lausmebulma‖
ams ha| aooe nms ha ’lausmebos‖! Am oaulu| tmie aooe um lausmebo ha hrrmblhuoe ms
soihuoe {osrma um luroin! Ugo Iohsaoe Bmaroi) shugos abma~labladi| rddoruoe ughu
ugo leoh mn lausmebos thr `o{u nms ‗@amt \ms Brumfos '@\B,“ {s{mror! Ln ugo
mnnos ghr cooa fheo um {osrmar tgm hso `amta) soihuoe ms hrrmblhuoe tlug ugo
lrros) ugoa L nhli um h{{soblhuo gmt ugo @\B tlii dou oaghaboe) ln ha lausmebos
~mbgrhnor nms ugo {osrmahi eouhlir mn ugo la~orums!
84!85! Ugo lanmsfhulma fofmshaef mn RLSOBI) la [hsu LL ugosomn) aeos ugo gohe
’Mcjobur mn ugo Lrro hae Hugmslu| ugosonms‖ eobihsor ugo nmiimtlad:
’Ugo {soroau lrro mn ugo MNBE“r ghr cooa hugmslzoe c| ugo
oxlu| gmieosr mn ugo bmf{ha| la ugo Owush Mselahs| Doaoshi
Fooulad goie ma 2se Fhsbg) 3;;7! Gmto~os) ln ugo afcos mn
lauosoruoe {hsulor um uglr lrro owbooer ?; ugo bmf{ha| rghii
h{{smhbg ugo Sodlrushs mn Bmf{halor um nlio h Soe Gosslad
[smr{obur hr {os Robulma >4'2, mn ugo Bmf{halor Hbu) 8<?>‖
'_aeosilao r{{iloe,
Biohsi| ugo utm Bmf{halor {smbooeoe tlug ugo lrro mn MNBEr) {osnobui| la ugo
`amtioedo ughu mabo ugo| owbooe ugo ugsorgmie mn nlnu| la~orumsr) ugo| bmfo aeos
ugo {s~lot mn Robulma >4'2, mn ugo Bmf{halor Hbu) hae ughu ugols lrror tmie co
{cilb!
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 5> mn <<
84!8?! L gh~o hirm owhflaoe bm{lor mn ugo iouuosr tsluuoa c| RLSOBI la Jhahs| 3;88)
um h not {smnorrlmahi hbbmaulad nlsfr) rcfluuoe hfmad ugo embfoaur nlioe c|
RLSOBI conmso fo! Ugo iouuos um ugoro nlsfr amuor ughu ’Ugo Bmf{ha| ghr nsmf
ulfo um ulfo lrroe M{ulmahii| Nii| Bma~osulcio Eocoausor 'MNBE, tglbg gh~o
cooa rcrbslcoe c| ~hslmr {om{io hii m~os ugo bmaus|‖! Ugo iouuos roo`lad
{smnorrlmahi ros~lbor ’c| th| mn eo{uhulma mn {smnorrlmahi ruhnn um bmiihuo ehuh hae
um ugo aoborrhs| bmf{lihulma c| {uulad ugo ehuh umdougos la h bmarlruoau nmsfhu hae
emlad ugo aoborrhs| hugoaulbhulma mn ugo rhfo) dl~oa ugo nhbu ughu ugo ehuh lr
~miflamr hae lr r{sohe hbsmrr ugmrhaer mn ros~lbo boausor!‖ 'Of{ghrlr
r{{iloe, Biohsi|) ugo MNBEr hso lrroe) hefluuoei| um ~hslmr {om{io hii m~os ugo
bmaus|! Ugo bmf{lihulma mn ugo ehuh lr amu h~hlihcio tlug ugo nlsf! Ugo ehuh lr
ahugoaulbhuoe hae ugo nae fmclilrhulma lr r{sohe hbsmrr ugmrhaer mn ros~lbo
boausor! L ghsei| ugla` ugoso lr ha| dsohu eohi mn hahi|rlr soxlsoe um roo ughu ugoro
hso amu owhbui| ugo eonlalad nohusor mn h ‗{sl~huo“ {ihbofoau um `amta ms soihuoe ms
hrrmblhuoe lael~lehir!
84!8>! Ugoro nhbur esl~o gmfo mao shugos rushldgunmsthse lanosoabo ~lz! ugo lrro
thr fhs`ouoe um hae rcrbslcoe c| ugo doaoshi {cilb hae lu thr amu h {sl~huo
{ihbofoau c| ha| rusoubg mn lfhdlahulma! Ugosonmso ugo MNBE lrror c| ugo utm
Bmf{halor bhaamu co goie) o~oa nms h fmfoau) um co mn h ’emforulb bmabosa‖ ms
’ughu lu thr amu rcrbslcoe um c| mugosr um tgmf rbg mnnos thr amu fheo‖ 'hr
sonossoe um la Robulma >4'2, mn ugo Bmf{halor Hbu,! Nsugos) lu lr ugo bhro mn RLSOBI
ughu ugo| gh~o >!> fliilma rcrbslcosr! Dl~oa ugo hcm~o blsbfruhabor) L em amu
gorluhuo la colad h uhe elrflrrl~o mn ugo hsdfoau he~haboe c| ugo Iohsaoe
Bmaroi) tgoa L rh| ughu >!> fliilma rcrbslcosr lr umm bmimrrhi h {mmi mn {osrmar
hrrmblhuoe um ugo Bmf{halor) um co ihcoiioe ‗{sl~huo“) {hsulbihsi| la ugo hcroabo mn
ha| eonlalulma mn tghu rbg ha hrrmblhulma ms soihulmargl{ lr! Tghu roofr um co ~os|
mc~lmr lr ughu ugo utm Bmf{halor hso mcuhlalad rcrbsl{ulmar laum lur MNBE
rbgofor ugsmdg fhrr rcrbsl{ulma rmilbluhulma ugsmdg ros~lbo boausor r{shtioehbsmrr ugo bmaus|! L gh~o am gorluhulma la bmabielad ughu {ihbofoaur mn MNBEr
fheo c| ugo utm Bmf{halor toso laeooe fheo um ugo {cilb! La nhbu) aiorr ugoso lr
h ehuhchro mn la~orumsr hisohe| h~hlihcio tlug ha lrros) ugo mnnos iouuosr aeos h
‗{sl~huo {ihbofoau“ rlf{i| bhaamu co fhlioe mu! Ugo ~os| hcroabo mn h ‗ehuhchro“
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[hdo 54 mn <<
soheli| h~hlihcio tlug ugo utm Bmf{halor luroin lr ugo coru laelbhums ughu ugoro amu c|
ha| fohar ‗{sl~huo {ihbofoaur“!
84!84! La uglr bmauowu) Blsbihs N!Am!3-8;-3;8;&DI&^ ehuoe 33ae Am~ofcos 3;8; c|
ugo Flalrus| mn Bms{mshuo Hnnhlsr lr {osulaoau! [hshdsh{g 3 mn uglr Blsbihs lr ~os|
{osulaoau la uglr sodhse hae soher hr nmiimtr:
’Lu ghr bmfo um ugo amulbo mn ugo Flalrus| ughu ailruoe
{cilb bmf{halor gh~o cooa sormsulad um mnnoslad rghsor ms
eocoausor 'bma~osulcio hr toii hr ama bma~osulcio, um
nsloaer) hrrmblhuor hae mugos {osrmar la ~lmihulma mn ugo
r{lslu mn robulma >4'2, hr hfoaeoe la ugo |ohs 3;;; hr
foaulmaoe hcm~o!‖
84!87! Hr mcros~oe c| ugo Gmamshcio Robslulor H{{oiihuo Uslcahi la ugo fhuuos mn
Umcsm Lanmuobg hae Laeruslor Ilfluoe hae Hamugos ~r! ROCL 'xmuoe r{sh,)
ha la~luhulma um rcrbsl{ulma fheo um ?; ms fmso {osrmar bohror um co h {sl~huo
{ihbofoau! Cu lu lr larusbul~o um owhflao) tgougos ugo Bmf{halor Hbu {sm~leor ha|
owof{ulma nsmf uglr sio! Ugo robmae {sm~lrm um Robulma >4'2,) lffoelhuoi|
nmiimtlad ugo nlsru {sm~lrm xmuoe hcm~o) lr ugo nmiimtlad:
’[sm~leoe nsugos ughu amuglad bmauhlaoe la ugo nlsru {sm~lrm
rghii h{{i| um ugo ama&cha`lad nlahablhi bmf{halor ms {cilb
nlahablhi laruluulmar r{oblnloe la robulma 5H mn ugo
Bmf{halor Hbu) 8<?> '8 mn 8<?>,‖
Biohsi|) tghu uglr lf{ilor lr ughu mugos ugha ama cha`lad nlahablhi bmf{halor ms {cilb
nlahablhi laruluulmar aeos Robulma 5H mn ugo Bmf{halor Hbu) am mugos oaulu| lr
owof{u nsmf ugo ‗Sio mn ?;“) tglbg eonlaor tghu ha mnnos um ugo {cilb fohar! Uglr
lr ugo mao hae mai| mao owof{ulma bmauof{ihuoe la ugo Bmf{halor Hbu! Lu lr
amu ugo bhro mn ugo utm Bmf{halor ughu ugo| nhii la uglr owof{uoe bhuodms| mn
bmf{halor!
84!8<! Ugo Iohsaoe Bmaroi ghe hirm eshta f| huuoaulma um ugo bmssor{maeoabo mn
ROCL tlug ugo Flalrus| mn Nlahabo) tgosola lu ghe cooa ruhuoe ughu ’[sl~huoi| {ihboe
eocoausor hso lrroe hr {os ugo Bmf{halor Hbu) 8<?> hae bmfo aeos ugo {s~lot
mn Flalrus| mn Bms{mshuo Hnnhlsr 'FBH,!‖ Lu lr uso ughu {sl~huoi| {ihboe eocoausor
tmie co aeos ugo sodihums| {s~lot mn ugo FBH! Gmto~os) nms uglr) ugo lrro mn
eocoausor aooe um nlsru xhiln| hr ’{sl~huoi| {ihboe‖ um co rmioi| aeos ugo sodihums|
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 57 mn <<
hfclu mn ugo FBH hae uglr bosuhlai| tlii amu co fou c| fosoi| ahflad tghu biohsi| lr
ha lrro um ugo {cilb hr ‗{sl~huo {ihbofoau“!
84!3;! Ugo hcm~o nlaeladr hso rffhslroe coimt:
8! Ugo MNBEr la xorulma goso bmaruluuo ha mnnos um ugo {cilb hr ugo|
gh~o cooa fheo um m~os nlnu| {osrmar!
3! Ugo fhaaos hae ugo nohusor mn nae shlrlad aeos ugo cmae lrror c|
ugo utm Bmf{halor elrbrroe hcm~o) rddoru ugoro lrror hso c| am
fohar ‗{sl~huo“! Tghu roofr o~leoau lr ughu ugo utm Bmf{halor gh~o
cooa saalad h fhrr rcrbsl{ulma rmilbluhulma nsmf ugo {cilb!
2! Ugo utm Bmf{halor em amu nhii aeos ugo oaululor r{oblnloe la ugo
robmae {sm~lrm um Robulma >4'2, tglbg lr ugo mai| owof{ulma dshauoe um
ugo ‗Sio mn ?;“) ughu eonlaor mnnos um ugo {cilb) aeos ugo Bmf{halor
Hbu!
L tmie ugosonmso bmabieo ughu ugo MNBEr lrroe c| ugo utm Bmf{halor hso {cilb
lrror) tlugmu ha| hfcldlu|!
87! H{{ilbhclilu| mn Robulma 42 mn ugo Bmf{halor Hbu
87!8! Robulma 42 mn ugo Bmf{halor Hbu soher hr nmiimtr:
’42! Hiimufoau mn rghsor hae eocoausor um co eohiu la ma rumb`
owbghado!―
'8, O~os| bmf{ha| lauoaelad um mnnos rghsor ms eocoausor um ugo
{cilb nms rcrbsl{ulma c| ugo lrro mn h {smr{obur rghii)
conmso rbg lrro) fh`o ha h{{ilbhulma um mao ms fmso sobmdalroe
rumb` owbghado nms {osflrrlma nms ugo rghsor ms eocoausor
lauoaelad um co rm mnnosoe um co eohiu tlug la ugo rumb` owbghado
ms ohbg rbg rumb` owbghado!‖ 'Of{ghrlr r{{iloe,
Ugosonmso) chroe ma ugo lanosoabor rffhslroe hcm~o) ugo MNBEr lrroe hso
eocoausor mnnosoe um ugo {cilb ugsmdg h {smr{obur! Nsmf h {ihla sohelad mn
Robulma 42'8, mn ugo Bmf{halor Hbu xmuoe hcm~o) lu nmiimtr ughu ugo utm Bmf{halor
hr lrrosr) hso cmae um aoborrhsli| hcleo c| uglr robulma hae h{{i| um mao mn ugo
rumb` owbghador nms {osflrrlma um ilru rbg robslulor o~oa conmso ugo| fh`o ugols
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 5< mn <<
lrror! La {hrrlad L fldgu foaulma ughu ugo ro mn ugo tmse ’rghii‖ roe la Robulma
42'8, la bmaushru um ugo tmse ’fh|‖ roe la Robulma >;C'8,) mai| ros~or um of{ghrlro
ugo nlahilu| hae bmabirl~oaorr tlug tglbg ugo Iht ow{obur ha lrros fh`lad h {cilb
mnnos) um hcleo c| ugo soxlsofoau la Robulma 42'8,!
87!3! La ugo bmauos hnnleh~lu ehuoe Jhahs| 4) 3;88 nlioe ma coghin mn ugo Sodlrushs
mn Bmf{halor) _uuhs [sheorg hae _uuhsh`ghae) conmso ugo Gmamshcio Gldg Bmsu mn
Jelbhuso hu Hiihghche) Ib`amt Coabg) lu thr rcfluuoe ughu RLSOBI ghe
foaulmaoe ugo nmiimtlad la lur iouuos ehuoe Jhahs| 8) 3;88 heesorroe um ugo rhle
Sodlrushs:
’hr sodhser um afcos mn hiimuuoor owbooelad ?;) {iohro uh`o
sonosoabo mn ms Nmsf Am!32 nlioe ehuoe ;7!;2!3;;7 ~leo RSA
Am! H225;>7;3 hae Nmsf Am! >3 'Soe Gosslad [smr{obur, nlioe
ehuoe 82!;2!3;;7 ~leo RSA Am! H22435>4? h{{sm~oe c| |ms
mnnlbo ~leo hb`amtioedfoau ehuoe 87!;2!3;;7) tgosola l lr
biohsi| rhoe gh aufcos mn hiimoor tlii co fmso gha ?;)
hr h sorui mn tglbg) go bmf{ha| ghr nlioe Soe Gosslad
[smr{obur tlg |mus mnnlbo la bmf{ilhabo mn Roblma ??H) >;C)
>4) >< hae 42 lauos&hilh hae hb`amtioedfoau bhse lrroe c|
|ms mnnlbo ehuoe 87!;2!3;;7!‖
87!2! Ugo utm Bmf{halor ghe ruhuoe la ugols lanmsfhulma fofmshaef ughu ugo
afcos mn {osrmar 'um tgmf ugo mnnos lr fheo, fh| owbooe nlnu|! Ugr) ugo
bmf{ha|) RLSOBI ghe luroin ruhuoe ughu ugo afcos mn hiimuuoor tmie co fmso ugha
?; hae ughu lu ghe nlioe SG[ tlug ugo Sodlrushs la bmf{ilhabo mn Robulmar ??H) >;C)
>4) >< hae 42 mn ugo Bmf{halor Hbu! L) ugosonmso mcros~o ughu ugo Bmf{ha| tmie
co o~oa ‗orum{{oe“ la amt uh`lad h {ioh ughu lur lrro tmie amu huushbu Robulmar ??H)
>;C) >4 hae 42 mn ugo Bmf{halor Hbu!
87!5! Ugo Iohsaoe Bmaroi ghe rcfluuoe eslad glr rcflrrlmar ugo m{lalma mn Fs!
Fmgha [hshrhsha) Heelulmahi Rmilblums Doaoshi mn Laelh huuhbgoe um ugo so{i| mn ugo
utm Bmf{halor) tgosola lu ghr cooa foaulmaoe ’Gmto~os la uglr fhuuos el~osdoau
m{lalmar gh~o cooa ow{sorroe! F| iohsaoe hae elruladlrgoe bmiiohdo Fs! [hshd
Usl{hugl ghr elrhdsooe tlug ugo ~lotr uh`oa c| ugo Iht Flalrus| hae hdsooe tlug
ROCL“r hbulma hae ghr rmdgu um {ihbo goh~| soilhabo {ma ugo {sm~lrlmar mn Robulma
42'8, mn ugo Bmf{halor Hbu) 8<?> sohe tlug Robulma >4 mn ugo rhle Hbu hae la
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo ?; mn <<
{hsulbihs ugo {sm~lrm um Robulma >4'2,…!‖! L mcros~o ughu ugo m{lalma ow{sorroe c|
Fs! [hshd Usl{hugl lr amu la ugo sobmser fheo h~hlihcio um fo c| ugo utm Bmf{halor)
hae goabo L em amu gh~o ugo coaonlu mn sohelad lu! Ugosonmso) la hii gflilu|) lu lr
rcfluuoe ughu ugo iohsaoe Heelulmahi Rmilblums Doaoshi ghr ow{sorroe glr ~lot ughu lr
bmaushs| um hamugos ~lot mn Fs! [hshd Usl{hugl tglbg lr hirm h~hlihcio la ugo nlior mn
Dm~osafoau mn Laelh! La ha| bhro) ugo Iohsaoe Heelulmahi Rmilblums Doaoshi ghr
soiloe ma ugo mseos mn ugo Gmamshcio Robslulor H{{oiihuo Uslcahi la Umcsm
Lanmuobg hae Laeruslor Ilfluoe ~r! ROCL) tgoso ugo Gmamshcio Uslcahi 'xmuoe
hcm~o, ghr mcros~oe hr nmiimtr:
’Ugo nlsr {sm~lrm m roblma >4'2, larosoe c| go Bmf{halor
'Hfoaefoa, Hb) 3;;; tlg onnob nsmf 82!83!3;;; ror h sor
go xuorlma c| rhlad gh ln ha la~lhlma m rucrbsl{lma
lr fheo m ?; ms fmso {osrmar) l bohror m co h {sl~ho
{ihbofoa!‖
87!?! Hr foaulmaoe la ugo {soboelad elrbrrlma) ugo utm Bmf{halor gh~o ruhuoe
ughu la bhro ugo rcrbslcosr owbooe ?; la afcos) ugo| tmie nlio soe gosslad
{smr{obur aeos Robulma >4'2, mn ugo Bmf{halor Hbu! Hefluuoei|) la ugo MNBE
lrror mn cmug mn ugo utm Bmf{halor) ugo rcrbslcosr ghe owbooeoe ?; la afcos
hae la nhbu hefluuoei| hso ro~oshi fliilmar! Ugo bmf{ha|“r ruhuofoau hae ugo afcos
mn hbuhi rcrbslcosr hso fmso ugha rnnlbloau um bmabieo ughu ugo MNBE lrrhabor
fheo c| ugo utm Bmf{halor toso um ugo {cilb hae ugo rhle lrror toso hbuhii|
’{cilb lrror‖ hae amu ’{sl~huo {ihbofoaur‖!
87!>! Rbgoeio LL mn ugo Bmf{halor Hbu {sorbslcor ugo fhuuosr um co r{oblnloe la ugo
{smr{obur! [hshdsh{g 33 mn uglr Rbgoeio {sorbslcor ugo nlahi Eobihshulma um co
rldaoe c| ugo Elsobumsr mn ugo Bmf{ha| hae soher hr nmiimtr:
’Eobihshlma: Ughu hii ugo soio~hau {sm~lrlmar mn ugo
Bmf{halor Hbu) 8<?>) hae ugo dleoilaor lrroe c| ugo
Dm~osafoau ms ugo dleoilaor lrroe c| ugo Robslulor haeOwbghado Cmhse mn Laelh oruhcilrgoe aeos robulma 2 mn ugo
Robslulor hae Owbghado Cmhse mn Laelh Hbu) 8<<3) hr ugo bhro
fh| co) gh~o cooa bmf{iloe tlug hae am ruhuofoau fheo la
{smr{obur um ugo {sm~lrlmar mn ugo Bmf{halor Hbu) 8<?> ms ugo
Robslulor Owbghado Cmhse mn Laelh Hbu) 8<<3 ms sior fheo
ugosoaeos ms dleoilaor lrroe hr ugo bhro fh| co!
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo ?8 mn <<
Rldahusor mn elsobumsr‖
Bslmri|) la ugo eobihshulmar la ugo SG[r nlioe c| ugo lrrosr) ugo Elsobumsr gh~o
rldaoe h ~osrlma mn ugo Eobihshulma ughu ghr bhsonii| owbieoe hii foaulma mn ROCL!
Ugo lrros ghr nhrglmaoe h aot ~osrlma mn ugo Eobihshulma nms lur elsobumsr) um rlu lur
mta lfhdlahulma! Eslad ugo bmsro mn ugo rcflrrlmar) ugo Iohsaoe Bmaroi
foaulmaoe ughu ugoro sonosoabor um ROCL toso elrbhseoe cobhro ugo| toso amu
eoofoe h{{ilbhcio! L tmaeos gmt ruhuums| eobihshulmar {sorbslcoe aeos ha Hbu mn
[hsilhfoau bha co fulihuoe um mao“r il`lad ms um rlu mao“r {sonosoabor! U|{lbhii| la
rbg eobihshulmar) tgoa ugo iht dl~or h bgmlbo um ugo {osrma nlilad ugo eobihshulma um
rbmso mnn ugo lah{{ilbhcio {hsu ln ha|) ugoa ugoso tlii co r{oblnlb larusbulmar um ughu
onnobu! Ugr) lu h{{ohsr ughu ugo SG[r ugofroi~or gh~o cooa elrumsuoe um bmabohi
nhbur hcmu ugo hbuhi iodhi {sm~lrlmar ughu h{{iloe um ugo lrro mn MNBEr c| ugo utm
Bmf{halor!
87!4! Um rf {) nms h {cilb lrro) tgmro {hshfouosr hso rou c| ugo nlsru {sm~lrm um
Robulma >4'2, mn ugo Bmf{halor Hbu) ugo lrros lr cmae um {smbooe um Robulma 42)
hae bmf{i| tlug ugo soxlsofoaur rul{ihuoe ugoso! La nhbu) ugoso emor amu roof um
gh~o cooa ha| emcur la ugo flaer mn ugo utm Bmf{halor ughu ugo| toso cmae um
bmf{i| tlug Robulmar >4 hae 42 mn ugo Bmf{halor Hbu) hr rooa nsmf ugols ruhuofoau
um ugo Sodlrushs luroin! L hirm rr{obu ughu ugoso ghr cooa h so{sogoarlcio huuof{u um
bmabohi uglr h{{ilbhclilu| mn ugo {sm~lrlmar mn ihtr hae ugo jslrelbulma mn ROCL ma ugolrro luroin) c| fh`lad bghador la ugo nmsf hae rusbuso mn ugo ruhuums| eobihshulma
nlioe c| ugo Elsobumsr mn ugo utm Bmf{halor!
8<! Ugo ow{sorrlma ’lauoae um ilru‖ la ugo Bmf{halor Hbu!
8<!8! La hii ugo {smr{oburor um ugo rlw cmaer lrroe c| ugo utm Bmf{halor) ugo
lrros ghr bhuodmslbhii| eobihsoe ughu lu emor amu lauoae um ilru ugo lrro! Rm uglr
csladr fo um h ~os| lf{msuhau xorulma! Tghu lr ugo fohalad mn ugo ow{sorrlma’lauoae um ilru‖ roe fuhulr fuhaelr) la ugo ~hslmr robulmar mn ugo Bmf{halor Hbu=
Hr ghr cooa csmdgu mu la ugo elrbrrlma hcm~o) uglr bmarleoshulma) la nhbu cobmfor
boaushi um uglr Mseos! Ugosonmso) nlsrui|) L {sm{mro um owhflao uglr nsmf ugo bmauowu mn
tghu ugo ow{sorrlma luroin imdlbhii| tmie lf{i| aeos ugo Bmf{halor Hbu! Robmaei|)
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo ?3 mn <<
L rghii ow{imso ugo bmaamuhulma ughu ugo Oadilrg Ihadhdo luroin huuhbgor um uglr
ow{sorrlma!
8<!3! Robulma 42'8, mn ugo Bmf{halor Hbu)'xmuoe r{sh,fhaehuor ughu ha|
bmf{ha| ughu la~luor rcrbsl{ulma nsmf {cilb rgmie h{{i| um h Rumb` Owbghado nms
ilrulad conmso la~lulad rcrbsl{ulma! Rcrobulma '3, mn Robulma 42 nsugos ruhuor ughu ln
ilrulad lr amu h{{iloe nms ms lr amu dshauoe ugo fmao| bmiiobuoe rgmie co sonaeoe!
Robulma 42'5, mn ugo Bmf{halor Hbu soher hr nmiimtr:
’'5, Ha| bmaelulma {s{msulad um soxlso ms clae ha| h{{ilbhau
nms rghsor ms eocoausor um thl~o bmf{ilhabo tlug ha| mn ugo
soxlsofoaur mn uglr robulma rghii co ~mle !‖ 'Of{ghrlr
r{{iloe,
Ugo bmaroxoabo mn uglr mcildhulma aeos Robulma 42'5, lr ughu h eobihshulma nms h
{cilb lrro c| ha| lrros um ugo onnobu ughu lu ghr am lauoaulma um ilru lur robslulor la
olugos ugo h{{ilbhulma nmsf ms {smr{obur & tgoso ugo iht oajmlar ma lu rbg h eu|
ughu nimtr nsmf Robulma >4'2, hae Robulma 42'8, & lr luroin {huoaui| liiodhi hae ~mle
hclalulm! Uglr hf{i| csladr gmfo ugo bhselahi {slabl{io ughu ugo lrros ghr am bgmlbo
tghurmo~os ma tgougos um roo` ilrulad ms amu) mabo lu ghr la~luoe rcrbsl{ulma nsmf
m~os nlnu| la~orumsr nsmf ugo {cilb! Goabo ugo foso blsbihulma mn {smr{obur ms
fofmshaef la~lulad rcrbsl{ulma nsmf ugo {cilb lr ~lsuhii| r|ama|fmr tlug ha
‗lauoaulma um ilru“! Mao bhaamu co el~msboe nsmf ugo mugos! Ilrulad lr h iodhisor{marlclilu| ms eu| ughu nimtr nsmf ugo hbu mn la~lulad rcrbsl{ulmar nsmf ugo {cilb!
Ugo nmsfos lr h bmaroxoabo ughu ofhahuor) rm fmu hae ahushii|) mu mn ugo
ihuuos! Lu emor amu hslro hr ha hbu mn ~milulma ma ugo {hsu mn ugo lrros! La ugo bmauowu
mn h {cilb lrro mn robslulor um fmso ugha ?; la~orumsr) ‗ilrulad“ bmfor hr h eu|
laro{hshci| huuhbgoe um ugo hbu mn la~lulad rcrbsl{ulmar nsmf ugo {cilb!
8<!2! Ugo bgmlbo mn ugo tmser ‗lauoae um ilru“ hirm roofr um gh~o cooa fheo nms h
~os| r{oblnlb sohrma! Ilrulad luroin lr amu humfhulb! Ugo foso h{{ilbhulma nms ilrulad
emor amu oauluio ugo lrros“r robslulor nms ilrulad! Ugo eu| mn ‗ilrulad“ ughu nmiimtr ugo
hbu mn ‗lrrlad“ robslulor um ugo {cilb emor amu hith|r gh~o um biflahuo la ugo
robslulor hbuhii| colad ilruoe! Ilrulad lr dshauoe hnuos bhsoni owhflahulma hae
rcjobu um ugo rhulrnhbulma mn fha| soxlsofoaur r{oiu mu la ilrulad sior! Ugoro
ilrulad sior hso ugofroi~or chroe ma {sm~lrlmar la ugo RBS Hbu) ugo Bmf{halor Hbu
hae h{{ilbhcio iodhi nshfotms`! Ughu ugoro bmaelulmar gh~o um co fou lr h
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[hdo ?2 mn <<
{sosoxlrluo nms colad hiimtoe ilrulad! Um soluoshuo) ugo lauoaulma um ilru 'sohe hr ugo
‗eu|“ um ilru, mn ha lrros) emor amu hith|r gh~o um nsbuln| la ha h{{sm~hi colad
dshauoe um ilru ugo robslulor ma h rumb` owbghado! La hii gflilu|) L gh~o um lauos{sou)
ughu uglr bmie gh~o cooa ugo sohrma tg| [hsilhfoau) la lur tlremf) {sonossoe um
hem{u ugo r{oblnlb tmser ’lauoae um‖ la ugo fhuuos mn ilrulad ugo robslulor mn
bmf{halor ughu gh~o lrroe ugof um ugo {cilb) la {sonosoabo um ha| mugos {mrrlcio
hiuosahuo bgmlbo mn tmser!
8<!5! Cihb`“r Iht Elbulmahs| '^LLL Oe!, dl~or ugo fohalad mn ugo uosf ’lauoae“ hr
nmiimtr:
Laoae ) 8! Um gh~o la flae h nlwoe {s{mro um sohbg h eorlsoe
mcjobul~o) um gh~o hr mao“r {s{mro…! 3! Um bmauof{ihuo ughu
ugo rhi bmaroxoabor mn mao“r hbu tlii {smchci| msaoborrhsli| nmiimt nsmf ugo nhbu) tgougos ms amu ugmro
bmaroxoabor hso eorlsoe nms ugols mta rh`o…! 2! Um rldaln| ms
foha!
8<!?! Tgougos ugo eorlsoe mcjobul~o luroin lr rmfouglad tgoso ugo {osrma tgm
‗lauoaer“ ghr h bgmlbo la ugo fhuuos mn ughu mcjobul~o lr lffhuoslhi! La mugos tmser)
ugo eorlsoe mcjobul~o bha co rmfouglad ughu ugo {osrma tgm ‗lauoaer“ lr iodhii|
mcildoe um bhss| mu! Lu emor amu gh~o um aoborrhsli| co) ughu ugo mcjobul~o luroin fldgu
hith|r gh~o um co {hihuhcio um ugo {osrma tgm ’lauoaer‖! Ugo tmse ‗lauoaulma“) tluglalur fohalad la ugo Oadilrg ihadhdo) bha ugosonmso eoamuo h rluhulma tgoso ugo
eorlsoe mcjobul~o fldgu co ruhuums| la ahuso ms ha ‗mcildhulma“ bhru ma ugo {osrma
tgm ‗lauoaer“! Hu iohru la uglr bmauowu) L tmie ugla` ughu lu lr la nhbu aoborrhs| um
hem{u uglr lauos{souhulma! H bmauosnhbuhi ~lot tlii goi{ h{{soblhuo uglr {mlau! Tghu
tmie gh{{oa ln h {cilb bmf{ha| lrrlad lur rghsor um ugo {cilb) nms rmfo {os~osro
sohrma) toso um eobleo) ughu lu emor amu ‗lauoae“ um ilru= Em hii ugo bmaroxoabor hae
mcildhulmar hslrlad nsmf ugo Bmf{halor Hbu hae ugo oaulso nshfotms` nms la~orums
{smuobulma {sorbslcoe c| Dm~osafoau hae ROCL) foiu hae nheo hth|= Lu tmie co am
elnnosoau nsmf ugo rluhulma tgoso ha laushbuhcio rbgmmi bglie eobihsor coiildosoaui|
ughu go emor amu ‗lauoae“ um em glr hrrldaoe gmfotms`! Ughu tmie fh`o glf am
iorr hfoahcio um ugo elrbl{ilao mn glr rbgmmi!
8<!>! La ugo jedofoau la ugo fhuuos mn Sh|fmae R|augoulbr Iue! hae Msr ~r
_alma mn Laelh hae Msr ma 5 Nocshs|) 8<<3) '8<<3 HLS 754,) ugo Gmamshcio
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo ?5 mn <<
R{sofo Bmsu mn Laelh) ghr lauos{souoe ugo {slabl{ior ughu aeosilo ilrulad mn
robslulor la ugo nmiimtlad tmser!
’Ilrulad fohar ugo heflrrlma mn ugo robslulor mn h bmf{ha| um
ushelad {sl~liodor ma h Rumb` Owbghado! Ugo {slabl{hi
mcjobul~or mn ilrulad hso um {sm~leo sohe| fhs`ouhclilu| hae
lf{hsu ilxlelu| hae nsoo aodmulhclilu| um rumb`r hae rghsor0
oarso {sm{os r{os~lrlma hae bmausmi mn eohiladr ugosola0 hae
{smuobu ugo lauosorur mn rghsogmieosr hae mn ugo doaoshi
la~orulad {cilb!‖
’H {cilb ilfluoe bmf{ha| ghr am mcildhulma um gh~o lur rghsor
ilruoe ma h sobmdalroe rumb` owbghado! Cu ln go bmf{ha|
laoaer m mnnos lr rghsor ms eocoausor m go {ucilb nms
rucrbsl{lma c| go lrruo mn h {smr{obur) l fur) conmso
lrrulad rubg {smr{obur) h{{i| m mao ms fmso sobmdalroe rmb`
owbghador nms {osflrrlma m gh~o go rghsor ms eocoausor
laoaeoe m co rm mnnosoe m go {ucilb m co eohi tlg la
ohbg rubg rmb` owbghado la osfr mn roblma 42!‖ 'Of{ghrlr
r{{iloe,
8<!4! Ugosonmso ugo lauoaulma um ilru) bmauof{ihuoe la ugo Bmf{halor Hbu emor amu
msldlahuo nsmf ugo coao~mioabo hae ihsdo&gohsuoeaorr mn ugo lrros ms nsmf h
~miauhs| eorlso um rcjobu luroin um dsohuos sodihums| elrbl{ilao! Lu hslror cobhro
[hsilhfoau) la lur tlremf) hr ow{ihlaoe la ugo hnmsorhle mcros~hulmar mn ugo
Gmamshcio H{ow Bmsu) ghe eobleoe ughu ilrulad ugo rghsor ms eocoausor mn h {cilb
bmf{ha| ughu lrror rghsor ms eocoausor um ugo {cilb) ma h rumb` owbghado rgmie
co ha lauodshi {hsu mn ugo fohrsor nms la~orums {smuobulma la ms bmaus|! La mugos
tmser) tgoso ugo ow{sorrlma ’lauoae um‖ lr roe la ugo Bmf{halor Hbu) la ugo fhuuos
mn ilrulad) ugo iht emor amu mnnos h bgmlbo um ugo lrros) cu fhaehuor ugo rhfo!
3;! H{{ilbhclilu| mn Robulma >;C mn ugo Bmf{halor Hbu
3;!8! Mao mn ugo hsdfoaur {u nmsthse c| ugo utm Bmf{halor hae nmsbonii|
hsdoe c| ugo Iohsaoe Bmaroi nms ugof) lr ughu Robulma >;C la ugo Bmf{halor Hbu
lr ugo mai| smuo h~hlihcio um ugof nms shlrlad bh{luhi ugsmdg lrro mn g|csle
robslulor hae ughu mugos robulmar il`o Robulma >4 hae 42 mn ugo Bmf{halor Hbu sonos
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo ?? mn <<
um rghsor hae eocoausor) hae em amu heesorr ugo lrro mn g|csle robslulor! Ughu
colad rm) Robulma >;C'<, mn ugo Bmf{halor Hbu biohsi| {sm~leor ughu nms hii oaululor
mugos ugha ilruoe {cilb bmf{halor) ugo nlahi {smr{obur rghii co nlioe tlug ugo
Sodlrushs mn Bmf{halor mai|! Ugo hsdfoau lr ughu ugo owuhau lrror mn MNBEr c|
ugo utm Bmf{halor ugosonmso em amu ilo aeos ugo sodihums| jslrelbulma mn ROCL!
3;!3! L gh~o hisohe| heesorroe ugo lrro mn ugo sohi ahuso mn MNBEr hae gh~o) ma
ugo chrlr mn ugo eouhlioe elrbrrlmar hcm~o) bmabieoe ughu MNBEr hso Eocoausor &
~os| fbg hr ugo ahfo luroin laelbhuor! Hr nhs hr rghsor hae eocoausor dm) ugoso lr
h toii eonlaoe hae fbg ush~oiioe smuo h~hlihcio la [hsu LLL mn ugo Bmf{halor Hbu) nms
bmf{halor um shlro bh{luhi ugsmdg olugos mn ugoro larusfoaur! Ma ugo mao ghae) ugo
Iohsaoe Bmaroi ghr hsdoe ughu Robulma 78'2, mn ugo Bmf{halor Hbu owof{ur ugo
lrro mn ugoro MNBEr nsmf Robulma 78 umuhii|) cobhro robslulor hae g|csler hso
amu foaulmaoe ugosola! Ma ugo mugos ghae) ugo utm Bmf{halor la ugols Doaoshi Cme|
Foouladr ghe sormi~oe aeos Robulma 78'8H, mn ugo Bmf{halor Hbu um uh`o sobmsro
um ugo lrro mn MNBEr ‒ tgoa la nhbu) lsmalbhii|) uglr rcrobulma umm heesorror ugo
nsugos lrro mn rghsor himao hae emor amu foaulma ‗robslulor“! Uglr hsdfoau) ma
ugo nhbo mn lu) roofr um ihb` bmarlruoab|) hae h{{ohsr bma~miuoe hae `amuu|! Cu
ao~osugoiorr) amutlugruhaelad ughu ugoso lr h toii ihle mu {smborr oa~lrhdoe la ugo
Bmf{halor Hbu) nms lrro mn bh{luhi ugsmdg eocoausor labielad MNBEr) L rghii
elrsodhse ugo rhfo nms ugo fmfoau) um owhflao ugo foslu mn ugo bmauoaulma mn ugo utm
Bmf{halor) la dsohuos eouhli!
3;!2! Hr ruhuoe gosola hcm~o) ugo utm Bmf{halor gh~o hsdoe ughu ugo| gh~o
blsbihuoe lanmsfhulma fofmshaef c| th| mn {sl~huo {ihbofoau hae tlugmu ha|
he~osulrofoau um ugo {cilb) c| hem{ulad ugo smuo {sm~leoe aeos Robulma >;C mn ugo
Bmf{halor Hbu! L gh~o elrbrroe hcm~o ugo sohrmar tg| ugo lrro mn MNBEr c|
ugo utm Bmf{halor hso mnnosr um ugo {cilb hae hso amu {sl~huo {ihbofoaur! Robulma
>;C'8, mn ugo Bmf{halor Hbu soher hr nmiimtr:
’'8, H {cilb bmf{ha| fh`lad ha lrro mn robslulor fh|
blsbihuo lanmsfhulma fofmshaef m go {ucilb {slms um nlilad
mn h {smr{obur!‖ 'Of{ghrlr r{{iloe,
H {ihla sohelad mn ugo Robulma >;C'8, tmie rgmt ughu) ln hr bihlfoe c| ugo utm
Bmf{halor) ugolsr lr h {sl~huo lrro) ugoa ugo utm Bmf{halor rlf{i| bhaamu lrro ha
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo ?> mn <<
lanmsfhulma fofmshaef) hr uglr rcrobulma bmauof{ihuor MAI\ ha lrro um ugo
{cilb! Hc lalulm ugosonmso) ln mao toso um hbbo{u ugo hsdfoau mn ugo utm Bmf{halor
ughu ugo| gh~o fheo h {sl~huo {ihbofoau) ugoa ugo| gh~o ossoe la rlad ugo Robulma
>;C smuo nms shlrlad bh{luhi hr uglr smuo lr amu hu hii lauoaeoe nms {sl~huo {ihbofoaur!
Ma ugo mao ghae) ugo utm Bmf{halor bhaamu bihlf ughu ugols MNBE lrrhabor hso
’{sl~huo {ihbofoaur‖ hae ma ugo mugos ghae) ro h fmeo fohau nms ’{cilb‖ mnnosr!
3;!5! Robulma >;C'<, mn ugo Bmf{halor Hbu) 8<?> soher hr nmiimtr:
’'<, _{ma ugo bimrlad mn ugo mnnos mn robslulor) h nlahi
{smr{obur ruhulad ugosola ugo umuhi bh{luhi shlroe) tgougos
c| th| mn eocu ms rghso bh{luhi hae ugo bimrlad {slbo mn ugo
robslulor hae ha| mugos eouhlir hr toso amu bmf{iouo la ugo
soe&gosslad {smr{obur rghii co nlioe la h bhro mn h ilruoe
{cilb bmf{ha| tlug ugo Robslulor hae Owbghado Cmhse hae
Sodlrushs) hae la ha| mugos bhro tlug ugo Sodlrushs mai|!‖
'aeosilao r{{iloe,
Tghu ugo hcm~o robulma emor laeooe rh| lr ughu ugo nlahi {smr{obur la hii mugos
bhror mugos ugha h ‗ilruoe {cilb bmf{ha|“ rghii co nlioe tlug ugo Sodlrushs! Ugo utm
Bmf{halor gh~o bmarusbul~oi| tms`oe chb`thse nsmf ugo tmser ’hae la ha| mugos
bhro tlug ugo Sodlrushs mai|‖ ughu h{{ohsr la Robulma >;C'<, um sohbg ugo lanosoabo
ughu bmaroxoaui|) lrro mn robslulor aeos Robulma >;C ‒ ‗ugo Lanmsfhulma
Fofmshaef“ smuo) nhiir hae rmioi| nhiir aeos ugo sodihums| {mtosr mn ugo
Dm~osafoau 'Sodlrushs, hae amu ROCL!
3;!?! Conmso L ow{imso ugo rbm{o mn Robulma >;C hae lur ~hslmr rcrobulmar) L aooe
um usa um ugo rbm{o mn ugo ow{sorrlma ’hae la ha| mugos bhro tlug ugo Sodlrushs mai|‖
la Robulma >;C'<, mn ugo Bmf{halor Hbu! Robulma >;C'<, sobmdalror utm bhuodmslor
mn bmf{halor ‒ ilruoe {cilb bmf{halor colad ugo nlsru bhuodms| tlug ugo soru mn ugo
bmf{halor nhiilad aeos h robmae bhuodms| ‗ha| mugos bhro“! Nsmf ugo elrbrrlma la
ugo {soboelad robulmar la uglr Mseos) lu lr hf{i| biohs ughu h {cilb bmf{ha| fh`lad
ha mnnos mn robslulor um ugo {cilb aoborrhsli| ghr um h{{i| um ugo Rumb` Owbghado um
ilru ugols robslulor nms ushelad ma ugo Rumb` Owbghado! Ugo iht ioh~or am bgmlbo um h
Bmf{ha| la uglr! Uglr fohar) ughu ugo fmfoau h Bmf{ha| eobleor um lrro
robslulor um ugo {cilb) lffoelhuoi|) {hsl {hrr) h eu| lr bhru ma ugo lrros um roo`
ilrulad mn ugoro robslulor ma h Rumb` Owbghado! Ugr) tgoa ha| Bmf{ha| eobleor
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo ?4 mn <<
um lrro ha Lanmsfhulma Fofmshaef aeos Robulma >;C'8,) lu fru hae tmie
hisohe| gh~o h{{iloe um ugo Rumb` Owbghado nms ilrulad! Mugostlro) lu tmie co la
~lmihulma mn Robulma >4'2, hae Robulma 42 mn ugo Bmf{halor Hbu! Uglr fohar ughu hu
ugo ruhdo mn {cilb bmf{ha| fh`lad h {cilb lrro) ugo {smborr mn ilrulad ma h Rumb`
Owbghado ghr hbuhii| coda hae lr la fmulma! La nhbu) ha lrros hu ugo ruhdo mn glr
bsmrrlad laum ugo ugsorgmie mn Robulma >;C'8,) tlii co h ’{cilb bmf{ha| ughu ghr
h{{iloe nms ilrulad!‖ Amt ugo xorulma ughu mao ugoa aooer um hr` lr & laum tglbg
dsm{ em to hrrlda rbg h bhuodms| tlugla ugo utm dsm{r r{oblnloe la Robulma
>;C'<, ‒ ilruoe {cilb bmf{halor hae ha| mugos bhro= Mao bmie hsdo he
ahrohf) ughu h {cilb bmf{ha| ughu ghr h{{iloe nms ilrulad rgmie co la ugo bhuodms|
‗ha| mugos bhro“) cobhro iluoshii|) lu rulii lr amu h ‗ilruoe {cilb bmf{ha|“! Cu la ugo
bmauowu mn ugo Bmf{halor Hbu) hae ugo toii ugmdgu mu h{{smhbg mn [hsilhfoau ma
tg|) la ugo lauosoru mn la~orumsr ~lz! robslulor lrroe um ugo {cilb rgmie co ilruoe)
uglr hsdfoau tmie co rmfotghu {os~osro! Hsdlad um ugo bmaushs|) tmie lf{i|
ughu to tmie rlf{i| co flrrlad ugo usoor nms ugo tmmer! [mrrlci|) ugo ow{sorrlma
‗ha| mugos bhro“ fh| gh~o cooa fohau um bm~os ugmro bmf{halor owof{u nsmf ugo
nlsru {sm~lrm aeos Robulma >4'2, ‒ ~lz! bmf{halor bm~osoe c| Robulma 5H mn ugo
Bmf{halor Hbu luroin!
3;!>! Ugosonmso) la ugo r{lslu mn ugo Bmf{halor Hbu) ha lrros ughu ghr fheo ha mnnos
mn robslulor um ugo {cilb) hae ugosonmso ghr h{{iloe nms ilrulad hr iodhii| soxlsoe)
aemcuoei| ghr um rlu la ugo bhuodms| mn ‗ilruoe {cilb bmf{halor“ hae amu ‗mugosr“ la
Robulma >;C'<, mn ugo Bmf{halor Hbu ‒ hae tmie laeooe ugosonmso co aeos ugo
sodihums| fcsoiih mn ROCL) hr {sm~leoe la uglr rcrobulma luroin! La mugos tmser)
ghe ugo utm Bmf{halor hcleoe c| ugo soxlsofoaur rou c| iht) aeos Robulma >4'2,
hae Robulma 42) hae h{{iloe nms ilrulad) ugo| iodlulfhuoi| rgmie gh~o cooa eohiu tlug)
nms ugo {s{mror mn Robulma >;C'<,) ma {hs tlug ha| ilruoe {cilb bmf{ha|! Rm) o~oa
ugo hsdfoau mn ugo utm Bmf{halor) ughu ugo| coimad um ugo bhuodms| mn ‗mugosr“
aeos Robulma >;C'<,lr iush ~lsor mn ugo iht) cobhro lu lr {soflroe ma h ~lmihulma mn utm lf{msuhau {sm~lrlmar mn ugo Bmf{halor Hbu ‒ ~lz! Robulma >4'2, hae 42!
3;!4! Hr ugo uluio um ugo Robulma luroin bma~o|r) Robulma >;C mn ugo Bmf{halor Hbu
sonosr um ugo ’Lanmsfhulma Fofmshaef‖! Robulma 3'8<C, mn ugo Bmf{halor Hbu) ughu
bhfo laum nmsbo ma H{sli 8) 3;;2 larosuoe c| ugo Bmf{halor 'Robmae Hfoaefoau,
Hbu) 3;;3 eonlaor ‗Lanmsfhulma Fofmshaef“ hr nmiimtr:
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo ?7 mn <<
’'8<C, #lanmsfhulma fofmshaef# fohar h {smborr aeosuh`oa
{slms um ugo nlilad mn h {smr{obur c| tglbg h eofhae nms ugo
robslulor {sm{mroe um co lrroe c| h bmf{ha| lr oilbluoe) hae
ugo {slbo hae ugo uosfr mn lrro nms rbg robslulor lr
hrrorroe) c| fohar mn h amulbo) blsbihs) he~osulrofoau ms
embfoau‖ 'of{ghrlr r{{iloe,
3;!7! Biohsi| ugosonmso) ugo lanmsfhulma fofmshaef) aeos ugo Bmf{halor Hbu) lr
oa~lrhdoe hr h ‗{smborr“! Ugo {smborr luroin lr ihle emta la Robulma >;C! Tghu lr
{osulaoau) la uglr bhro nms ms aeosruhaelad mn ugo rhfo) lr ughu ugo {smborr luroin
bosuhlai| emor amu msldlahuo la Robulma >;C'<,! La nhbu) Robulma >;C'<, lr ugo ihru
rcrobulma la Robulma >;C) tglbg ih|r emta uglr {smborr hae sonosr um ugo ‗nlahi
{smr{obur“ himao! Nms ha| lrros) ugo oaulso {smborr mn ‗lanmsfhulma fofmshaef“
lr h jmsao| ugsmdg h uosshla mn toii&r{oblnloe sodihums| bmf{ilhabo! Ugo lrros
ofchs`r ma ugo jmsao| tlug ugo lrro mn ha lanmsfhulma fofmshaef la Robulma
>;C'8, tglbg {sm~leor ughu h {cilb bmf{ha| fh`lad ha lrro mn robslulor um {cilb
fh| blsbihuo ha lanmsfhulma fofmshaef {slms um nlilad mn h {smr{obur! Robulma
>;C'3, {sm~leor ughu:
’'3, H bmf{ha| la~lulad rcrbsl{ulma c| ha lanmsfhulma
fofmshaef rghii co cmae um nlio h {smr{obur {slms um ugo
m{oalad mn ugo rcrbsl{ulma ilrur hae ugo mnnos hr h soe&
gosslad {smr{obur) hu iohru ugsoo eh|r conmso ugo m{oalad mn
ugo mnnos!‖ 'Of{ghrlr r{{iloe,
Robulma >;C'2, lr ma ugo iodhi mcildhulmar huuhbgoe um ugo lanmsfhulma fofmshaef
hae soe&gosslad {smr{obur) hae biohsi| rul{ihuor ughu cmug ugoro embfoaur rghii
bhss| ugo ‗rhfo mcildhulmar“ hr hso h{{ilbhcio la ugo bhro mn h {smr{obur!
3;!<! Ugr ugoso hso ugsoo elrulabu ‗dhuor“ ughu gh~o um co bsmrroe la ugo {smborr mn
shlrlad bh{luhi ugsmdg ugo ‗lanmsfhulma fofmshaef“ smuo ‒ nlsrui|) ugo lrro mn ugo
lanmsfhulma fofmshaef luroin PRobulma >;C'8,V) robmaei| ugo nlilad mn ugo soe&
gosslad {smr{obur PRobulma >;C'3,V hae ihrui| ugo nlilad mn ugo nlahi {smr{obur
PRobulma >;C'<,V! O~leoaui|) ugo ‗nlahi {smr{obur“ lr ugo ihru {mru um co sohbgoe! H
bhsoni sohelad mn Robulmar >;C'8,) '3, hae '2, biohsi| rgmtr ughu hu ugo ruhdo) tgoa
ugo lanmsfhulma fofmshaef hae {smr{obur 'soe&gosslad, hso nlioe) ugo Bmf{halor
Hbur elsobur ugo {smborr la ugo sodihums| roaro um Robulma ?? 'ma ugo ehulad mn
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo ?< mn <<
{smr{obur, hae Robulma ?> 'tgoso ugo fhuuosr um co ruhuoe hae rou mu la ugo
{smr{obur hso eonlaoe!
3;!8;! Robulma >;C mn ugo Bmf{halor Hbu) nsmf h {ihla sohelad mn ugo Hbu luroin) hae
hr hirm hsdoe c| Iohsaoe Bmaroi) h{{ilor um hii robslulor) hae ugosonmso lu tmie
h{{i| um ‗rghsor“ hae ‗eocoausor“ hr toii! Lu mnnosr h smuo um ‗ilruoe {cilb
bmf{halor“ hae ‗{cilb bmf{halor tglbg lauoae um dou ugols robslulor ilruoe“ hr toii!
Ha| lrros bmf{ha| ghr um bsmrr ugo nlsru utm dhuor la ugo {smborr ‒ blsbihulma mn ha
Lanmsfhulma Fofmshaef hae h SG[ aeos Robulma >;C'8, hae >;C'3,! Robulma
>;C'2, {ihbor hii ugoro embfoaur ma {hs tlug h {smr{obur! O~leoaui| ugosonmso
ugoro {sm~lrlmar la ugo Bmf{halor Hbu lf{i| ughu Robulma ?? hae ?> mn ugo rhfo
h{{i| la umum! [hsilhfoau) lu lur tlremf) aeos Robulma ??H) ghr eobleoe ughu ROCL
rgmie heflalruos Robulmar ?? hae ?>) larmnhs hr lu soihuor um ‗ilruoe {cilb
bmf{halor“ hae ‗{cilb bmf{halor tglbg lauoae um dou ugols robslulor ilruoe“!
Ugosonmso) lu dmor tlugmu rh|lad) ughu hr nhs hr ‗ilruoe {cilb bmf{halor“ hae ‗{cilb
bmf{halor tglbg lauoae um dou ugols robslulor ilruoe“ hso bmabosaoe) ROCL lr ugo
sodihums| dhuo`oo{os) {mruoe hu Robulmar >;C'8, hae >;C'3, mn ugo Bmf{halor Hbu!
La nhbu uglr laeooe lr {soblroi| tghu gh{{oar amt) tgoa ‗ilruoe {cilb bmf{halor“
hae ‗{cilb bmf{halor tglbg lauoae um dou ugols robslulor ilruoe“ nlio ugols ESG[ hae
SG[ conmso ROCL!
3;!88! Um soluoshuo) [hsilhfoau ghr bmanossoe ma ROCL) aeos Robulma ??H) ugo{mtosr um heflalruos Robulma ?? hae ?> tgoso~os ugo| soihuo um lrro hae usharnos mn
‗robslulor“ ilruoe {cilb bmf{halor hae ugmro {cilb bmf{halor ughu lauoae um dou
ugols robslulor ilruoe! Rm hr imad hr ugo lrros nhiir laum olugos mn ugoro utm
bhuodmslor ‒ ~lz! h ilruoe {cilb bmf{ha| ms h {cilb bmf{ha| ughu lauoaer um ilru)
ROCL lr ugo dhselha) ughu rgmie co ~ldlihau la lur eu| hu lur {mru hu Robulma >;C'8,
hae >;C'3, mn ugo Bmf{halor Hbu) nms m~osroolad ugo lrro hae nlilad mn ha|
{smr{obur um shlro bh{luhi c| rbg bmf{halor!
3;!83! Cu) bslmri|) la he~hablad ugols hsdfoaur) ugo utm Bmf{halor {smbooe nlsru
um ugo ihru ruo{ mn ugo sodihums| dsmae um co ush~osroe la ugo {smborr mn shlrlad
bh{luhi la Robulma >;C ~lz! ugo nlilad mn ugo nlahi {smr{obur la Robulma >;C'<, hae ugoa
hsdo chb`thse la ugo so~osro elsobulma! Ugo tgmio onnmsu roofr um co um rmfogmt
hilda ugo oaulso {smborr mn shlrlad bh{luhi luroin tlug ugo bihro ’hae la ha| mugos bhro
tlug ugo Sodlrushs mai|‖ ughu lr rooa la ugo ihru rc&robulma mn uglr robulma ~lz! Robulma
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
http://slidepdf.com/reader/full/sebi-order-on-sahara-india-real-estate-june-23-2011 60/99
[hdo >; mn <<
>;C'<,! Cu la ugo {smborr) ugo oaulso shulmahio nms {seoau sodihulma mn bh{luhi
fmclilrhulma tmie ruhae bmf{smflroe! L bosuhlai| em amu roo ha| bmgosoau sohrma
tg| ugo ahushi {smdsorrlma la ugo sodihums| roxoabo nsmf rcrobulma '8, um '<, la
Robulma >;C rgmie co so~osroe hae co fheo um ruhae ma lur gohe) mugos ugha jru um
fh`o ugo hsdfoau ughu MNBEr mugos ugha ughu mn ilruoe {cilb bmf{halor em amu nhii
aeos ugo {mtosr mn ROCL!
3;!82! Lu lr hirm aoborrhs| um h{{soblhuo ugo bmauowu la tglbg Robulma >;C thr
larosuoe la ugo Bmf{halor Hbu c| ugo Bmf{halor 'Hfoaefoau, Hbu) 3;;;! Uglr thr
emao ma ugo sobmffoaehulma mn ugo Tms`lad Dsm{ tglio soeshnulad ugo Bmf{halor
Hbu) la mseos um nhbliluhuo rbg cmm` clielad {smborr nms h bmf{ha| um mcuhla ugo coru
{slbo nms ugo robslulor rm mnnosoe! Ugo fobghalrf nms fh`lad {cilb lrror ugsmdg
rbg cmm` clielad {smborr lr nmae oihcmshuoe la ugo LBES Sodihulmar! Robulma
>;C thr ugr larosuoe tlug ha mcjobul~o mn ow{imslad ugo eofhae nms robslulor hae
{slbo hu tglbg robslulor fh| co mnnosoe um ugo {cilb) c| h {cilb bmf{ha|! Ugo
rbm{o mn uglr robulma bha co nsugos aeosrumme nsmf ugo nmiimtlad: 'hr owushbuoe nsmf
H Dleo um ugo Bmf{halor Hbu ‒ H Shfhl|h ‒ 84ug Oelulma 3;8; hu [hsu L {hdo <?4,
’Amuor ma Bihro ?3 mn ugo 8<<4 Clii ruhuoe ugr: Uglr Robulma
{sm~leor nms ugo bmabo{ur mn ‗cmm` clielad“ hae ‗lanmsfhulma
fofmshaef“! Uglr lr ha lauosahulmahi {shbulbo hae sonosr um
bmiiobulad mseosr nsmf la~orufoau cha`osr hae ihsdo la~orumsrchroe ma ha laelbhul~o {slbo shado! Uglr lr orroalhii| h {so&
lrruo owosblro tglbg tlii nhblilho go lrruosr m do coos
leoh mn eofhae hae go nlahi mnnos {slbo! Ugo elsobumsr mn ugo
Bmf{ha|) gmto~os) tlii amu co {osfluuoe um sormsu um
aeostslulad ma cmm` clielad‖! 'Of{ghrlr r{{iloe,
Biohsi| ugosonmso) Robulma >;C la ugo Bmf{halor Hbu thr lausmeboe um nhbliluhuo h
‗{so lrro owosblro“ um dou couuos leoh mn eofhae hae ugo nlahi mnnos {slbo! Robulma
>;C thr aolugos lauoaeoe ams eorldaoe um co h ro{hshuo bmeo aum luroin) um sodihuo
ugo lrro mn g|csle robslulor ms robslulor mugos ugha rghsor hae eocoausor!
3;!85! Robulma >;C'3, mn ugo Bmf{halor Hbu) hr ruhuoe hcm~o) sonosr um ugo ruhdo hu
tglbg ugo ‗Soe Gosslad [smr{obur“ ghr um co nlioe c| ugo lrros! La ugo bmauowu mn
robslulor fhs`ou) uglr ow{sorrlma ghr h r{oblnlb bmaamuhulma! Lu lr mao la tglbg ugo
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo >8 mn <<
{slbo hae xhauf mn robslulor ms ugo umuhi hfmau um co shlroe) eorbslcoe la ugo
rhfo hso ionu ciha` um co nliioe { ihuos! Gmto~os) la ugo rlw cmaer lrroe c| ugo utm
Bmf{halor) ugo nhbo ~hio mn rbg cmaer hae ugo bma~osrlma {slbo toso hii ow{ilblui|
foaulmaoe! Rm ln Robulma >;C bmauof{ihuor h {smborr mn {slbo elrbm~os| & o~leoaui|
ugoso thr amuglad ughu ghr cooa elrbm~osoe goso c| ugo utm Bmf{halor & cobhro
ugo cmaer toso lrroe tlug ugo nhbo ~hio hae bma~osrlma {slbo thr hirm laelbhuoe!
Biohsi| ugosonmso) hu iohru la ugo bhro mn ugo rlw cmaer lrroe c| ugo utm Bmf{halor)
ugo ro mn Robulma >;C lr {huoaui| lah{{sm{slhuo hr ugo oilbluhulma mn aolugos ugo {slbo
ams ugo xhauf mn robslulor ms ugo umuhi hfmau um co shlroe thr hbuhii| la~mi~oe!
3;!8?! Lu lr o~leoau nsmf ugo nmsodmlad elrbrrlma ughu ugo utm Bmf{halor) ghe ugo|
bmanmsfoe um ugo {sm~lrlmar mn Robulma >4'2, hae 42 mn ugo Bmf{halor Hbu) tmie co
la ugo bhuodms| mn {cilb bmf{halor ughu gh~o um co usohuoe ma {hs tlug ilruoe {cilbbmf{halor nms ugo {s{mro mn Robulma >;C! Ugo utm Bmf{halor gh~o amu fheo h
bhro um ow{ihla ugo {s{mro mn bhsonii| owbielad ‗{cilb bmf{halor ughu lauoae um
ilru“ 'hr bmauof{ihuoe la Robulma ??H) & ugo smmu robulma ughu bmanosr {mtosr ma ROCL
aeos ugo Bmf{halor Hbu) hr sodhser lrro hae usharnos mn robslulor, nsmf ugo
sodihums| sohbg mn ROCL aeos Robulma >;C'<, & c| lausmeblad ugo ow{sorrlma ’hae
la ha| mugos bhro tlug ugo Sodlrushs mai|‖! Ugoso lr mruoarlci|) am {s{mro mn
fh`lad rbg h nlao owbirlma tlug rsdlbhi {soblrlma la Robulma >;C'<,) mn {cilb
bmf{halor ughu lauoae um ilru) nsmf ugo {s~lot mn ROCL! Biohsi| am hsdfoaur gh~ocooa heeboe ha|tgoso hr um tghu thr ugo sohrma nms elrusclad h nlao eofhsbhulma
mn sodihums| {mtosr ughu thr bofoauoe la Robulma ??H! H{{hsoaui| ugo amuor um ugo
lausmebulma mn ugo Bmf{halor 'Robmae Hfoaefoau,) 3;;3 umm em amu rgoe ha| ildgu
ma uglr! Ughu [hsilhfoau bmie amu gh~o la lur tlremf lauoaeoe h soruslbulma ma ugo
{mtosr mn ROCL lr o~leoau) ln mao toso um ~lrhilzo ugo alauoaeoe bmaroxoabor
ughu bmie nmiimt nsmf ugo hsdfoau ughu ugo utm Bmf{halor gh~o {u nmsthse! La
ha| toii&sodihuoe jslrelbulma la ugo tmsie) ugo lrro mn bh{luhi c| ailruoe bmf{halor
um ugo {cilb hu ihsdo) dmor ugsmdg h sodlfoa tlug ugo aoborrhs| elrbl{ilao hae sldms
aooeoe um {smuobu ugo la~orumsr tgm bmauslcuo um uglr bh{luhi! Ugo flalff
xhilnlbhulmar ughu hso soxlsoe nms h bmf{ha| um shlro bh{luhi) ugo xhilu| hae
r{oblnlbhulmar soxlsoe la ugo elrbimrsor) ugo bhsoni rbsula| {smborr huuhbgoe um ugo
embfoaur nlioe c| ha lrros) ugo oihcmshuo ilrulad soxlsofoaur h{{sm~oe c| ROCL
hae fmalumsoe c| ugo Rumb` Owbghador hso hii {hsu mn h bhsonii| cliu oelnlbo tglbg
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo >3 mn <<
ghr lur nlsf nmaehulmar ma ugo h~mtoe mcjobul~or mn oaghablad la~orums {smuobulma
hae clielad rusmad bh{luhi fhs`our la Laelh! O~oa ugo fhwlff ulfo eshulma
{osflrrlcio coutooa ugo h{{sm~hir mn ugo mnnos embfoau) ugo m{oalad hae bimrlad mn
ha lrro hae ugo ilrulad mn ugo robslu| ma ugo rumb` owbghado hso hii r{oblnloe la ugo
nshfotms`! Hii ugoro hso bh{usoe la ugo LBES Sodihulmar hae la ugo Ilrulad
Hdsoofoau oauosoe laum coutooa ugo Lrrosr hae ugo Rumb` Owbghador! Ln ugo
hsdfoaur mn ugo utm Bmf{halor toso um co hbbo{uoe) ugoa lu tmie co uhauhfmau
um fh`lad ugo LBES {sm~lrlmar ma Lalulhi [cilb Mnnosr) umuhii| lssoio~hau!
3;!8>! RGLBI) mao mn ugo utm Bmf{halor m{oaoe ugo lrro la 3;;7 hae hefluuoei|
ghr amu bimroe ugo lrro! RLSOBI) ugo robmae mn ugo utm Bmf{halor m{oaoe ugo
lrro la 3;;< hae lu umm hefluuoei| ghr amu bimroe ugo lrro! Hr foaulmaoe
oirotgoso) Rhghsh Laelh Bmffosblhi Bms{mshulma Ilfluoe) h bmf{ha| soihuoe umRGLBI hae RLSOBI umm ghe `o{u ha lrro nms ha m~oshii rlzo mn k843?; bs! m{oa nms
uoa |ohsr! Bha ha lrros bha nlio ha Lanmsfhulma Fofmshaef) m{oa ugo lrro hae
`oo{ ugo rhfo m{oa nms laeonlaluoi|= La nhbu) emor lu foha ughu ha lrros aooe amu
o~oa bimro ugo lrro hae bha `oo{ lu m{oa {os{ouhii|= Hr foaulmaoe hcm~o) L amuo
ughu mao mn ugo dsm{ bmf{halor luroin) ghe la nhbu `o{u ugols lrro m{oa nms uoa |ohsr!
3;!84! Ln ‗{cilb bmf{halor tglbg lauoae um dou ugols robslulor ilruoe“) gh~o ugo smuo
mn nlilad Lanmsfhulma Fofmshaef hae Soe Gosslad [smr{obur tlug ugo Sodlrushs mn
Bmf{halor) hr ugo bhro fh| co) ugoa tg| rgmie rbg bmf{halor hem{u ugo shugos
ls`rmfo sodihums| smuo {sorbslcoe nms fh`lad Lalulhi [cilb Mnnosr aeos ugo
Bmf{halor Hbu hae ugo LBES Sodihulmar) tlug lur ruslbu ulfoilao {sorbslcoe nms
~hslmr hbul~lulor= Tg| rgmie ha| rbg {cilb bmf{ha| ‗tglbg lauoae um dou ugols
robslulor ilruoe“) oauos ugsmdg ugo ahssmtos dhuo hae ush~osro ugo ugmsalos {hug um
shlro bh{luhi) tgoa mc~lmri| ugo smuo tglbg thr hem{uoe c| ugo utm Bmf{halor lr
h~hlihcio um ugof hirm= Gmto~os) ln anmsuahuoi|) ugoso hso bmf{halor ughu
eoilcoshuoi| bgmmro um orbh{o ugo sodihums| sldms hrrmblhuoe tlug ugo lrro mn
bh{luhi) ugoa ugo fbg iorr sldmsmr smuo hem{uoe aeos ugo dlro mn Robulma >;C mn
ugo Bmf{halor Hbu bmie bmfo la ghae| nms uglr! Rbg ha hiuosahul~o bmaelu mn
bh{luhi fmclilrhulma c|{hrrlad fbg mn ugo sodihums| nshfotms` h{{ilbhcio um lrro
mn bh{luhi) bmie {muoaulhii| rcjobu ms bmaus|“r nlahablhi fhs`ou hae lur la~orumsr um
lamselahuo slr`r! Aooeiorr um rh|) ugo slr` ughu rbg rmnuos {hugr bmie co flrroe
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo >2 mn <<
nms fhrrl~o fmao| ihaeoslad lr hirm ehadosmri| sohi! Ha| eliulma mn ugo
sodihums| sodlfo nms ugo lrro mn bh{luhi c| bmf{halor la Laelh biohsi| lr haulugoulbhi
um ms mta mcjobul~or mn la~orums {smuobulma! Hr csmdgu mu hcm~o) Robulma >;C thr
lausmeboe nms h eonlaluo hae r{oblnlb {s{mro! Lu thr ao~os lauoaeoe um {sm~leo
bmaelur nms shlrlad bh{luhi) tlug ohrlos sodihums| ruhaehser huuhbgoe um ugof!
3;!87! L hf mn ugo ~lot ughu) tgoa ugo {slabl{ior mn lauos{souhulma hso bhsonii|
h{{iloe um Robulma >;C hae lur rcrobulmar) lu lr ohr| um roo ughu ugo tgmio Robulma
dour bmssobui| hildaoe tlug ugo soru mn ugo Bmf{halor Hbu luroin! Ha ow{sorrlma la mao
mn lur rcrobulmar & Robulma >;C'<, & ’hae la ha| mugos bhro tlug ugo Sodlrushs mai|‖)
bhaamu co ugo nibsf mn Robulma >;C luroin! Ush~oiilad chb`thse nsmf Robulma
>;C'<, um sohbg Robulma >;C'8,) tgoso ugo nlsru ruo{ um lrro ugo lanmsfhulma
fofmshaef um ugo {cilb lr ihle emta) tmie co imdlbhii| sodsorrl~o ‒ hae ughutmie amu co ugo amsfhi th| la tglbg ruhuuor hso lauos{souoe! Robulma >;Crgmie
amu co hildaoe rmioi| tlug lur ihru rcrobulma ~lz! Robulma >;C'<, um fh`o ha
hsdfoau ughu ugo Robulma luroin tmie ugoa bmaruluuo h aohu roin&bmauhlaoe
fobghalrf nms bmf{halor um shlro bh{luhi! Ugo ow{sorrlma ’la hii mugos bhror tlug
ugo Sodlrushs‖ ughu mbbsr la Robulma >;C'<, bhaamu co ugo uhli ughu thdr ugo emd! Lu
tmie sa bmauos um ugo mcjobul~or mn ugo ~hslmr {sm~lrlmar ughu soihuo um
fmclilrhulma mn bh{luhi c| h bms{mshuo) hae tmie fmru bosuhlai| co h cihuhau flrro
mn Robulma >;C luroin ‒ tglbg thr eorldaoe hae oahbuoe nms ha oaulsoi| elnnosoau{s{mro!
3;!8<! Um rf { ugo elrbrrlma la uglr robulma) ugo nmiimtlad bmabirlmar ofosdo:
‣‣‣‣ Ln ugo mnnos mn MNBEr hso ‗{sl~huo“ la ahuso) hr bihlfoe c| ugo utm
Bmf{halor) ugoa Robulma >;C lr amu ugo bmssobu smuo um ush~osro nms
lrrlad MNBEr) dl~oa ughu Robulma >;C eohir tlug lrro mn lanmsfhulma
fofmshaef um ugo {cilb himao! Ugo utm Bmf{halor bhaamu) la mao
csohug) bihlf ughu ugols lrror hso {sl~huo {ihbofoaur hae hu ugo rhfo ulfo
{smbooe um ro h smuo) owbirl~oi| eorldaoe nms {cilb lrror!
‣‣‣‣ Hu ugo ruhdo mn uh`lad sobmsro um Robulma >;C aeos ugo Bmf{halor Hbu) h
{cilb bmf{ha| ughu {sm{mror um lrro robslulor um ugo {cilb rgmie
hisohe| gh~o h{{iloe) hr lr soxlsoe aeos iht) nms ilrulad ma h rumb`
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo >5 mn <<
owbghado) hae hr rbg bha mai| co usohuoe ma {hs tlug h ’ilruoe {cilb
bmf{ha|‖ hae amu la ugo bhuodms| mn ugo mugos dsm{ ’hae la ha| mugos
bhro tlug ugo Sodlrushs mai|‖ aeos Robulma >;C'<, mn ugo Bmf{halor Hbu!
‣‣‣‣ Ugo hsdfoau ughu ugo| hso la ugo ihuuos bhuodms| lr cliu ma ugo
{sorf{ulma ughu ugo utm Bmf{halor aooe amu gh~o bmf{iloe tlug Robulma
>4'2, hae Robulma 42! Ugo utm Bmf{halor hso soxlsoe aeos iht um
bmanmsf um ugoro h{{ilbhcio iodhi {sm~lrlmar! Ugosonmso) ugo nshfotms` nms
lrro mn bh{luhi aeos ugo Bmf{halor Hbu) ugo ROCL Hbu hae lur
Sodihulmar tmie h{{i| la umum um ugo MNBE lrror mn ugo utm Bmf{halor!
‣‣‣‣ Robulma >;C rgmie amu co hildaoe rmioi| tlug ugo ow{sorrlma ’hae la ha|
mugos bhro tlug ugo Sodlrushs mai|‖) cu ghr um co sohe {smdsorrl~oi|) la lur
bmauowu) dmlad nsmf Robulma >;C'8, hii ugo th| um Robulma >;C'<,!
‣‣‣‣ Robulma >;C & tgougos nms ilruoe {cilb bmf{halor ms mugos bmf{halor ‒
thr lausmeboe la ugo Bmf{halor Hbu) nms h r{oblnlb {s{mro aeos ugo
Bmf{halor 'Robmae Hfoaefoau, Hbu) 3;;3! Lu thr ao~os eorldaoe um
bsohuo ha lrihae mn sodihums| ruhaehser ughu hso elrulabu nsmf hae bmaushs|
um ugo r{lslu mn ~hslmr mugos {sm~lrlmar la ugo Bmf{halor Hbu luroin) la rm nhs
hr fmclilrhulma mn bh{luhi nsmf ugo {cilb ms ugols la~orums {smuobulma lr
bmabosaoe!
‣‣‣‣ Ugoso hso am ~hile dsmaer um lanos ughu ugo ow{sorrlma ’hae la ha| mugos
bhro tlug ugo Sodlrushs mai|‖ ughu h{{ohsr Robulma >;C'<, thr lauoaeoe la
Iht um bsuhli ugo {mtosr mn ROCL bmanossoe ma lu aeos Robulma ??H mn ugo
Bmf{halor Hbu!
Goabo) L hf mn ugo bmarleosoe m{lalma ughu ugo utm Bmf{halor gh~o ~lmihuoe ugo
iodhi {sm~lrlmar aeos Robulma >4'2, hae 42 mn ugo Bmf{halor Hbu) hae gh~o hbuoe
iush ~lsor mn ugo iht) la rlad Robulma >;C'<, nms ugols MNBEr um c|{hrr ugo
sodihums| nshfotms` h{{ilbhcio um ugof) soi|lad rmioi| ma ugo ow{sorrlma ’hae la ha|
mugos bhro tlug ugo Sodlrushs mai|‖ ughu mbbsr la uglr rcrobulma!
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo >? mn <<
38! Robulma >;C mn ugo Bmf{halor Hbu hae shlrlad bh{luhi ugsmdg
lrro mn ‗robslulor“
38!8! Ugo Iohsaoe Bmaroi nms ugo utm Bmf{halor tglio fh`lad glr rcflrrlmar
{hlaruh`ladi| of{ghrlroe ughu Robulma >;C mn ugo Bmf{halor Hbu lr ugo mai|
{sm~lrlma nms lrro mn robslulor il`o g|csler hae ughu Robulmar >4 hae 42 ugosola)
r{oh` mai| mn lrro hae usharnos mn rghsor hae eocoausor! Rlabo ugo Iohsaoe
Bmaroi ghr shlroe uglr lrro) L rghii csloni| heesorr ugo rhfo coimt!
38!3! L mcros~o ughu Robulma >;C la ugo Bmf{halor Hbu bhfo laum onnobu ma H{sli 8)
3;;2 ugsmdg ugo Bmf{halor 'Robmae Hfoaefoau, Hbu) 3;;3! G|csler toso
lausmeboe la ugo Bmf{halor Hbu tlug onnobu nsmf Eobofcos 82) 3;;; ugsmdg ugo
Bmf{halor 'Hfoaefoau, Hbu 3;;;! Lu lr ghse um lfhdlao ughu nms m~os utm |ohsr) ugolausmebulma mn g|csler la Laelh rnnosoe cobhro ugoso thr am fobghalrf la ugo
Bmf{halor Hbu ughu {sm~leoe nms ugo rhfo! Hr foaulmaoe oirotgoso gosola) ugo
uosf ‗g|csle“ luroin lr bmauhlaoe amtgoso la ugo Bmf{halor Hbu mugos ugha la ugo
eonlalulmar! La ha| bhro) um rh| ugo iohru) Robulma >;C ele amu bmfo) hr ha hartos um
uglr {smciof ‒ ln hu hii ugoso thr mao(
38!2! Hefluuoei|) ugo utm Bmf{halor ugofroi~or gh~o lrroe ugo MNBEr soio~hau
um ugoro {smbooeladr conmso fo) aeos sormiulmar {hrroe aeos Robulma 78'8H, mn
ugo Bmf{halor Hbu! Uglr Robulma {sm~leor ughu ’ugo nsugos rghsor hr hnmsorhle fh|
co mnnosoe um ha| {osrmar …… ln h r{oblhi sormiulma um ughu onnobu lr {hrroe c| ugo
bmf{ha| la doaoshi fooulad… ‖! Lsmalbhii|) uglr Robulma) aeos tglbg ugo utm
Bmf{halor gh~o eobleoe um shlro bh{luhi ugsmdg ha lrro mn MNBEr) aolugos
oa~lrhdor lrro mn eocoausor ms g|csler labielad MNBEr!
38!5! Rlflihsi|) Robulma 8;7 mn ugo Bmf{halor Hbu) tglbg dm~osar usharnos mn ugo
robslulor lrroe c| ugo utm Bmf{halor) hirm foaulmar mai| rghsor hae eocoausor
hae amu ha| mugos robslu|! L hirm amuo ughu Robulma 3'2>, tglbg eonlaor ugo
{smr{obur hae Robulma ?>) tglbg eonlaor ugo bmauoaur mn h {smr{obur) heesorror
mai| ugo lrro mn ‗rghsor“ hae ‗eocoausor“! Ln mao toso um xlccio ma tmser hae
{gshromimd|) ugoa mao tlii co ehadosmri| bimro um hsdlad ughu h {smr{obur hr to
aeosruhae lu aeos ugo Bmf{halor Hbu bhaamu co lrroe nms ha| g|csle ms nms ughu
fhuuos ha| robslu| mugos ugha rghsor ms eocoausor( Tghu lr aooeoe lr h
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo >> mn <<
ghsfmalmr lauos{souhulma mn ugo ruhuuor) ln mao lr um gh~o ugo coru lauosoru mn ugo
fhs`our hae la~orumsr la flae! Robulma >7H tglbg r{oblnlor ugo {oahiu| nms
lf{osrmahulma c| ugo la~orums) hae tglbg ghr cooa r{oblnlbhii| xmuoe c| ugo utm
Bmf{halor la ugols {smr{obur umm) hirm sonosr um rghsor hae eocoausor himao!
Robulma 882 tglbg rour ugo ulfo ilflur nms lrro mn bosulnlbhuor hirm sonosr um rghsor
hae eocoausor himao! Ugoro hso cu not robulmar la ugo Bmf{halor Hbu) tglbg ma h
{ihla sohelad sonosr um rghsor hae-ms eocoausor) cu tgoso ugo bmauowu tmie
eofhae ughu ugo| hso oxhii| ~hile hae lauoaeoe nms mugos robslulor hr toii! Ln mao
toso um bhs{ ma ugo bmarusbulma mn roauoabor la ugo ruhuuo) ugoa uglr bmie iohe um
ha lauos{souhulma ughu ugoso hso roslmr nlrrsor la ugo h{{ilbhcio iht bhroe c|
alauoaeoe mflrrlmar mn tmser! L rghii rlf{i| {u uglr lrro um soru c| usalad um ugo
dlehabo dl~oa c| ugo Gmamshcio H{ow Bmsu la Uhuh Oadlaooslad hae
Imbmfmul~o Bm! Iue ~r! Ruhuo mn Clghs) '3;;;, ? RBB 25> {hsh 8?,)
’Rhuor) l lr mnoa rhle) rgmuie co bmarsuoe am hr
gomsofr mn Oubile cu tlg rmfo lfhdlahlma mn {us{mror
tglbg ilor coglae gof hae m co mm iloshi la go
fohalad mn tmser lr m roo go r`la hae flrr go rmui!‖
33! [mtosr mn ROCL aeos Robulma 88H mn ugo ROCL Hbu
33!8! Amutlugruhaelad hii ugo hsdfoaur hcmu tghu owhbui| nhiir tlugla ugo
sodihums| soflu mn ROCL aeos ugo Bmf{halor Hbu) h {sm~lrlma la iht mn nhs sohbglad
bmaroxoabo ughu mnuoa emor amu dou hr fbg elrbrroe) lr ugo {mtosr mn ROCL
aeos ugo ROCL Hbu luroin) um sodihuo fhuuosr soihulad um lrro mn robslulor! Ugoro
toso bmanossoe ugsmdg ugo ROCL 'Hfoaefoau, Hbu) 3;;3! O~leoaui|) [hsilhfoau
ghe) ma ugo chrlr mn ugo ow{osloabo ughu Dm~osafoau hae ROCL ghe hbxlsoe m~os
ugo |ohsr) eoofoe lu aoborrhs| um owuoae ROCL“r sodihums| sohbg r{oblnlbhii| laum
ugo uosshla mn bh{luhi fmclilrhulma la ugo nlahablhi fhs`our!
33!3! Robulma 88H'8, la ugo ROCL Hbu) eonlaor ugo {mtosr mn Cmhse um sodihuo ms
{smglclu lrro mn {smr{obur) mnnos embfoau ms he~osulrofoau rmilblulad fmao| nms
lrro mn robslulor! Lu lr biohsi| ruhuoe) ughu rbg {mtosr lr tlugmu {sojelbo um ugo
{sm~lrlmar mn ugo Bmf{halor Hbu! _aeos Robulma 88H'8, mn ugo ROCL Hbu) ugo Cmhse
fh| c| doaoshi ms r{oblhi mseosr {smglclu ha| bmf{ha| nsmf lrrlad {smr{obur) ha|
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo >4 mn <<
mnnos embfoau) ms he~osulrofoau rmilblulad fmao| nsmf ugo {cilb nms ugo lrro mn
robslulor hr toii hr r{obln| ugo bmaelulmar rcjobu um tglbg ugo {smr{obur) rbg
mnnos embfoau ms he~osulrofoau) ln amu {smglcluoe) fh| co lrroe!
32! H{{ilbhclilu| mn ugo EL[ Dleoilaor hae LBES Sodihulmar umugo utm Bmf{halor
32!8! Ugo Iohsaoe Bmaroi nms ugo utm Bmf{halor) eslad ugo bmsro mn glr
rcflrrlmar hirm bmauoaeoe ughu ugo EL[ Dleoilaor hae ugo LBES Sodihulmar em
amu h{{i| um ugo MNBEr lrroe c| ugof! Hbbmselad um glf) ugo EL[ Dleoilaor em
amu gh~o ha| ruhuums| nmsbo hae bhaamu co oanmsboe hr ugo| gh~o amu cooa ihle
conmso ugo [hsilhfoau! Go nsugos hsdoe ughu Robulmar 3<) 2; hae 28 mn ugo ROCL
Hbu {sm~leo ughu ugo sior fheo c| ugo Boaushi Dm~osafoau hae Sodihulmar fheo
c| ROCL rghii co ihle conmso ugo [hsilhfoau hae mai| hnuos ugo rhfo hso {hrroe c|
cmug ugo Gmror) ugo Sior ms Sodihulmar rghii gh~o onnobu!
32!3! Ugo Iohsaoe Bmaroi sonossoe um ugo Mseos mn ugo Gmamshcio Robslulor
H{{oiihuo Uslcahi la ugo fhuuos mn Umcsm Lanmuobg hae Laeruslor Ilfluoe ~r!
ROCL) la r{{msu mn ugo rhle bmauoaulma! Gmto~os) L nlae ughu lrro mn oanmsbohclilu| mn
ugo EL[ dleoilaor lr toii rouuioe la iht! Ugoso hso h {iougmsh mn jedfoaur mn fmso
soboau msldla mn ugo Gmamshcio Bmsur) tglbg oruhcilrg co|mae emcu ughu ugorodleoilaor hso ruhuums| la ahuso!
‣ La Dmie Fiulnhc Ilfluoe hae mugosr ~r! ROCL 'eobleoe ma Ro{uofcos
8<) 3;;2,) h bhro tgoso ugo bmf{ha| thr hiiodoe um gh~o bmaush~oaoe
ugo EL[ Dleoilaor) ugo Gmamshcio Robslulor H{{oiihuo Uslcahi ghe
dshauoe ilcosu| um ROCL um lalulhuo {smbooeladr hdhlaru ugo h{{oiihaur
ugosola ’nms ~lmihulma mn ugo ROCL Dleoilaor ma Elrbimrso hae La~orums
[smuobulma …!‖!
‣ Nsugos) la Rhulrg S! Rghg hae hamugos ~r! ROCL) ugo Gmamshcio
Uslcahi ghe mcros~oe ughu rlabo hu ugo ulfo mn hiimufoau) ugo rghsor toso
amu nii| {hle&{ 'hr soxlsoe la uosfr mn Bihro 82!5!3 mn ugo EL[
Dleoilaor,) ugoso lr h biohs ~lmihulma mn ugo EL[ Dleoilaor!
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo >7 mn <<
‣ La ugo fhuuos mn Fhthah Rdhsr Ilfluoe ~r! Cmfch| Rumb` Owbghado
Ilfluoe 'eobleoe c| ugo Gmamshcio Uslcahi ma Jao >) 3;;7,) ugo
elr{uo thr sodhselad ugo fhaaos mn {slblad mn rghsor 'um co hiimuuoe ma
{sonosoaulhi chrlr,! Ugo Gmamshcio Uslcahi) tglio sobmdalzlad ugo
ruhuums| nmsbo mn ugo rhle dleoilaor ghe mcros~oe ughu ugo {slbo mn
{sonosoaulhi rghsor ghr um co eouosflaoe la hbbmsehabo tlug ugo EL[
Dleoilaor hae nsugos mcros~oe ’Uglr lr ugo fhaehuo mn bihro 82!; mn
ugo dleoilaor tglbg gh~o cooa lrroe c| ugo fhs`ou sodihums aeos
robulma 88 mn ugo Robslulor hae Owbghado Cmhse mn Laelh Hbu) 8<<3 !‖
‣ La Hhrugh Csmhebhrulad Aoutms` Ilfluoe 'eobleoe ma Nocshs| >)
3;;>,) ugo Gmamshcio Uslcahi {goie ugo nlaelad ughu ugo h{{oiihau ghe
bmaush~oaoe ugo soio~hau dleoilaor mn ugo EL[ Dleoilaor!
‣ Ugo Gmamshcio Robslulor H{{oiihuo Uslcahi la ugo fhuuos mn \mdorg F!
Cgharhil 'G_N, hae mugosr ~r! ROCL 'eobleoe ma Ro{uofcos 32) 3;;<,)
goie ughu ugo ROCL EL[ Dleoilaor mn 3;;; toso ruhuums| la ahuso!
Nsugos ugo Gmamshcio Eoigl Gldg Bmsu la ugo fhuuos mn @lfr` @slrgah Rlagh ~r
ROCL hae Msr) 'T![!'B, 4<4> mn 3;;4 . BF H[[I Am! 8?;75-;4, mcros~or ughu ’Lu
ghsei| aooer um co ruhuoe ughu ugo ROCL 'EL[, Dleoilaor hso soihuhcio um
Robulmar 88 hae 88&H mn ugo ROCL Hbu hae hso mn ruhuums| bghshbuos! Ugo| hso
oanmsbohcio hr rbg!‖'Of{ghrlr r{{iloe,
La ~lot mn ugoro nlaeladr hae mcros~hulmar mn ugo Gmamshcio Robslulor H{{oiihuo
Uslcahi hae ugo Gmamshcio Eoigl Gldg Bmsu) L hf ahcio um hbbo{u ugo bmauoaulma
ughu ugo {sm~lrlmar mn ugo EL[ Dleoilaor hso aoanmsbohcio) ms amu h{{ilbhcio la uglr
laruhau bhro!
32!2! Ma coghin mn RLSOBI) lu ghr hirm cooa bmauoaeoe ughu MNBEr toso lrroe la
3;;7 hae ughu am hbulma thr uh`oa ugoa aeos ugo EL[ Dleoilaor) tgoa ugo rhfo
toso la nmsbo! Lu thr rcfluuoe ughu ugo LBES Sodihulmar tmie amu co h{{ilbhcio um
ugo rhle lrro hr ugo| bhfo laum nmsbo mai| ma Hdru 3>) 3;;< hae ugoro
sodihulmar emor amu gh~o ha| sousmr{obul~o onnobu! Lu thr nsugos bmauoaeoe ughu
Sodihulma 888 mn ugo LBES Sodihulmar {sm~leor nms sorblaelad ugo EL[ Dleoilaor
hae rh~or ha|uglad emao ms hbulma uh`oa aeos ugo EL[ Dleoilaor) hr ugo rhfo
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo >< mn <<
rghii co eoofoe um co uh`oa aeos ugo LBES Sodihulmar! Ugo Iohsaoe Bmaroi
hsdoe ughu rlabo am hbulma thr uh`oa aeos ugo EL[ Dleoilaor) ugo rh~lad bihro lr
amu h{{ilbhcio hae ugosonmso am hbulma bmie co uh`oa aeos ugo LBES Sodihulmar!
RLSOBI ghe nlioe lur SG[ hae lrroe MNBEr la ugo |ohs 3;;7) tgoa ugo EL[
Dleoilaor toso la nmsbo! Aooeiorr um rh|) am hbulma bmie co uh`oa hu ughu {mlau la
ulfo) hr ROCL thr rlf{i| amu hthso mn ugoro lrrhabor tglbg toso la bmaush~oaulma
mn ugo robslulor ihtr! Gmto~os) RLSOBI bmaulaoe um fmclilzo naer nsmf ugo {cilb
aeos ugo SG[ hae ugo lanmsfhulma fofmshaef! _aflruh`hci|) uglr lr h bmaulalad
~lmihulma! ROCL bhaamu co {sobieoe nsmf lauos~oalad aeos ugo LBES Sodihulmar)
jru cobhro rbg h bmaulalad ~lmihulma ghe lur doaorlr rmfotgoso la ugo {hru!
Ugosonmso) uglr bmauoaulma {u nmsthse c| ugo utm Bmf{halor ihb`r foslu!
32!5! Ugo Iohsaoe Bmaroi hirm bmauoaeoe ughu rlabo ROCL Hbu emor amu bmanos jslrelbulma ma ROCL m~os ‗G|csle robslulor“) ugo EL[ Dleoilaor hae ugo LBES
Sodihulmar bhaamu sodihuo rbg robslulor) hr ugo| hso rcmselahuo iodlrihulmar um
ugo ROCL Hbu! Hr L gh~o hisohe| heesorroe ugoro ohsilos la uglr Mseos) hr um ugo
ahuso mn ugo MNBEr lrroe c| ugo utm Bmf{halor hae ROCL“r sodihums|
jslrelbulmar m~os ugof) L em amu roo ha| foslu la ugo hcm~o hsdfoau!
35! Slr`r um La~orumsr la ugo MNBE lrror mn ugo utm Bmf{halor
hslrlad nsmf c|{hrrlad ugo La~orums [smuobulma nshfotms`
{sorbslcoe aeos iht
35!8! Ugo utm Bmf{halor) hr ruhuoe la ugo lauoslf mseos hr toii hr la ugo heelulmahi
Rgmt Bhro Amulbo) hso tlugmu emcu) biohsi| la dsmrr ~lmihulma mn ugo {sm~lrlmar mn
ugo ihtr h{{ilbhcio um {cilb bmf{halor fh`lad mnnosr mn robslulor um ugo {cilb! L
gh~o sonossoe ohsilos um gmt ugo utm Bmf{halor) roof um co ahcio um nsalrg o~oa
chrlb ehuh ma ugo leoaulu| mn lur mta la~orumsr! Ugo iouuosr roau c| RLSOBI um ~hslmr
hbbmaulad nlsfr la Jhahs| 3;88) roo`lad {smnorrlmahi ros~lbor roof um rddoru h
tmoni ihb` mn bmf{lioe hae hugoaulbhuoe ehuh ma ugols la~orumsr hae ugo naer! Ln
ugo leoaulu| mn ugo la~orumsr hae heesorror ugofroi~or hso amu soheli| h~hlihcio tlug
ugo nlsf ‒ hae ugo bmf{lihulma hae hugoaulbhulma mn ugo ehuh hbsmrr ugo ugmrhaer mn
ros~lbo boausor tlii gh~o um) hr hefluuoe c| RLSOBI) soxlso ugo r{{msu mn
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 4; mn <<
{smnorrlmahi hbbmaulad nlsfr hu uglr ruhdo) ugoa L tmaeos tghu sohi rhnodhser bha
{mrrlci| co ugoso la {ihbo nms la~orums {smuobulma!
35!3! L mcros~o goso ughu mai| mao bmf{ha| ~lz! RLSOBI ghr nsalrgoe lanmsfhulma
hcmu lur la~orumsr! RGLBI ghr amu) eor{luo soflaeosr nsmf ROCL) bhsoe um nsalrg
ugo soxlrluo lanmsfhulma! Eor{luo larusbulmar nsmf ugo Gmamshcio R{sofo Bmsu
mn Laelh hae ugo Gmamshcio Gldg Bmsu mn Ib`amt elsobulad RLSOBI um co
nmsugbmflad ma ugo ehuh ma lur la~orumsr) ugoso rulii lr iluuio bihslu| la ugo ruhuofoaur
nsalrgoe c| lu! Uglr lr rooa {hsulbihsi| la ugo hcroabo mn eouhlir ma ugo hbuhi
xhauf mn naer ughu ghr cooa fmclilzoe! Hii ughu ghr cooa eobihsoe biohsi| la ugo
SG[ lr ughu cmug ugo bmf{halor umdougos aooe k5;;;; bs! nms ugols {smjobur!
Heelulmahii|) L hirm mcros~o ughu ugo ehuh nsalrgoe c| RLSOBI la ugo Bmf{hbu Elr`)
hso la ugo nmsf mn rbhaaoe lfhdor) tglbg hso amu hfoahcio um ohr| hahi|rlr ma hBmf{uos! RLSOBI ghr amu r{{iloe ugo ehuh la ruhaehse r{sohergoou nmsf ms hr
sodihs embfoaur nms tmse {smborrlad! Ugr) chroe ma tghu ghr cooa nsalrgoe c|
ugo Bmf{halor) ROCL ghr iluuio fohar um nlae mu bfihul~o umuhir mn naer fmclilzoe
ms em nsugos roni hahi|rlr ma ugo ehuh luroin) hr {hsu mn lur la~oruldhulma) rgmie ha|
rbg nuso soxlsofoaur hslro! Ugo Gmamshcio Gldg Bmsu mn Hiihghche) hr xmuoe
r{sh hcm~o) ghe ow{sorroe lur elr{iohrso hu ugo shugos cihuhau atliiladaorr mn
RLSOBI um bmf{i| tlug lur elsobulmar hae bmm{oshuo tlug ugo la~oruldhulmar! Ugoso
roofr um co ha aruhuoe sormi~o ma ugo {hsu mn ugo utm Bmf{halor amu um {hsu tlugehuh la ha| fohaladni fhaaos! Ugo ugsru roofr um co ma bmabohifoau hae
mcnrbhulma shugos ugha m{oaaorr hae ushar{hsoab|!
35!2! Ugo Iohsaoe Bmaroi) hu mao {mlau la ugo rcflrrlmar conmso fo) foaulmaoe
ugo nhbu ughu ugoso hso am la~orums bmf{ihlaur hu hii) nsmf ha| la~orums la ugo MNBEr
shlroe c| ugo utm Bmf{halor! Dmlad c| ugo glrums| mn rbhfr la nlahablhi fhs`our
hbsmrr ugo dimco) ugo afcos mn la~orums bmf{ihlaur ghr ao~os cooa h dmme fohrso
ms laelbhums mn ugo slr` um tglbg ugo la~orumsr hso ow{mroe! Fmru fhjms ‗[mazl“
rbgofor la ugo nlahablhi fhs`our) tglbg gh~o nlahii| cimta { la ugo nhbo mn fliilmar
mn arr{obulad la~orumsr) gh~o glrumslbhii| ao~os cooa hbbmf{haloe c| h dshehi
clie { mn la~orums bmf{ihlaur! Cu tgoa nlahablhi bhuhrusm{gor gh~o laeooe nlahii|
os{uoe) ugo| em rm tlug iluuio thsalad hae iohe um fhjms bmiih{ror la ugo nlahablhi
fhs`our tlug elrhrusmr bmaroxoabor um la~orumsr!
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 48 mn <<
35!5! L gh~o owhflaoe ugo bm{lor mn ugo SG[r nlioe c| ugo utm Bmf{halor! Hdhlaru
hii ugo fhjms la~orums {smuobulma fohrsor bmauof{ihuoe 'nms o!d! h{{mlaufoau mn
eocoauso usruoo) bsoelu shulad) aeostslulad) ulilzhulma mn naer bmiiobuoe,) L roo ugo
oaus| ’Amu h{{ilbhcio‖! Rmfo mn ugof) hr ruhuoe ugosola) hso eobihsoe lah{{ilbhcio
cobhro ugo lrro tlii amu co ilruoe! Mugosr hso eobihsoe lah{{ilbhcio) cobhro ugo
lrro lr amu mn eocoausor! Ln rbg ~luhi sodihums| soxlsofoaur ugofroi~or gh~o hii
cooa eobihsoe r{osnimr ms aaoborrhs|) hae gh~o amu cooa bmf{iloe tlug ma mao
{souowu ms ugo mugos) tghu ugoa owhbui| hso ugo {smuobul~o fohrsor ughu ugo utm
Bmf{halor bha {mrrlci| gh~o la {ihbo nms lur la~orumsr= Ugo sobmser nsalrgoe um
ROCL rgoe iluuio ildgu ma uglr! Aolugos gh~o ugo utm Bmf{halor bmfo nmsthse um hiih|
ugo iodlulfhuo bmabosa mn ROCL hr h sodihums la uglr sodhse) ei| soniobuoe la ugo
rgmt bhro amulbor lrroe um ugo utm Bmf{halor hae ugols {smfmuosr hae elsobumsr!
35!?! RLSOBI ele amu gh~o ha| elruslcuhcio {smnlu nms ugo nlahablhi |ohs oaelad 28ru
Fhsbg) 3;;7! RLSOBI ghe h aodhul~o aou tmsug hu ugo ulfo mn ugo mnnos hae ugo aou
tmsug mn RGLBI thr hsmae k88 ih`g! Ugo rcrbslcoe bh{luhi mn ugo utm Bmf{halor
lr ~os| rfhii la bmf{hslrma um ugo ilhclilulor ma ugols chihabo rgoour! MNBEr shlroe
hso mn ugo mseos mn hu iohru h not ugmrhae bsmso mn s{oor) tlug ugo soxlsofoaur nms
naer laelbhuoe hu k5;;;; bs! Um bmf{mae ugoro bmabosar) hii ugo MNBEr hso
arobsoe ‒ ugoso lr am bghsdo ma olugos ugo hrrour mn ugo bmf{halor ms ma ugo
so~oao rusohfr nsmf ugo ~hslmr {smjobur aeosuh`oa c| ugo utm Bmf{halor! Dl~oaugo ihsdo rbhio mn nae shlrlad ughu ghr cooa sormsuoe um c| ugo utm Bmf{halor) hae
ugo nhbu ughu {hsulbihsr hcmu ugoro naer hae ugols ulilzhulma hso amu h~hlihcio tlug
ROCL) hu uglr ruhdo mao bha) nms ugo rh`o mn ugo la~orumsr) fosoi| nos~oaui| gm{o ughu
ugo utm Bmf{halor gh~o uh`oa rmfo mugos sohrmahcio fohrsor) hicolu amu ~os|
o~leoau um fo) nms {smuobulad lur la~orumsr!
35!>! Biohsi|) h {soblro fohrso mn ugo fhdalueo mn ugo slr`r um la~orumsr ghr
ao~os cooa eorldaoe ha|tgoso! Nms ugoro {smbooeladr) lu lr aoborrhs| um hrrorr
ugo la~orums {smuobulma nshfotms` tglbg ugo utm Bmf{halor gh~o rc~osuoe c|
~lmihulad ugo ihtr hae sodihulmar h{{ilbhcio um ugof! Ugo bimroru) to bha bmfo um
dhdlad ugo slr`r la~mi~oe tgoa ha| bmf{ha| emor amu bmanmsf um ugo la~orums
{smuobulma nshfotms` lr um owhflao ugo lf{msuhabo mn ugo fohrsor ughu gh~o cooa
blsbf~oauoe hae hrrorr ugo lf{ilbhulmar bhroe c| ugols hcroabo! Ugo oihcmshuo
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 43 mn <<
la~orums {smuobulma nshfotms` ughu ROCL ghr {u la {ihbo nms {cilb lrror c| {cilb
bmf{halor lr ugo {smebu mn |ohsr mn mcros~hulma hae iohsalad c| ROCL hae
sodihumsr hbsmrr ugo tmsie!
35!4! La uglr bhro) ugo rhiloau la~orums {smuobulma fohrsor ughu utm Bmf{halor
gh~o amu bmanmsfoe tlug hso ilruoe coimt! H bsrms| sohelad mn ugo SG[ nlioe c| ugo
utm Bmf{halor) bmaushruoe hdhlaru ugo oihcmshuo la~orums {smuobulma fohrsor
muilaoe coimt) ~l~lei| ow{mror ugo gdo lanmsfhulma dh{r la ugof! Hr ugo lrror
gh~o cooa `o{u m{oa nms ro~oshi |ohsr amt) o~oa ugo rbhau| hae r`oubg| lanmsfhulma
la ugoro embfoaur fldgu gh~o imru hii lur bssoab| hae ulilu| um la~orumsr!
8! Nlilad mn eshnu mnnos embfoau tlug ROCL:
O~os| lrros fh`lad {cilb lrro mn robslulor ghr um nlio h eshnu mnnos
embfoau tlug ROCL ugsmdg ROCL sodlruosoe Fosbghau Cha`os! Ugo eshnu
mnnos embfoau tlii co {u&{ nms {cilb bmffoaur nms hu iohru 38 eh|r! ROCL
owhflaor ugo eshnu mnnos embfoau tlug ha mcjobul~o nms oarslad bmf{ilhabo
tlug ugo la~orums {smuobulma fohrsor {sorbslcoe c| ROCL hae nms oaghablad
elrbimrsor chroe ma aeosruhaelad mn ugo fhuuos bmauhlaoe la ugo {smr{obur
ms chroe ma bmffoaur-bmf{ihlaur) ln ha|) sobol~oe nsmf {cilb) ma ugo
embfoau! Ugo Fosbghau Cha`os ugoa labms{mshuor aoborrhs| bghador la ugo
mnnos embfoau!
3! Oildlclilu| soxlsofoaur nms fh`lad h {cilb lrro:
Ha ailruoe lrros um cobmfo oildlcio nms fh`lad h {cilb lrro rgmie gh~o:
aou uhadlcio hrrour mn hu iohru k 2 bsmso la ohbg mn ugo {soboelad ugsoo nii
|ohsr) elruslcuhcio {smnlur la huiohru ugsoo mn ugo lffoelhuoi| {soboelad nl~o
|ohsr) aou tmsug mn hu iohru k 8 bsmso la ohbg mn ugo {soboelad ugsoo nii |ohsr)
lrro rlzo rgmie amu owbooe ? ulfor ugo {so& lrro aou tmsug hr {os ugo
heluoe chihabo rgoou mn ugo ihru nlahablhi |ohs oub! Ln ugo lrros lr ahcio um
bmf{i| tlug ha| mn ugoro bmaelulmar) lu bha fh`o h {cilb lrro) {sm~leoe ln hu
iohru ?;/ mn ugo lrro lr hiimuuoe um ugo Xhilnloe Laruluulmahi C|osr ms ln
{smjobu lr h{{shlroe hae {hsulbl{huoe um ugo owuoau mn 8?/ c| Nlahablhi
Laruluulmar - Rbgoeioe Bmffosblhi Cha`r mn tglbg hu iohru 8;/ bmfor nsmf
ugo h{{shlros'r,! Uglr goi{r h souhli la~orums rcrbslclad la ugo lrro) um eosl~o
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 42 mn <<
ugo coaonlu mn ugo fmso lanmsfoe la~orufoau eoblrlmar ughu tmie co u|{lbhii|
co fheo c| laruluulmahi la~orumsr!
2! Flalff [smfmuosr“ Bmauslculma hae imb`&la:
La h {cilb lrro c| ha ailruoe lrros) ugo {smfmuosr rgmie bmauslcuo amu
iorr ugha 3;/ mn ugo {mru lrro bh{luhi) tglbg rgmie co imb`oe la nms h {oslme
mn 2 |ohsr! ’Imb`&la‖ laelbhuor h nsoozo ma ugo rghsor! La bhro mn ha lalulhi
{cilb mnnos mn bma~osulcio eocu larusfoaur tlugmu h {slms {cilb lrro mn
oxlu| rghsor) ugo {smfmuosr rgmie cslad la h bmauslculma mn hu iohru 3;/ mn
ugo {smjobu bmru la ugo nmsf mn oxlu| rghsor) rcjobu um bmauslculad hu iohru
3;/ mn ugo lrro rlzo nsmf ugols mta naer la ugo nmsf mn oxlu| rghsor!
[smfmuosr“ bmauslculma rghii co bmf{uoe ma ugo chrlr mn ugo {mru&lrro
ow{haeoe bh{luhi hrrflad nii {sm{mroe bma~osrlma mn bma~osulcio robslulorlaum oxlu| rghsor! Ugo sofhlalad {so&lrro bh{luhi rgmie hirm co imb`oe la
nms h {oslme mn mao |ohs nsmf ugo ehuo mn ilrulad!
5! Bsoelu shulad:
Bmf{halor fh`lad {cilb lrro mn bma~osulcio eocu larusfoaur ms ama&
bma~osulcio eocu larusfoaur) rgmie mcuhla h bsoelu shulad nsmf hu iohru mao
bsoelu shulad hdoab| 'BSH, sodlruosoe tlug ugo ROCL hae elrbimro ugo shulad la
ugo mnnos embfoau! H bsoelu shulad lr h {smnorrlmahi m{lalma sodhselad ugo
lrros“r hclilu| um fh`o ulfoi| {h|foau mn lauosoru hae {slabl{hi ma h eocu
larusfoau) dl~oa hnuos rue|lad hii h~hlihcio lanmsfhulma hu h {hsulbihs {mlau mn
ulfo! Lu lr so~lotoe {oslmelbhii| eslad ugo uoaso mn ugo eocu larusfoau!
BSHr hso r{oblhilzoe laeo{oaeoau cmelor sodlruosoe hae sodihuoe c| ROCL!
ROCL r{oblnlor ugo oildlclilu| bsluoslh nms ugols sodlrushulma) fmalumslad hae
so~lot mn shuladr) soxlsofoaur nms h {sm{os shulad {smborr) h~mlehabo mn
bmanilbu mn lauosoru) bmeo mn bmaebu hae lar{obulma mn shulad hdoablor c| ROCL!
?! L[M Dshelad:
_aeos ugo ROCL Dleoilaor-Sodihulmar) am lrros rghii fh`o ha lalulhi {cilb
mnnos) aiorr hr ma ugo ehuo mn sodlruoslad {smr{obur 'ms SG[, tlug ugo
Sodlrushs mn Bmf{halor) ugo lrros ghr mcuhlaoe dshelad nms ugo lalulhi {cilb
mnnos nsmf hu iohru mao BSH sodlruosoe tlug ROCL! L[M dshelad thr fheo
fhaehums| c| ROCL hr ha oaeoh~ms um fh`o heelulmahi lanmsfhulma h~hlihcio
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 45 mn <<
um ugo la~orumsr um nhbliluhuo ugols hrrorrfoau mn ugo robslu| ma mnnos! Lu lr
lauoaeoe um {sm~leo ugo la~orums tlug ha lanmsfoe hae mcjobul~o m{lalma
ow{sorroe c| h {smnorrlmahi shulad hdoab|) hnuos hahi|zlad nhbumsr il`o
crlaorr hae nlahablhi {smr{obur) fhahdofoau xhilu| hae bms{mshuo
dm~osahabo {shbulbor oub!
>! Bsohulma mn eocoauso usru hae h{{mlaufoau mn Eocoauso Usruoo:
_aeos Robulma 884C mn ugo Bmf{halor Hbu) 8<?> hae ROCL Dleoilaor-
Sodihulmar) am bmf{ha| bha lrro h {smr{obur um ugo {cilb nms rcrbsl{ulma
mn lur eocoausor) aiorr ugo bmf{ha| ghr) conmso rbg lrro) ghr h{{mlauoe
mao ms fmso eocoauso usruoor hae ugo bmf{ha| ghr) ma ugo nhbo mn ugo
{smr{obur) ruhuoe ughu ugo eocoauso usruoo ms usruoor gh~o dl~oa ugols
bmaroau um ugo bmf{ha| um co rm h{{mlauoe! Eocoauso Usruoor hsosodlruosoe hae sodihuoe c| ROCL! Mai| rbgoeioe cha`r -{cilb nlahablhi
laruluulmar-larshabo bmf{halor oub! bha hbu hr eocoauso usruoor! H
Eocoauso usruoo lr mcildhuoe aeos ugo {sm~lrlmar mn ugo Bmf{halor Hbu)
8<?> hae Robslulor hae Owbghado Cmhse mn Laelh 'Eocoauso Usruoor,
Sodihulmar) 8<<2 lauos hilh um owosblro eo elildoabo um oarso bmf{ilhabo c|
ugo bmf{ha| lrrlad eocoausor tlug ugo {sm~lrlmar mn ugo Bmf{halor Hbu)
ugo ilrulad hdsoofoau mn ugo rumb` owbghado ms ugo usru eooe hae um uh`o
h{{sm{slhuo fohrsor nms {smuobulad ugo lauosoru mn ugo eocoauso gmieosr hrrmma hr ha| csohbg mn ugo usru eooe ms iht bmfor um glr amulbo! H eocoauso
usruoo rgmie oarso ughu ROCL lr {smf{ui| lanmsfoe hcmu ha| fhuoslhi
csohbg ms ama&bmf{ilhabo c| ugo bmf{ha| mn ha| iht) sior) sodihulmar hae
elsobulmar mn ugo ROCL ms mn ha| mugos sodihums| cme|! Nsugos) o~os|
eocoauso usruoo rgmie oarso ughu ugo usru eooe owobuoe coutooa h cme|
bms{mshuo hae eocoauso usruoo) hfmadru mugos ugladr) bmauhlar ugo
lanmsfhulma soxlsoe aeos ugo Sodihulmar!
4! Bsohulma mn eocoauso soeof{ulma soros~o:
_aeos Robulma 884B mn ugo Bmf{halor Hbu) 8<?> hae ROCL Dleoilaor-
Sodihulmar) tgoso h bmf{ha| lrror eocoausor) lu rgmie bsohuo h
eocoauso soeof{ulma soros~o nms ugo soeof{ulma mn rbg eocoausor) laum
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 4? mn <<
tglbg heoxhuo hfmaur rgmie co bsoeluoe) nsmf mu mn lur {smnlur o~os| |ohs)
auli rbg eocoausor hso soeoofoe!
7! H{{mlaufoau mn Fmalumslad Hdoab|:
Ugo ROCL Dleoilaor- Sodihulmar rul{ihuor) ughu ln ugo lrro rlzo owbooer k
?;; bs!) ugo lrros rgmie h{{mlau mao {cilb nlahablhi laruluulma ms rbgoeioe
bmffosblhi cha`r) ahfoe la ugo mnnos embfoau hr cha`osr mn ugo lrros) hr
h fmalumslad hdoab|) um fmalums ugo ro mn {smbooer mn ugo lrro! Ugo
fmalumslad hdoab| rgmie rcflu lur so{msu um ugo lrros la ugo r{oblnloe nmsfhu
ma h ghin |ohsi| chrlr) ulii ugo {smbooer mn ugo lrro gh~o cooa nii| ulilzoe!
Rbg fmalumslad so{msu rgmie co {ihboe conmso ugo Helu Bmffluuoo! Uglr
fobghalrf lr la cliu&la um h~mle rl{gmalad mn ugo naer c| ugo [smfmuosr c|
el~osulad ugo {smbooer mn ugo lrro ihuos&ma um rmfo mugos mcjobur) mugos ughatghu lr elrbimroe la ugo mnnos embfoau!
<! H{{mlaufoau mn ROCL sodlruosoe Fosbghau cha`os hae Sodlrushs um ugo
lrro nms ugo lrro:
La bhro mn {cilb lrror) lrrlad bmf{ha| rgmie h{{mlau mao ms fmso
fosbghau cha`osr um bhss| mu ugo mcildhulmar soihulad um ugo lrro! Fosbghau
cha`osr rgmie laeo{oaeoaui| owosblro eo elildoabo hae rhulrn| glfroin
hcmu hii ugo hr{obur mn ugo lrro labielad ugo ~oshblu| hae heoxhb| mn
elrbimrso la ugo mnnos embfoaur hae um oarso ugo lauosoru mn ugo la~orumsr
hso {smuobuoe! Ugo fosbghau cha`os rgmie bhii {ma ugo lrros) lur {smfmuosr
ms elsobumsr um ninli ugols mcildhulmar hr soxlsoe la uosfr mn ugoro Sodihulmar
hae bmaulao um co sor{marlcio nms {mru&lrro hbul~lulor ulii ugo rcrbslcosr
gh~o sobol~oe ugo robslulor bosulnlbhuor) bsoelu um ugols eofhu hbbmau ms
sonae mn h{{ilbhulma fmao|r hae ilrulad- ushelad {osflrrlma lr mcuhlaoe!
Fosbghau cha`os rgmie rcflu h eo elildoabo bosulnlbhuo um ROCL hu ugo
~hslmr ruhdor mn ugo lrro lauos hilh ruhulad ughu ugo| gh~o owosblroe eo
elildoabo labielad owhflahulma mn ~hslmr embfoaur mn ugo bmf{ha| hae
gh~o rhulrnloe ugofroi~or hcmu ugo bmf{ilhabo tlug hii ugo iodhi
soxlsofoaur soihulad um ugo lrro) ughu elrbimrsor tglbg hso nhls hae
heoxhuo um oahcio ugo la~orums um fh`o h toii lanmsfoe eoblrlma hae hii
h{{ilbhcio elrbimrsor fhaehuoe c| ROCL gh~o cooa ei| fheo! Nsugos) la
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 4> mn <<
bhro mn [cilb mnnosr) ha lrros lr soxlsoe um h{{mlau h Sodlrushs um ugo lrro)
tglbg ghr bmaaobul~lu| tlug hii ugo eo{mrlumslor! Cmug Fosbghau cha`osr hae
Sodlrushsr um ugo lrro hso lauosfoelhslor aeos Robulma 83 mn ROCL Hbu)
sodlruosoe hae sodihuoe c| ROCL! Ugo| hso soxlsoe um bmf{i| tlug ugo bmeo
mn bmaebu hae mugos mcildhulmar hr {sorbslcoe c| ROCL!
8;! ̂ lmihulma mn elrbimrso soxlsofoaur:
Ugo {soroau iodhi hae sodihums| nshfotms` lr {slfhsli| chroe ma elrbimrsor!
Ugo mnnos embfoau lr soxlsoe um bmauhla hii elrbimrsor hae aeosuh`ladr
r{oblnloe la ugo Rbgoeio LL mn ugo Bmf{halor Hbu sohe tlug ugo osrutglio EL[
Dleoilaor hae ugo LBES Sodihulmar hae hirm heelulmahi elrbimrsor hr
eoofoe nlu) c| Fosbghau Cha`os um oahcio la~orumsr um fh`o ha lanmsfoe
la~orufoau eoblrlma! Rbg elrbimrsor labieo lauosahi hae owuosahi slr`roa~lrhdoe c| ugo bmf{ha| labielad slr` nhbumsr tglbg hso r{oblnlb um ugo
{smjobu hae lauosahi um ugo lrros bmf{ha| hae ugmro tglbg hso owuosahi hae
co|mae ugo bmausmi mn ugo lrros bmf{ha|) mnnoslad eouhlir) eouhlir mn bh{luhi
rusbuso) {smfmuosr clie&{) eouhlir mn rghsor um co imb`oe&la) eouhlir mn
crlaorr mn ugo bmf{ha|) chrlr mn lrro {slbo) hbbmaulad shulmr) bmf{hslrma
tlug {oos dsm{) glrums| hae bms{mshuo rusbuso) fhahdofoau hae cmhse mn
elsobumsr) elsobu ms laelsobu lauosoru mn {smfmuosr) elsobumsr) `o| fhahdoslhi
{osrmaaoi la ugo bmf{ha| ms la ugo lrro) nlahablhi lanmsfhulma) eouhlir mn ugo{smfmuosr) ugols {gmumdsh{gr) [osfhaoau Hbbmau Afcos '[HA,) eouhlir
sodhselad ugols esl~lad ilboaro) {hrr{msu oub! ugols chb`dsmae) Fhahdofoau
Elrbrrlma hae Hahi|rlr mn Nlahablhi Ruhuofoaur) eouhlir mn dsm{ bmf{halor)
{oaelad h{{sm~hir) muruhaelad iluldhulmar oub! Nsugos) ugo mnnos embfoau
rgmie hirm bmauhla oihcmshuo elrbimrsor {osuhlalad um ugo mcjobu mn ugo lrro)
eouhlir mn ugo {smjobur la tglbg ugo la~orufoau lr um co fheo) naelad {iha nms
ugo {smjobu) rbgoeio mn lf{iofoauhulma oub!
Nsugos) hr {os Robulma ?> '2, mn ugo Bmf{halor Hbu) am mao rgmie lrro ha|
nmsf mn h{{ilbhulma nms rghsor la ms eocoausor mn h bmf{ha|) aiorr ugo nmsf
lr hbbmf{haloe c| ha hcsledoe {smr{obur) bmauhlalad eouhlir r{oblnloe la
Nmsf 3H! Heelulmahi elrbimrso soxlsofoaur nms hcsledoe {smr{obur hso
r{oblnloe la ROCL Dleoilaor-Sodihulmar!
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 44 mn <<
88! M{oalad hae Bimrlad mn ugo lrro:
Sodihulma 5> '8, mn ugo LBES Sodihulmar 'Bihro 7!7!8 mn ugo osrutglio EL[
Dleoilaor,foaulmar ughu h {cilb lrro rgmie co `o{u m{oa nms hu iohru ugsoo
tms`lad eh|r cu amu fmso ugha uoa tms`lad eh|r! La ugo bhro mn ugo utm
Bmf{halor hae hamugos mn lur Dsm{ Bmf{halor) ugo lrro ghr cooa `o{u
m{oa nms |ohsr ma oae!
83! Nlsf hsshadofoaur nms nlahabo:
Ha lrros bhaamu fh`o h {cilb lrro) aiorr nlsf hsshadofoaur mn nlahabo
ugsmdg ~oslnlhcio fohar umthser 4?/ mn ugo ruhuoe fohar mn nlahabo
'owbielad ugo hfmau um co shlroe ugsmdg ugo {sm{mroe {cilb lrro ms sldgur
lrro ms ugsmdg owlrulad leoaulnlhcio lauosahi hbbshir, gh~o cooa fheo!
82! La&{slabl{io h{{sm~hi nms ilrulad nsmf sobmdalroe rumb` owbghador:
Lrrosr hso soxlsoe um mcuhla la&{slabl{io ilrulad {osflrrlma nsmf ugo rumb`
owbghado) conmso fh`lad h {cilb lrro) hr {os ROCL
Dleoilaor-Sodihulmar!Ugo soxlsofoau mn ilrulad la sor{obu mn h {cilb lrro
lr um oarso ughu ugo rcrbslcosr um ugo rghsor ms eocoausor gh~o h nhblilu| um
h{{smhbg h rumb` owbghado nms gh~lad ugols gmieladr bma~osuoe laum bhrg)
tgoao~os ugo| eorlso hae um {sm~leo ilxlelu| hae owlu m{{msualu| um ugo
la~orumsr) or{oblhii| la bhro) tgoa ugo mnnos lr fheo um ihsdo afcos mn la~orumsr '?; ms fmso,! Nsugos mabo ilruoe) ugo Bmf{halor aooe um bmf{i|
tlug ugo rusladoau {sm~lrlmar mn ugo Eocu Ilrulad Hdsoofoau) labielad
{sm~lrlmar soihulad um elrbimrso mn {oslmelbhi lanmsfhulma um Eocoauso usruoo)
fhlauoahabo mn fhlauhla 8;;/ hrrou bm~os rnnlbloau um elrbghsdo ugo
{slabl{hi hfmau mn ugo eocu) {oslmelbhi elrbimrso mn nlahablhir) elrbimrso mn
ruhuofoau mn eo~lhulmar la ro mn lrro {smbooer) ulfoi| elrbimrso mn {slbo
roarlul~o lanmsfhulma!
85! Rbsula| c| Sodihuoe lauosfoelhslor hu hii ruhdor: LBES sodihulmar la
heelulma um ~hslmr mugos sodihulmar nshfoe c| ROCL oarsor ughu la ugo
{smborr mn {cilb lrro ruhsulad nsmf eshnulad {smr{obur ulii hiimufoau-sonae
hae ilrulad) hii r{oblnloe uhr`r hso {osnmsfoe mai| c| sodlruosoe lauosfoelhslor!
Ugoro lauosfoelhslor hso cmae c| sior hae sodihulmar nshfoe nms ugof c|
ROCL hr toii hr ugo bmeo mn bmaebu {sorbslcoe nms ohbg!
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 47 mn <<
8?! [mru lrro ushar{hsoab|) fhs`ouhclilu|) bms{mshuo dm~osahabo hae
ilrulad soxlsofoaur! Oxhii| lf{msuhau lr ugo oihcmshuo {smuobulma fohrsor
ughu hso h~hlihcio um ugo la~orums hnuos ugo lrro lr bimroe hae ilruoe ma h Rumb`
Owbghado! Usharhbulmar la ugo robslulor bhssloe mu ma rumb` owbghado hso
ushar{hsoau tlug h toii rouuioe {slbo elrbm~os| {smborr! Lanmsfhulma labielad
xhsuosi| soriur) rghsogmieos eouhlir) hae haahi so{msu hso {oslmelbhii| fheo
h~hlihcio um rghsogmieosr! Hii {slbo roarlul~o lanmsfhulma lr elrroflahuoe
ugsmdg Rumb` Owbghador! Usharhbulmar bhssloe mu ma rumb` owbghador hso
dhshauooe c| Rumb` Owbghador hae ugoro hso aeos ugo ~ldlihau rs~oliihabo
mn bmabosaoe rumb` owbghado hae ROCL! Rumb` Owbghador gh~o La~orumsr
[smuobulma naer tglbg {smuobur la~orums hdhlaru eonhiu c| csm`osr hae ugoso
hso toii ihle mu fobghalrfr nms ugo soesorrlad la~orumsr dslo~habo!
8>! Mugos flrboiihaomr soxlsofoaur:
‣ Lrros rgmie) hnuos sodlruoslad ugo soe gosslad {smr{obur) tlug ugo
Sodlrushs mn Bmf{halor) fh`o h {so&lrro he~osulrofoau la mao Oadilrg
ahulmahi ehli| aotr{h{os tlug tleo blsbihulma) Glael ahulmahi ehli|
aotr{h{os tlug tleo blsbihulma hae mao sodlmahi ihadhdo aotr{h{os
tlug tleo blsbihulma hu ugo {ihbo tgoso ugo sodlruosoe mnnlbo mn ugo lrros
lr rluhuoe!'Sodihulma 54 mn ugo LBES Sodihulmar-Bihro ?!>H mn ugo
EL[ Dleoilaor,
‣ Ugo lrros rgmie h{{mlau h bmf{ilhabo mnnlbos tgm rghii co sor{marlcio
nms fmalumslad ugo bmf{ilhabo mn ugo robslulor ihtr hae nms soesorrhi mn
la~orumsr“ dslo~habor!'Sodihulma >2 mn ugo LBES Sodihulmar-Bihro
?!83 mn ugo EL[ Dleoilaor,
‣ Ugo lrros hae iohe fosbghau cha`osr rgmie oarso ughu ugo bmauoaur mn
mnnos embfoaur gmruoe ma ugo tocrluor hr soxlsoe la ugoro sodihulmar
hso ugo rhfo hr ughu mn ugols {slauoe ~osrlmar hr nlioe tlug ugo Sodlrushs mn Bmf{halor) Cmhse hae ugo rumb` owbghador! 'Sodihulma >8'8, mn ugo
LBES Sodihulmar-Bihro ?!> mn ugo EL[ Dleoilaor,
‣ Lrros rgmie oauos laum ha hdsoofoau tlug h eo{mrlums| nms
eofhuoslhilrhulma mn r{oblnloe robslulor hisohe| lrroe ms {sm{mroe um co
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 4< mn <<
lrroe! 'Sodihulma 5'3,'o,mn ugo LBES Sodihulmar-Bihro 3!8!?mn ugo
EL[ Dleoilaor,
35!7! L hirm amuo ughu la ugo SG[r nlioe c| ugo utm Bmf{halor) lu lr ruhuoe ughu ’Ugo
fmao| amu soxlsoe lffoelhuoi| c| ugo bmf{ha| fh| co {hs`oe-la~oruoe lauos
hilh c| th| mn blsbihulad bh{luhi tlug {hsuaosrgl{ nlsfr mn Jmlau ^oausor ms la
ugo nlwoe eo{mrlur mn ~hslmr Cha`r!‖ Uglr fohar ughu rbg naer fmclilzoe
co|mae ugo {hio mn iht) bmie co {muoaulhii| el~osuoe laum ~hslmr hbul~lulor mn ugo
dsm{ bmf{halor) tlugmu ha| rldalnlbhau hbbmauhclilu| ms so{msulad soxlsofoaur!
Rbg el~osrlma) la ugo bhro mn eocoausor tmie amu gh~o cooa {osflrrlcio aeos
ugo LBES Sodihulmar! La ugo oaus| la ugo SG[ nms ’Fohar mn Nlahablad‖) tgoso ugo
umuhi {smjobu bmru lr laelbhuoe hu k3;;;; bs! nms ohbg mn ugo utm Bmf{halor) lu lr ruhuoe
ughu ’Ugo {smjobur hso colad nlahaboe {hsui| c| uglr lrro hr toii hr tlug ugo Bh{luhi)Soros~or hae mugos rmsbor mn ugo Bmf{ha|!‖ Nsmf ha owhflahulma mn ugo nlahablhi
ruhuofoaur mn ugo utm Bmf{halor) lu roofr ughu ugo Bh{luhi hae Soros~or mn ugo utm
Bmf{halor hso flalrbio la {sm{msulma um ugo naer soxlsoe nms ugo {smjobur!
35!<! Ugo Rgmt Bhro Amulbo lrroe um ugo utm Bmf{halor sonosr um ha hiiodhulma
um ugo onnobu ughu naer mn ugo utm Bmf{halor hso bmiiobuoe la cha` hbbmaur mn
hrrmblhuo Bmf{halor! La ugo amulbo lu ghe cooa hiiodoe ughu ugo bgoxor toso
lrroe la ugo ahfo mn ’Rhghsh Laelh‖ tgosohr bosulnlbhuor toso lrroe la ugo ahfo mn
’Rhghsh Gmrlad La~orufoau Bms{mshulma Ilfluoe‖! La ugols so{ilor mn ugo utm
Bmf{halor) lu thr rcfluuoe ughu ugo| ghe ha aeosruhaelad tlug F-r! Rhghsh Laelh)
h sodlruosoe {hsuaosrgl{ nlsf) gh~lad lanshrusbuso ugsmdgmu ugo bmaus| tglbg lr
colad roe nms {sm~lelad {osrmahilzoe ros~lbor um ugo la~orumsr tliilad um la~oru la
MNBEr c| th| mn {sl~huo {ihbofoau) `oo{lad bmausmi mn ow{oaror ma hbbmau mn
heflalrushulma hae fhahdofoau mn ugo naer bmiiobuoe labielad gh~lad ruslbu bmausmi
ugosomn! Lu thr nsugos rcfluuoe ughu ugo bmf{halor gh~o uh`oa hrrlruhabo mn ugo
rhle nlsf hr {os ugo uosfr mn ugo hdsoofoau-aeosruhaelad coutooa ugo bmf{halor
hae ugo nlsf ei| h{{sm~oe c| ugo cmhse mn elsobumsr! Hbbmselad um ugof) ugo naer rm
bmiiobuoe toso colad usharnossoe um ugof c| ugo nlsf hae ma sobol{ur mn ugo naer)
hiimufoaur mn MNBEr toso fheo um ugo la~orumsr hdhlaru ugols rcrbsl{ulma! Rm
eouhlir ma ugo r{{iofoauhs| rmsbo mn nlahablad mn ugo {smjobur hso rmsoi| flrrlad!
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 7; mn <<
35!8;! [sorfhci| nmiimtlad h bmf{ihlau nsmf ha la~orums) ha hsulbio h{{ohsoe la h
iohelad nlahablhi ehli| ma Fh| 83) 3;88 ughu
’H Rhghsh dsm{ bmf{ha|) tglbg ghr shlroe Sr 5)752 bsmso c|
lrrlad m{ulmahii| nii| bma~osulcio eocoausor 'MNBEr,) lr
amu rlad lur mta cha` hbbmau um ghaeio uglr fmao|!‖
Ugo rhle hsulbio sonosr um h tsluuoa sor{maro ehuoe H{sli 8<) 3;88) tgoso ugo Rhghsh
Laelh Sohi Oruhuo Bms{ ghr so{msuoei| umie ugo Sodlrushs mn Bmf{halor) ughu
#Rhghsh Laelh Sohi Oruhuo Bms{mshulma) ugsmdg ha hdsoofoau
tlug F-r Rhghsh Laelh) ghr hdsooe um ulilro lanshrusbuso)
labiuelad cha` hbbmuar hae mugos ros~lbor) mn ugo nlsf nms
{sl~huo {ihbofoau mn m{ulmahii| nii| bma~osulcio
eocoausor!#'Of{ghrlr r{{iloe,
Tghu lr dhugosoe nsmf hii uglr lr ughu ugo cha` hbbmaur mn mao bmf{ha| hso rghsoe
hr {hsu mn ugo lanshrusbuso) tlug ugols hrrmblhuo bmf{halor= L nhli um h{{soblhuo) gmt
c| ha| rusoubg mn lfhdlahulma ugo cha` hbbmaur mn mao oaulu| bha co ioau hr
rghsohcio lanshrusbuso um hamugos! H Cha` Hbbmau lr fmso ugha h foso ~oglbio nms
gmielad fmao|! Lu lr ha lauodshi {hsu mn ugo chrlb cmm`r ughu hso um co fhlauhlaoe c|
ugo Bmf{ha| aeos Robulma 3;< mn ugo Bmf{halor Hbu! Lu rldalnlor bosuhla iodhi
sldgur mn mtaosrgl{ m~os ugo naer eo{mrluoe! Ugo rhabulu| huuhbgoe um cha`
hbbmaur laum tglbg naer hso bmiiobuoe fh| co h{{soblhuoe nsmf h foso sohelad mn
Robulma 42'2H, mn ugo Bmf{halor Hbu! Ln h Bmf{ha| bmiiobulad gdo rfr mn fmao|nsmf lur la~orumsr ugsmdg MNBEr emor amu ro lur mta cha` hbbmaur laum tglbg ugo
naer hso eo{mrluoe) aooeiorr um rh|) ughu tmie co h roslmr bhro nms tmss| hcmu
ugo iodhi {smuobulma hae rhnodhser h~hlihcio um ugols la~orumsr! M~oshii ugoso roofr
um co h bhiimr ihb` mn ushar{hsoab| sodhselad ugo rmsbo) bmiiobulma hae ulilzhulma mn
naer& tglbg la nhbu hso rmfo mn ugo hsohr tgoso ugo Bmf{halor Hbu hae ugo LBES
Sodihulmar gh~o {sorbslcoe {sm~lrlmar tlug ugo lauosoru mn ugo la~orumsr la sor{obu mn
h {cilb lrro ufmru la flae!
35!88! Biohsi|) la~orumsr laum ugo MNBEr mn ugo utm Bmf{halor hso eoaloe ugo
coaonlu mn ugo smcru la~orums {smuobulma nshfotms` ughu ghr cooa eorbslcoe hcm~o! L
bhaamu ~lrhilzo ha| hiuosahuo rou mn fohrsor ughu ugo utm Bmf{halor bha {mrrlci|
{u la {ihbo) 'ams gh~o ugo| he~haboe ha| bihlfr la uglr sodhse, um bmf{oarhuo nms
rbg ha acsledohcio bghrf la ugo {smuobul~o fohrsor ughu rgmie gh~o cooa
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 78 mn <<
h~hlihcio nms la~orumsr laum ugoro MNBEr! Aooeiorr um rh|) ugo roslmraorr mn uglr
eonlbloab| hae ugo dsh~o bmaroxoabor ughu fh| {muoaulhii| oaro bhaamu co
m~osof{ghrlzoe! Nsugosfmso) ugo hcroabo mn rbg {smuobul~o fohrsor nms
la~orumsr rgmie co ~lotoe hdhlaru ugo chb`esm{ ughu ugo hfmaur shlroe c| ugo utm
Bmf{halor nsmf la~orumsr la Laelh ugsmdg ugols MNBEr hso rlzhcio la bmf{hslrma um
naer shlroe c| mugos lrrosr la Laelh!
3?! Mugos Iodhi Lrror shlroe c| ugo utm Bmf{halor
3?!8! Lu thr bmauoaeoe c| ugo utm Bmf{halor ughu ROCL ghe cooa bhiioe {ma um
eobleo ugo lrror hr elsobuoe c| ugo Gmamshcio R{sofo Bmsu mn Laelh hae ughu
ROCL rgmie amu gh~o io~oioe nsorg hiiodhulmar la ugo amulbo hae ughu ugo rhfo thr
la owborr mn jslrelbulma hae co|mae ugo rbm{o mn ugo Mseos mn ugo Gmamshcio Bmsu!
La uglr sodhse) L gh~o {osroe ugo rhle amulbor lrroe um RGLBI hae RLSOBI! Ugo
hiiodhulmar la ugoro amulbor hso amu owushaomr um ugo fhuuos aeos bmarleoshulma
goso! Eslad la~oruldhulmar laum ugo rhfo) ROCL ghe {slfh nhblo nmae ughu
h! RLSOBI ghe lrroe MNBEr um fmso ugha >!> fliilma la~orumsr hae ughu
RGLBI ghe amu {sm~leoe ha| lanmsfhulma hcmu ugo afcos mn la~orumsr mn
ugo MNBEr lrroe c| lu!
c! Ugo SG[r mn RLSOBI hae RGLBI bmauhlaoe auso ruhuofoaur hae flr&
ruhuofoaur!b! RLSOBI hae RGLBI gh~o amu owobuoe eocoauso usru eooe0 amu
h{{mlauoe eocoauso usruoo hae gh~o amu bsohuoe ha| eocoauso
soeof{ulma soros~o!
e! Ugo nmsfr lrroe c| ugo utm bmf{halor ele amu oabimro ha hcsledoe
{smr{obur!
o! Ugo utm bmf{halor bmaulaoe um rmilblu rcrbsl{ulmar um ugols MNBEr la
~lmihulma mn ugo Bmsu“r mseos la ~hbhulad ugo ruh| lf{mroe ma ugo ROCL
Mseos!
n! Ugo chihabo rgoour hae {smnlu hae imrr hbbmaur 'nms ugo soio~hau {oslme,
mn ugo bmf{halor toso amu nlioe tlug ugo bmabosaoe SmB!
d! Ugo rfr rcrbslcoe la ugo MNBEr ~hsloe nsmf k3;;-&) 2;;-&) 5;;-& oub
tgosohr ugo flalff h{{ilbhulma rlzo nms ugo cmaer lrroe c| RLSOBI
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 73 mn <<
toso ?;;;-& 'nms Hcmeo hae Alsfhha Cmaer, hae k83);;;-& nms ugo Sohi
Oruhuo Cmae!
g! Nsmf ugo ilru mn hbbsoeluoe hdoaur ugsmdg tgmf rcrbsl{ulmar nms MNBEr
thr rmdgu hae ugo {smnmsfh mn h{{ilbhulma nmsfr nsmf tglbg rcrbsl{ulma
nms MNBEr toso rmdgu) lu thr mcros~oe ughu rcrbsl{ulma thr rmdgu
nsmf ugo doaoshi {cilb hbsmrr ugo bmaus|) tlugmu heoxhuoi| lanmsflad
ugof mn ugo slr` nhbumsr la~mi~oe la rbg h bmf{iow nlahablhi {smebu!
3?!3! Rlabo hii ugoro lrror-hiiodhulmar hae ugo sor{maror um ugo rhfo nsmf ugo
bmf{halor ghe h cohslad ma ugo fhuuos) ROCL ghe ugmdgu nlu um lrro ugo rhle
amulbor um ugo bmf{halor lauos hilh hiiodlad ugo hnmsorhle lrror) roo`lad ugols
sor{maror ma ugo hiiodhulmar bmauhlaoe ugosola) la heelulma um ugo {slfh nhblo nlaeladr
foaulmaoe la ugo ROCL Mseos ehuoe Am~ofcos 35) 3;8;! Nsugos) ugo GmamshcioR{sofo Bmsu ghe elsobuoe ROCL um owhflao tghu MNBEr hso hae ugo fhaaos la
tglbg la~orufoaur hso bhiioe nms) h{hsu nsmf mugos lrror! L) ugosonmso) nlae ughu
aolugos ghr ROCL cooa asohrmahcio la ugo owosblro mn lur {mtosr ams ghr lu
usor{hrroe co|mae ugo cmaehslor mn lur jslrelbulmar!
3?!2! Ugo Iohsaoe Bmaroi sonossoe um ugo {sm~lrlmar mn ugo Robulmar 88'3H,) 88B)
88E hae 8?B um rcflu ughu ROCL bha owosblro jslrelbulma mai| m~os ilruoe
bmf{halor! Lu thr hirm hsdoe) 'sonosslad um ugo eoblrlma mn ugo Gmamshcio
Robslulor H{{oiihuo Uslcahi la ugo fhuuos mn Dmie Fiulnhc Ilfluoe hae mugosr ~r!
ROCL sonossoe um r{sh,) ughu Robulma ??H mn ugo Bmf{halor Hbu emor amu of{mtos
ROCL um la~m`o ugo {sm~lrlmar mn ugo ROCL Hbu um heflalruos tghu lu ghr um {osnmsf
aeos lur {mtosr la ugo Bmf{halor Hbu! Lu thr nsugos rcfluuoe ughu Robulma 88C mn
ugo ROCL Hbu bhaamu co la~m`oe um uh`o hbulma um eohi tlug ugo bmaush~oaulma mn ugo
{sm~lrlmar mn ugo Bmf{halor Hbu! L gh~o dl~oa ugmdguni bmarleoshulma um ugoro
rcflrrlmar hae nlae ugo rhfo um co flr{ihboe! Goso hso utm bmf{halor) tgm gh~o
fheo eocoauso lrror um fmso ugha nlnu| {osrmar! Ugols lrror hso {cilb lrror
aeos ugo {sm~lrm um Robulma >4'2, mn ugo Bmf{halor Hbu! Cu ao~osugoiorr) cmug mn
ugof ghe nhlioe um bmf{i| tlug hii ugo soio~hau iodhi {sm~lrlmar bmauhlaoe la ugo
Bmf{halor Hbu) ROCL Hbu) RBS Hbu) EL[ Dleoilaor) ugo LBES Sodihulmar oub! ughu
dm~osa {cilb lrror c| bmf{halor! Biohsi|) la uglr bhro) {sm~lrlmar foaulmaoe la
Robulma ??H mn ugo Bmf{halor Hbu ughu {osuhla um lrro hae usharnosr tlug sor{obu
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 72 mn <<
um {cilb lrror gh~o cooa bmaush~oaoe! Lu lr mai| ahushi ughu ugoro bmaush~oaulmar
fldgu hirm huushbu Robulma 88H mn ugo ROCL Hbu) ln ugo ihtr {sm~leo nms ughu! Ugoso lr
amuglad la iht ughu rul{ihuor ughu bmaush~oaulmar aeos mao Hbu bhaamu co ugo chrlr
nms hbulma aeos hamugos! Ugosonmso) L nlae ughu) um uglr owuoau) ROCL lr toii tlugla lur
sldgu um la~m`o lur {mtosr aeos ugo ROCL Hbu um uh`o h{{sm{slhuo hbulma! L hdsoo ughu
ugo mai| nmscohshabo ughu ROCL tlii gh~o um rgmt lr ughu lu bhaamu lf{mro h {oahiu|
{sorbslcoe aeos ugo Bmf{halor Hbu c| bghaaoiilad ms elsobulad ugo rhfo ugsmdg
ugo {sm~lrlmar la ugo ROCL Hbu! La ha| bhro) ugo {slfhs| xorulma conmso fo lr
tgougos ugo lrro fheo c| ugo utm Bmf{halor hso {cilb lrror ms amu! Ugosonmso)
L em amu roo gmt ugo hnmsorhle rcflrrlmar mn ugo Iohsaoe Bmaroi tmie co
soio~hau um ugoro {smbooeladr!
3?!5! Lu thr hirm rcfluuoe ughu Robulma 23 mn ugo ROCL Hbu {sm~leor ughu ROCL Hburghii co la heelulma um hae amu la eosmdhulma mn ugo {sm~lrlmar mn ha| mugos iht nms ugo
ulfo colad la nmsbo! Goabo) ugo ROCL Hbu emor amu gh~o m~osslelad onnobu {ma ugo
Bmf{halor Hbu hae ugo {sm~lrlmar mn Robulma ??H ugosola! Uglr rcflrrlma lr hirm mn
iluuio soio~habo la ugo bmauowu mn ugo bhro nms ugo sohrmar ruhuoe hcm~o! Nsugos) tgoa
ailruoe {cilb bmf{halor nimhu lrror) tglbg hso lauslarlbhii| ’{cilb lrror‖ tgoso
mugos huuoaehau {sm~lrlmar hirm aooe um co bmf{iloe tlug) ugo ruhae ughu ugo utm
Bmf{halor hso ailruoe bmf{halor hae goabo murleo ugo sodihums| sohbg mn ROCL
lr fmru bosuhlai| h flr{ihboe mao! Nsugos) lu lr auoahcio um fhlauhla ughu {sm~lrlmarmn ugo Bmf{halor Hbu {osuhlalad um ilrulad hae ugo {sm~lrlmar mn ROCL Hbu hso la
bmanilbu! Ugo| hso um co ~lotoe hr {sm~lrlmar ughu sa bmabssoaui| um ros~o ugo
bmffma mcjobul~o mn la~orums {smuobulma!
3?!?! Ugo Iohsaoe Bmaroi hirm sonossoe um Robulma 8> mn ugo ROCL Hbu um rcflu
ughu uglr {sm~lrlma of{mtosr ugo Boaushi Dm~osafoau um lrro elsobulmar ma
xorulmar mn {milb| nsmf ulfo um ulfo hae ughu ugo eoblrlma mn ugo Boaushi Dm~osafoau
ma tgougos h xorulma lr mao mn {milb| ms amu rghii co nlahi! Go bmauoaeoe ughu ma
Nocshs| 7) 3;88) ugo Boaushi Dm~osafoau m{laoe ugsmdg ugo Heelulmahi Rmilblums
Doaoshi hae ugo Gmamshcio Flalruos mn Iht hae Jrulbo ughu ROCL ghr am
jslrelbulma m~os ailruoe {cilb bmf{halor!
3?!>! La ha| bhro) L aooe mai| um elsobu ugo huuoaulma mn ugo Iohsaoe Bmaroi um ugo
Mseos mn ugo Gmamshcio R{sofo Bmsu mn Laelh la ugo fhuuos '~leo Mseos ehuoe Fh|
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 75 mn <<
83) 3;88 la [oululma nms R{oblhi Ioh~o um H{{ohi 'Bl~li, Am!88;32-3;88,! Ugo
Gmamshcio H{ow Bmsu ghr r{oblnlbhii| elsobuoe ROCL) colad ugo brumelha mn
la~orums“r lauosoru hae hr ha ow{osu cme| um owhflao tghu ha MNBE lr hae ugo
fhaaos la tglbg la~orufoaur hso bhiioe nms) h{hsu nsmf mugos lrror! Ugosonmso) hu
uglr ruhdo) la bmf{ilhabo tlug ugo elsobulmar mn ugo Gmamshcio R{sofo Bmsu) lu lr h
rmiofa eu| bhru ma ROCL um bmarleos ugo {osulaoau lrror la ugo fhuuos) eobleo ugof
hae ugosohnuos {ihbo lur nlaeladr-mcros~hulmar conmso ugo Gmamshcio R{sofo Bmsu
mn Laelh nms ugols sor{obuni bmarleoshulma!
3?!4! La ugo amulbo ehuoe Fh| 3;) 3;88) lu ghr cooa hiiodoe ughu ugo utm Bmf{halor
gh~o bmaush~oaoe Robulmar 884H) 884C hae 884B mn ugo Bmf{halor Hbu hr ugo
bmf{halor hiiodoei| gh~o amu) tlug sor{obu um ugols MNBE lrror)
‣ Amu owobuoe ha| eocoauso usru eooe0
‣ Amu h{{mlauoe ha| eocoauso usruoo0 hae
‣ Amu bsohuoe ha| eocoauso soeof{ulma soros~o!
Robulma 884H bhrur h eu| ma ugo bmf{ha| um owobuo h usru eooe nms robslad ha|
lrro mn eocoauso! Robulma 884C mn ugo Bmf{halor Hbu rul{ihuor ugo h{{mlaufoau
mn h eocoauso usruoo hae r{oblnlor ugols eulor hae Robulma 884B soxlsor h
bmf{ha| lrrlad eocoausor um bsohuo h eocoauso soeof{ulma soros~o nms ugo
soeof{ulma mn rbg eocoausor) um tglbg heoxhuo hfmaur rghii co bsoeluoe! Ugobmf{halor ghe fhlauhlaoe ughu ugoro Robulmar em amu h{{i| um MNBEr) tglbg hso
g|csle robslulor! Hr hisohe| mcros~oe la uglr Mseos) to gh~o hisohe| rooa ughu
MNBEr hso Eocoausor! Ugo bmf{halor gh~o ugosonmso amu bmf{iloe tlug ugo
hnmsorhle {sm~lrlmar hae biohsi| hso dliu| mn bmaush~oalad ugof! Ugo rhfo gmier la
sor{obu mn ugo hiiodhulma ughu ugo utm Bmf{halor gh~o amu nlioe ha hcsledoe
{smr{obur la bmaush~oaulma mn Robulma ?>'2, mn ugo Bmf{halor Hbu!
3?!7! Hr sodhser ugo hiiodhulma ughu ugo utm bmf{halor ghe bmaulaoe um rmilblu
naer la elrsodhse um ugo Gmamshcio Gldg Bmsu“r Mseos ehuoe H{sli 4) 3;88) lu thr
rcfluuoe ughu c| ugo ulfo ugo rhle Mseos bmie co bmffalbhuoe) ugo Ffchl mnnlbo
ghe lahe~osuoaui| sobol~oe ha h{{ilbhulma nsmf ha la~orums hae ghe hbbo{uoe ugo
rcrbsl{ulma hfmau ugsmdg h bgoxo! Lu thr rcfluuoe ughu rcroxoaui| ma
sobol~lad ugo lanmsfhulma mn ~hbhulma mn ugo lauoslf mseos) ugo h{{ilbhulma thr sojobuoe
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 7? mn <<
hae ugo bgoxo thr sousaoe! Tglio L em amu thau um etoii ha| nsugos ma uglr) L
tmaeos tg|) hnuos ugo bmf{ha| cobhfo hthso mn ugo mseos mn ugo Gmamshcio Gldg
Bmsu ~hbhulad ugo lauoslf ruh|) lu ele amu lanmsf lur ~hslmr cshabgor {smf{ui|!
3?!<! Ha lrro thr shlroe) lauos hilh) ughu ugo LBES Sodihulmar em amu hiimt ilrulad
aiorr ugoso hso fmso ugha ughu {cilb rghsogmieos) tglio Robulma >4'2, mn ugo
Bmf{halor Hbu {sorbslcor ugo flalff afcos mn ‗nlnu|“ hr ugo ugsorgmie nms h {cilb
lrro! Sodihulma 3>'5, mn ugo LBES Sodihulmar la nhbu rul{ihuor ughu ha lrros
rghii amu fh`o ha hiimufoau {srhau um h {cilb lrro ln ugo afcos mn {smr{obul~o
hiimuuoor lr iorr ugha mao ugmrhae! Uglr fohar ughu ROCL la ugo LBES sodihulmar
lf{mror h fmso sldmsmr |hserulb` ughu ugoso ghr um co hu iohru 8;;; hiimuuoor nms
ilrulad! Uglr mn bmsro fohar ughu) la onnobu bmf{halor bhaamu ow{obu um ilru ln ugo|
mai| gh~o iorr ugha 8;;; hiimuuoor! L em hdsoo ughu uglr rcbihrr mn bmf{halor tliiugoa co ahcio um bmf{i| tlug ilrulad soxlsofoaur la ugo LBES Sodihulmar! La
onnobu) tghu uglr usharihuor um lr ughu ugoso bhaamu co ha| {cilb lrro um iorr ugha
8;;; la~orumsr tlugla ugo bssoau iodhi nshfotms`! Gmto~os) hii uglr mc~lmri| lr mai|
mn rmfo ugomsoulbhi lauosoru hu coru hae lssoio~hau um ugoro {smbooeladr cobhro ugo
utm Bmf{halor) hefluuoei| gh~o ha la~orums chro ughu sar laum ro~oshi fliilmar!
3?!8;! La {hrrlad) ugo Iohsaoe Bmaroi foaulmaoe ughu hr MNBEr hso g|csler) o~oa
ln ugo| ghe thauoe um) ugo Rumb` Owbghador bmie amu gh~o ilruoe ugof! Nms ugo
sobmse) L fosoi| ruhuo goso ughu g|csler hso bssoaui| ilruoe ma Rumb` Owbghador la
Laelh!
[HSU B
MCROS^HULMAR HAE NLAELADR
3>! Nsugos mcros~hulmar ma MNBEr lrroe c| ugo utm Bmf{halor
3>!8! Conmso) L sobmse f| nlaeladr ma ugo lrro mn MNBEr c| ugo utm Bmf{halor
luroin0 L fh`o rmfo mcros~hulmar ughu hso {osulaoau la ugo bmauowu mn ugoro
{smbooeladr conmso fo! L shlro ugof tlugmu ha| {sojelbo tghurmo~os um ugo utm
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 7> mn <<
Bmf{halor ms ugols [smfmuosr hae Elsobumsr) ms um ugo nlaeladr la ugoro {smbooeladr
conmso fo!
3>!3! L amuo ughu Rhghsh Laelh Nlahablhi Bms{mshulma Ilfluoe 'RLNBI,) h Sorlehs|
Ama&Cha`lad Bmf{ha| 'SACB, sodlruosoe rlabo Eobofcos 7) 8<<7) ghr cooa
elsobuoe c| ugo Soros~o Cha` mn Laelh 'SCL, ma Jao 84) 3;;7 amu um hbbo{u ha| aot
eo{mrlur tglbg fhuso co|mae Jao 2;) 3;88 hae hirm rum{ hbbo{ulad laruhifoaur mn
owlrulad eo{mrlur) tlug h smhefh{ {sorbslcoe um cslad emta lur Hddsodhuo Ilhclilu|
umthser Eo{mrlumsr 'HIE, um zosm ma ms conmso Jao 2;) 3;8?! Ugo SCL nmae ughu
eo{mrlu uh`lad hbul~lulor mn uglr bmf{ha| toso amu la bmanmsflu| tlug {seoau
{shbulbor hae ~lmihuoe amsfr lrroe c| ugof!
3>!2! L hirm mcros~o ughu Ama&Cha`lad Nlahablhi Bmf{halor hbbo{ulad eo{mrlur
aooe um nmiimt Ama&Cha`lad Nlahablhi Bmf{halor Hbbo{uhabo mn [cilb Eo{mrlur
'Soros~o Cha`, Elsobulmar) 8<<7 lrroe c| SCL hae Ama&Cha`lad ama&nlahablhi
bmf{halor hbbo{ulad eo{mrlur hso um nmiimt Bmf{halor 'Hbbo{uhabo mn Eo{mrlur,
Sior) 8<4?! Gmto~os) cmug ugoro owof{u ha| hfmau shlroe c| ugo lrro mn cmaer
ms eocoausor robsoe c| ugo fmsudhdo mn ha| lffm~hcio {sm{osu| mn ugo bmf{ha|
hae ugmro tlug ha m{ulma um bma~osu ugof laum rghsor la ugo bmf{ha|) nsmf ugo
eonlalulma mn eo{mrlur!
3>!5! Nsmf ugo eouhlir mn ugo la~orumsr {sm~leoe c| utm Bmf{halor) L aeosruhae
ughu ugoso hso h ~os| ihsdo afcos mn oauslor) tgoso ugo hfmaur rcrbslcoe la
MNBEr hso la ugo mseos mn k 3;;) 2;;) 5;;) oub! La lur so{i|) RLSOBI rcfluuoe ughu
mao mn ugols cmaer thr h niowlcio mao tlug nhblilu| um fh`o laruhifoau {h|foaur mn
k8;; ms k3;; {os fmaug tlug ha m{ulma um ugo la~orums um fh`o {h|foaur ma
too`i|-fmaugi|-xhsuosi|-ghin |ohsi|-haahi chrlr! L nlae ughu rbg h rbgofo lr h`la)
ln amu {shbulbhii| leoaulbhi um h u|{lbhi sobsslad eo{mrlu rbgofo! Ugo fmclilzhulma laum
ugo MNBE rbgofor mn ugo utm Bmf{halor ghr cooa hefluuoei|) ugsmdg ugmrhaer
mn hdoaur hii m~os ugo bmaus|! Aolugos lr ugo h{{ilbhulma nmsf hbbmf{haloe c| ha|
hcsledoe {smr{obur ams emor lu bmauhla elrbimrsor r{oblnloe nms lrrhabo mn
eocoausor-rghsor tlug ugo soio~hau slr` nhbumsr huuhbgoe!
3>!?! H eocoauso rbgofo ms h roslor ghr la~hslhci| ha m{oalad ehuo hae bimrlad
ehuo! Uobgalbhii| r{oh`lad) ugo ~hihulma mn h eocoauso) hae ugo lauosoru
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo 74 mn <<
muruhaelad bmf{uoe ma lu) ghr um co tlug sonosoabo um ugo ehuo mn fhuslu|! Uglr lr
{hsu mn ugo chrlb {slabl{ior mn ~hihulma mn eocu larusfoaur! Ugo MNBE rbgofor mn
ugo utm Bmf{halor em amu r{obln| h uoams tlug h nlsf bimrlad ehuo! Uglr fohar o~os|
ulfo ha la~orums {sbghror h cmae 'rh| Alsfhha Cmae mn uoaso mn 57 fmaugr
eorbslcoe la [hshdsh{g <!3!b hcm~o,) ugo fhuslu| ehuo lr sob`maoe hr 57 fmaugr
nsmf ugo ehuo mn ugo {sbghro ms la~orufoau! Biohsi|) rbg h rbgofo lr h sobsslad
eo{mrlu rbgofo hae amu lrroe hr h uso eocoauso rgmie gh~o cooa! La nhbu) tgoa
h rhio mn cmae lr fheo c| ugo utm Bmf{halor um la~orumsr ohbg eh|) lu lr uhauhfmau
um nimhulad h aot eocoauso roslor!
3>!>! Nsmf ugo eouhlir h~hlihcio tlug ROCL) L nlae ughu ugo rbgofo la nhbu hiimtr h
saalad hbbmau la ugo ahuso mn h {hrrcmm`! Ioaelad hdhlaru MNBEr lr {osfluuoe!
Hr rooa hcm~o) {h|foaur hso {osfluuoe la laruhifoaur! Bosuhlai| uglr roofr um gh~ougo bghshbuoslrulb nohusor mn {hshcha`lad hbul~lulor! Lu lr o~leoau) nsmf ugo fhaaos la
tglbg rbg naer hso colad shlroe) ughu ugo MNBEr shlroe c| ugo utm Bmf{halor hso
la onnobu am elnnosoau nsmf eo{mrlur nsmf ugo {cilb) owbo{u ughu ugo| bmfo tlug ha
‗m{ulma um bma~osu“ h{{oaeoe um lu! L gh~o um sofhs` goso) ughu lu roofr ughu aeos ugo
dlro mn MNBEr) ugo utm Bmf{halor hso owuoarl~oi| uh`lad { {hshcha`lad hbul~lulor
hae saalad eo{mrlu rbgofor!
3>!4! Nms ugo {s{mro mn f| mta aeosruhaelad) L ghe elsobuoe ugo La~oruldhulad
Hugmslu| um em h rah{ ~oslnlbhulma mn ha| nms heesorror nsmf h shaemfi| roiobuoe
imbhilu| la Ffchl luroin 'hr ugo Iohsaoe Bmaroi ghe rcfluuoe ughu bmf{iouo
heesorror hso dl~oa la sor{obu mn la~orumsr la scha hsohr,! Mu mn nms la~orumsr)
ugo La~oruldhulad uohf usloe um leoauln|) o~oa hnuos rusoamr onnmsur tlug ugo [mru
Mnnlbo) utm mn ugof toso rlf{i| amu ushbohcio! Hr um ugo utm la~orumsr tgm toso
leoaulnloe) cmug mn ugof la~oruoe la ugo MNBEr) jru cobhro ugo| toso h{{smhbgoe
c| ugo Hdoaur la ugols imbhilu|! Ugo| ghe am {slms hrrmblhulma tlug ugo lrros ms ugo
Rhghsh Dsm{! O~leoaui|) ma ugo nhbo mn lu) ugo MNBEr hso rcrbslcoe um) amu c|
{osrmar coimadlad um ugo Rhghsh Laelh [hsl~hs hr bihlfoe) cu c| ugo {cilb) hae
rbg rcrbsl{ulmar hso rmilbluoe ugsmdg ugo rhi fhs`oulad onnmsur ughu hso u|{lbhii|
aooeoe um bha~hrr eo{mrlu crlaorr nsmf ugo doaoshi {cilb! Cmug mn ugof ghe
ghsei| ha| hthsoaorr mn ugo bma~osulclilu| la ugoro larusfoaur!
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[hdo 77 mn <<
3>!7! Dmlad c| ugo nlahablhi ruhuofoaur) ugo utm Bmf{halor em amu gh~o heoxhuo
nlwoe hrrour um robso ugols MNBE lrrhabor) o~oa ln ugo| bgmmro um em rm! La mugos
tmser) ugo fhdalueo mn nae shlrlad ugsmdg ugoro arobsoe ~oglbior owbooer ugo
hrrour mn ugo utm Bmf{halor c| nhs! Nsugos) nms lrrhabor mn robsoe eocoausor) h
bghsdo aooer um co bsohuoe ma ugo hrrour mn ugo bmf{ha| hae Nmsf 7 hae Nmsf 8;
gh~o um co nlioe tlug bmabosaoe Sodlrushs mn Bmf{halor '{srhau um Robulma 83?
sohe tlug Robulma 837 mn ugo Bmf{halor Hbu) 8<?>,! Bmaroxoaui|) eouhlir sodhselad
ugo rhfo tmie hirm gh~o um co {ihboe la ugo {cilb emfhla) tgoso lu tmie huushbu
{cilb rbsula|! Lrrhabor mn Oxlu| rghsor soxlso nlilad mn Nmsf 3 tlugla 2; eh|r
nsmf ugo hiimufoau 'Robulma 4? mn ugo Bmf{halor Hbu,) la tglbg bhro ugo eouhlir
sodhselad ugo la~orumsr tmie hirm co h~hlihcio la ugo {cilb emfhla! Ugosonmso L nlae
ughu h robmaehs| cu ao~osugoiorr lf{msuhau bmaroxoabo mn ugoro MNBEr lrroe
c| th| mn {sl~huo {ihbofoaur lr ughu eouhlir mn la~orumsr em amu dou ugo {cilb rbsula|
ughu lr rm ~luhi la oaghablad ushar{hsoab| la ms nlahablhi fhs`our!
3>!<! Ugo MNBE eorldaoe c| ugo utm Bmf{halor 'hae RLBBI & mao mn lur dsm{
bmf{halor, ghr h bma~osulcio m{ulma! H{{oaelad rbg ha m{ulma um ugo eocoauso
ghr soriuoe la fm~lad ugo larusfoau bmf{iouoi| co|mae ugo cmaehs| mn ugo
eonlalulma mn ‗eo{mrlur“ luroin! L mcros~o goso ughu la uglr fhaaos) ugo utm Bmf{halor
gh~o cooa hcio um shlro naer ugsmdg rbgofor ughu hso {shbulbhii| leoaulbhi um
Eo{mrlu rbgofor! La rf) ugo utm Bmf{halor gh~o cooa hcio um r`lsu ugo rusladoausoxlsofoaur mn Bmf{halor 'Hbbo{uhabo mn Eo{mrlur, Sior) 8<4?! Ugo utm
Bmf{halor gh~o hem{uoe ugo fmer m{oshael mn shlrlad naer ugsmdg ‗MNBEr“
fheo ma ‗{sl~huo {ihbofoau chrlr“ um lael~lehir tgm hso hrrmblhuoe-hnnlilhuoe ms
bmaaobuoe la ha| fhaaos tlug Rhghsh Laelh Dsm{ mn Bmf{halor“! L gh~o iluuio
gorluhulma la mcros~lad ughu la onnobu uglr ghr soriuoe la blsbf~oaulad ugo ~hslmr
{sm~lrlmar mn iht h{{ilbhcio um ugo utm Bmf{halor!
3>!8;! Robulma 88H mn ugo ROCL Hbu hae Robulma ??H mn ugo Bmf{halor Hbu lf{mro h
~os| rhbsmrhabu eu| ma ROCL) la ugo fhuuos mn sormsbo fmclilzhulma c| bmf{halor!
La uglr bmauowu) L hf bmarushlaoe um uh`o amuo mn ugo bmauoaur mn h Aotr{h{os Hsulbio
ughu h{{ohsoe la h iohelad nlahablhi ehli| ma H{sli 3>) 3;88!
’Rhghsh hdoaur tlii amt {oeeio ro~oshi aot la~orufoau rbgofor
um shlro fmao| aeos ugo ahfo Rhghsh Bsoelu Bm&M{oshul~o
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[hdo 7< mn <<
Rmblou|! Ugo rmblou| ghr lur gohexhsuosr hae sodlruosoe
mnnlbo la Rhghsh Laelh Cghtha) Ib`amt) tgoso fmru Rhghsh
dsm{ oaululor hso chroe!
La ha ofhlioe sor{maro) Rhghsh dsm{ r{m`or{osrma Hcgljlu
Rhs`hs rhle) ’Ugo bmm{oshul~o ghr cooa eo~oim{oe c| hsmae
2)7;; tms`osr mn ugo bmf{ha|! Ms Fhahdlad Tms`os hae ugsoo
Eo{u| Fhahdlad Tms`osr hso amu fofcosr mn ugo bmm{oshul~o)
tglbg lr saalad rmfo rbgofor umthser nlahablhi labirlma mn
a&cha`hcio {om{io la sshi hae rofl&scha hsohr tgm em amu dm
um ugo cha` ms hso ~lrluoe c| ugo cha`!‖‖
Uglr hsulbio sonosr um tghu h{{ohsr {slfh nhblo um co ha huuof{u c| bmf{halor tlugla
ugo nmie mn ugo Rhghsh Laelh [hsl~hs) um hem{u h aot fmeo mn nae fmclilrhulma
ugsmdg Bmm{oshul~or nmsfoe aeos ugo Bmm{oshul~o Rmbloulor Hbu! L em amu fh`o
ha| bmffoau ms bhru ha| lf{uhulma ma ugo iodhilu| mn uglr) rgmie rbg h smuo co
hbuhii| hem{uoe) hr lu lr amu tlugla ugo {s~lot mn ugo {smbooeladr amt conmso fo!
Ao~osugoiorr) nsmf h bmf{ihlau sobol~oe la ROCL) L aeosruhae ughu ugo rbgofor nms
nae shlrlad aeos ugo aoti| hem{uoe bmm{oshul~o smuo gh~o owhbui| ugo rhfo
nohusor hr ugo MNBEr la xorulma!
3>!88! SCL eobihsoe ughu eo{mrlu uh`lad c| RLNBI 'ha ACNB soihuoe um ugo utm
Bmf{halor lr liiodhi, la Ji| 3;;7) hnuos {sorfhci|) rmfo fmaugr mn la~oruldhulma
hae rbsula|! Utm mn lur Dsm{ Bmf{halor) ~lz! ugo utm Bmf{halor la ugo
{smbooeladr conmso fo) umm` sobmsro um fmclilrlad naer ugsmdg MNBEr
h{{smwlfhuoi| hsmae uglr {oslme! Ugr) L amuo ughu ugo rlw MNBE rbgofor mn ugo
utm Bmf{halor toso lausmeboe hifmru rgmsui| hnuos ms ugosohcmur '3;;7&3;;<,)
tgoa ugo SCL mseosoe RLNBI um tlae emta ugo eo{mrlu uh`lad mn mao mn ugo Dsm{
Bmf{halor! Amt) h not fmaugr hnuos ROCL lrroe lur lauoslf mseos um ugo utm
Bmf{halor hae ugols {smfmuosr hae elsobumsr) mao soher la ugo aotr{h{os) ughu h
aot fmeo mn nae fmclilrhulma ugsmdg ugo Bmm{oshul~o Rmbloulor fldgu co la ugo
gmslzma!
3>!83! La ugo ihsdos smio oajmlaoe ma ROCL) {hsulbihsi| aeos Robulma 88H mn ugo ROCL
Hbu) um sodihuo lrro mn bh{luhi c| lael~lehir hae bms{mshuo cmelor) lu lr f| eu| um
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo <; mn <<
shlro h not ~os| lf{msuhau cu elrusclad xorulmar ughu ofosdo la ugo bmauowu mn
ugoro {smbooeladr conmso fo!
Hso goso tleo elnnosoabor cotooa soduihms|
soxulsofoar hae rhaehser) {sorbslcoe c| ~hslmur
soduihmsr nms fmclilzhlma mn sormusbor c| oallor la
Laelh= Ln goso hso rubg elnnosoabor) em go| dl~o slro
m soduihms| hsclshdo m{{msuallor gh ha oal| bha
ow{iml m lr he~hahdo hae m go eoslfoa mn
la~ormsr= Hso rubg m{{msuallor bussoai| orbh{lad go
bmiiobl~o hoalma mn go bmabosaoe soduihmsr= Bha
rubg h rshod| mn rubborrl~oi| hioslad go {sonossoe
fmeo hem{oe nms fmclilzhlma mn sormusbor) {moalhii|
co uroe c| oallor m gths go soduihms| nshfotms` la
go bmuas|= Ln laeooe) goso lr rubg h eonlbloab|)
tlii glr rucjob mus la~ormsr m uaeuo hae uaelrbimroe
slr`r= Em rubg ihbuaho {mro ha| dsh~o slr` m nlahablhi
dm~osahabo la go bmuas|= Bha glr iohe m rldalnlbha
hfmuar mn fmao| nimtlad lam go Robusllor Fhs`o mn
Laelh lroin= Bha goro cobmfo ~oglbior nms fmao|
ihuaeoslad {ualrghcio uaeos go [so~oalma mn Fmao|
Ihuaeoslad Hb= Bha rubg nlahablhi nimtr) ln ha|)
lf{osli go laodsl| mn go Robusllor Fhs`or mn mus
bmuas|= Tgh hso lr lf{ilbhlmar nms mgos nlahablhi
hae sohi robmsr la Laelh= Ln ha oal| ghr cooa
sorslboe c| mao soduihms la shlrlad nuaer nsmf go
{ucilb) rgmuie goso co h bmiiobl~o fobghalrf m `oo{
thbg ma go nusgos hbl~llor mn rubg ha oal| hae lr
hrrmblho cmelor=
3>!82! Aooeiorr um rh|) hii ugoro hso owusofoi| lf{msuhau xorulmar! Cu biohsi|) hii
mn ugof hso amu oaulsoi| tlugla ugo sodihums| soflu mn ROCL hae tmie soxlso
bmabosuoe lauos&sodihums| onnmsur hae bmm{oshulma um nlae hartosr! Cu) L ugla`
ao~osugoiorr) ughu ugoro hso ~os| roslmr xorulmar ughu h bmaus| il`o msr tglbg lr
oadhdoe la ugo {smborr mn rgh{lad lur mta dm~osahabo r|ruofr la ms nlahablhi
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[hdo <8 mn <<
fhs`our) bhaamu hnnmse um ldamso! La ugo ildgu mn ugoro xorulmar) L elsobu ROCL um
nsalrg h bm{| mn uglr mseos um ugo Flalrus| mn Nlahabo) Flalrus| mn Bms{mshuo Hnnhlsr)
ugo Soros~o Cha` mn Laelh) ugo Boaushi Cmhse mn Elsobu Uhwor hae ugo Oanmsbofoau
Elsobumshuo) nms nsugos aoborrhs| hbulma ughu ugoro tladr mn Dm~osafoau fh| eoof
nlu um lalulhuo!
34! NLAELADR
34!8! [slms um sobmselad f| nlaeladr la uglr fhuuos conmso fo) L usa nms dlehabo um
ugo mcros~hulmar mn ugo Gmamshcio Eoigl Gldg Bmsu la ugo fhuuos mn @lfr`
@slrgah Rlagh ~r! ROCL P3;8; '8??, BB 3<?V tglbg aeosrbmso ugo smio mn ROCL hr
h ‗roaulaoi“ la {smuobulad la~orumsr nsmf ha| {muoaulhi tsmad emlad c| lrrosr la
shlrlad bh{luhi la ugo robslulor fhs`our:
’…………Ugo {us{mro mn laroslad Roblma ??H la go Bmf{halor Hb
thr m of{mtos go ROCL m h`o cmg bmssobl~o hae {so~oal~o
hblma! Uglr lr {osgh{r cobhro hr h sodihums| cme| ROCL
dour um roo ugo eshnu {smr{obur {soboelad h {cilb lrro c| h
bmf{ha| o~oa conmso ugo {cilb dour um roo ugo SG[! ROCL lr
oahcioe hae of{mtosoe um owhflao ugo ESG[ hae larlr ma
bmf{ioo hae sugnui elrbimruso mn hii soio~ha nhbr
gosola! Ugo ~os| {us{mro mn gh~lad ha laeo{oaeoa soduihms|
hugmsl| il`o ROCL) hae ~orlad l tlg rhums| {mtosr mn
laxuls|) lr m oahcio l m h`o {smf{ hblma la fhosr
soihlad m lrruo hae sharnos mn rghsor! [hslbuihsi|) ROCL
lr ow{oboe m co go roalaoi) sohe go nlao {sla mn
{smr{oburor `oo{lad go la~ormsr$ laosorr la ~lot……‖
'Of{ghrlr r{{iloe,
34!3! Nsmf ugo elrbrrlmar hae mcros~hulmar rou mu la [hsu H hae C mn uglr Mseos
ma ugo chrlr mn eouhlioe bmarleoshulma mn hii ugo lrror ughu gh~o hslroa la ugo fhuuos
hae ugo rcflrrlmar fheo c| ugo {hsulor hae hii mugos soio~hau fhuoslhi) L
rffhslzo ugo rhiloau bmabirlmar coimt:
8! MNBEr hso g|csle larusfoaur) hae hso ‗eocoausor“!
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
http://slidepdf.com/reader/full/sebi-order-on-sahara-india-real-estate-june-23-2011 92/99
[hdo <3 mn <<
3! Ugo eonlalulma mn ‗robslulor“ aeos Robulma 3'g, mn ugo RBS Hbu lr ha
labirl~o mao) hae bha hbbmffmehuo h tleo bihrr mn nlahablhi larusfoaur!
Ugo MNBEr lrroe c| ugo utm Bmf{halor nhii toii tlugla uglr eonlalulma!
2! Ugo lrro mn MNBEr c| ugo utm Bmf{halor lr {cilb la ahuso) hr ugo|
gh~o cooa mnnosoe hae lrroe um fmso ugha nlnu| {osrmar) colad bm~osoe
aeos ugo nlsru {sm~lrm um Robulma >4'2, mn ugo Bmf{halor Hbu! Ugo fhaaos
hae ugo nohusor mn nae shlrlad aeos ugo MNBEr lrroe c| ugo utm
Bmf{halor nsugos rgmt ughu ugo| bhaamu co sodhseoe um co mn h emforulb
bmabosa ms ughu mai| la~luoor gh~o hbbo{uoe ugo mnnos!
5! Robulma >;C eohir tlug ugo lrro mn lanmsfhulma fofmshaef um ugo {cilb
himao! Ugosonmso ugo rhfo bhaamu co roe nms shlrlad bh{luhi ugsmdg
{sl~huo {ihbofoaur hr ugo rhle {sm~lrlma lr owbirl~oi| eorldaoe nms {cilb
cmm` cliu lrror! Tgoa h bmf{ha| nlior ha lanmsfhulma fofmshaef
aeos Robulma >;C) lu rgmie h{{i| nms ilrulad hae ugosonmso ghr um co
usohuoe hr h ilruoe {cilb bmf{ha| nms ugo {s{mror mn Robulma >;C'<, mn
ugo Bmf{halor Hbu! Nsugos) Robulma >;C ghr um co sohe umdougos tlug hii
mugos h{{ilbhcio {sm~lrlmar mn ugo Bmf{halor Hbu hae bhaamu co hem{uoe
hr h ro{hshuo bmeo c| luroin nms shlrlad naer) tlugmu eo sodhse um ugo
rbgofo hae {s{mro mn ugo Hbu luroin! Ugo rhfo o~leoaui| ghr ao~os cooa
ugo lauoaulma mn ugo [hsilhfoau!
?! Ugo utm bmf{halor) la shlrlad fmao| nsmf ugo {cilb) la ~lmihulma mn ugo
iodhi nshfotms` h{{ilbhcio um ugof) gh~o amu bmf{iloe tlug ugo oihcmshuo
la~orums {smuobulma fohrsor) ow{ihlaoe la [hshdsh{g 3? hcm~o! Uglr)
lauos hilh) hirm fohar ughu ugo sldmsmr rbsula| bhssloe mu c| ROCL
Sodlruosoe lauosfoelhslor ma ha| {cilb lrro c| h {cilb bmf{ha| gh~o
cooa rc~osuoe la ugo fmclilzhulma mn gdo rfr mn fmao| nsmf ugo {cilb)
c| ugo utm Bmf{halor!
>! Ugo utm Bmf{halor gh~o amu owobuoe eocoauso usru eooer nms robslad
ugo lrro mn eocoauso0 nhlioe um h{{mlau h eocoauso usruoo0 hae nhlioe um
bsohuo h eocoauso soeof{ulma soros~o nms ugo soeof{ulma mn rbg
eocoausor!
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
http://slidepdf.com/reader/full/sebi-order-on-sahara-india-real-estate-june-23-2011 93/99
[hdo <2 mn <<
4! Ugo utm Bmf{halor gh~o nhlioe um h{{mlau h fmalumslad hdoab| 'h {cilb
nlahablhi laruluulma ms h rbgoeioe bmffosblhi cha`, tgoa ugols lrro rlzo
owbooeoe k?;; bs!) nms ugo {s{mror mn fmalumslad ugo ro mn {smbooer mn
ugo lrro! Uglr fobghalrf lr {u la {ihbo um h~mle rl{gmalad mn ugo naer
c| ugo {smfmuosr c| el~osulad ugo {smbooer mn ugo lrro!
7! Ugo utm bmf{halor nhlioe um oabimro ha hcsledoe {smr{obur) bmauhlalad
eouhlir hr r{oblnloe) himad tlug ugols nmsfr!
<! Ugo bmf{halor gh~o `o{u ugols lrror m{oa nms fmso ugha ugsoo |ohsr-utm
|ohsr) hr ugo bhro fh| co) la bmaush~oaulma mn ugo {sorbslcoe ulfo ilflu mn
uoa tms`lad eh|r aeos ugo sodihulmar!
8;! Ugo utm bmf{halor gh~o nhlioe um h{{i| nms hae mcuhla ilrulad {osflrrlmansmf sobmdalzoe rumb` owbghador!
34!2! La ~lot mn ugo nmsodmlad nlaeladr) L nlae ugo nmiimtlad bmaush~oaulmar hae ama&
bmf{ilhabo mn ugo ruhuums| {sm~lrlmar c| ugo utm Bmf{halor) RLSOBI hae RGLBI)
tglbg lrrlad ugols MNBEr la ugo fhaaos mcros~oe hcm~o) um ugo {cilb:
h! RLSOBI hae RGLBI gh~o bmaush~oaoe ugo {sm~lrlmar mn Robulmar
?>) 42) 884H) 884C hae 884B mn ugo Bmf{halor Hbu0
c! RLSOBI ghr bmaush~oaoe ugo {sm~lrlmar mn Bihror 3!8!8!) 3!8!5!)
3!8!?!) 3!3) 3!?) 3!7) 5!88) 5!85) ?!2!8!) ?!>!3) >!; um >!8?) 7!7!8) 7!84)
8;!; um 8;!> hae 8;!< mn ugo EL[ Dleoilaor sohe tlug ugo {sm~lrlmar
mn ugo LBES Sodihulmar0
b! RGLBI ghe amu bmf{iloe tlug ugo {sm~lrlmar mn Sodihulmar 5'3,)
?'8,) ?'4,) >) 4) 8>'8,) 3;'8,) 3?) 3>) 2>) 24) 5> hae ?4 mn ugo LBES
Sodihulmar!
34!5! Gh~lad hssl~oe hu ugo nlaeladr hcm~o) ugo aowu bmarleoshulma conmso fo tmie
co um eobleo ugo ahuso mn elsobulmar ughu thsshau um co lrroe la ugo {soroau fhuuos!
Biohsi| ugo utm Bmf{halor gh~o fmclilzoe gdo {cilb fmao| la ugo dlro mn {sl~huo
{ihbofoaur! Uglr fmclilzhulma thr emao tlugmu hegoslad um ugo sodihums|
nshfotms` oruhcilrgoe aeos ugo Bmf{halor Hbu hae ugo ROCL Hbu hae ugo
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
http://slidepdf.com/reader/full/sebi-order-on-sahara-india-real-estate-june-23-2011 94/99
[hdo <5 mn <<
dleoilaor hae sodihulmar nshfoe ugosoaeos! Nsugos) ugmdg ugo utm Bmf{halor
gh~o lrroe robslulor la ugo fhaaos elrbrroe hcm~o) ugo| gh~o amu rmdgu ilrulad
{osflrrlma nsmf ha| mn ugo sobmdalzoe rumb` owbghador) o~oa tgoa ugols lrrhabor
toso {cilb lrror hae ugo utm Bmf{halor toso cmae um roo` ilrulad {osflrrlma
nsmf rumb` owbghador nms rbg lrrhabor!
34!?! La uglr sodhse) L sonos um Robulma 42 mn ugo Bmf{halor Hbu! La uosfr mn Robulma
42'3, mn ugo Bmf{halor Hbu) tgoso ugo {osflrrlma 'um eohi rbg rghsor ms
eocoausor ma h rumb` owbghado, ghr amu cooa h{{iloe aeos rc&robulma '8,) ugo
bmf{ha| rghii nmsugtlug so{h| tlugmu lauosoru hii fmao|r sobol~oe nsmf h{{ilbhaur la
{srhabo mn ugo {smr{obur) hae) ln rbg fmao| lr amu so{hle tlugla oldgu eh|r hnuos
ugo bmf{ha| cobmfor ilhcio um so{h| lu) ugo bmf{ha| hae o~os| elsobums mn ugo
bmf{ha| tgm lr ha mnnlbos la eonhiu rghii) ma hae nsmf ugo ow{ls| mn ugo oldgu eh|r)co jmlaui| hae ro~oshii| ilhcio um so{h| ughu fmao| tlug lauosoru hu rbg shuo) amu iorr
ugha nms {os boau hae amu fmso ugha nlnuooa {os boau) hr fh| co {sorbslcoe) gh~lad
sodhse um ugo ioadug mn ugo {oslme mn eoih| la fh`lad ugo so{h|foau mn rbg fmao|!
34!>! Ugosonmso) la uosfr mn ugo {sm~lrlmar mn Robulma 42'3, mn ugo Bmf{halor Hbu)
hr ugo utm Bmf{halor hefluuoei| gh~o amu fheo h{{ilbhulmar nms ilrulad tlug ha| mn
ugo sobmdalzoe rumb` owbghador) ugo| cobmfo ilhcio um nmsugtlug sonae ugo hfmaur
bmiiobuoe nsmf lur rcrbslcosr {srhau um ugols SG[) himad tlug lauosoru {h|foau) hr
thsshauoe! Robulma 42 mn ugo Bmf{halor Hbu lr bs|ruhi biohs la uglr sor{obu! Ha|
bmf{ha| amu fh`lad h ilrulad h{{ilbhulma rgmie aoborrhsli| sonae hii ugo hfmaur
bmiiobuoe la {srhabo mn ugo {smr{obur!
34!4! La uglr sodhse) L rghii soi| nms dlehabo ma h utm lf{msuhau jedofoaur mn ugo
Gmamshcio Bmsur! Ugo Gmamshcio R{sofo Bmsu mn Laelh Pla ugo fhuuos mn
Sh|fmae R|augoulbr Ilfluoe hae mugosr ~r! _alma mn Laelh hae mugosr '8<<3, 3
RBB 3??V) tglio elrbrrlad ugo {sm~lrlmar mn Robulma 42'3, mn ugo Bmf{halor Hbu)
ghe mcros~oe ugo nmiimtlad:
’………Rc&robulma '8H, mn Robulma 42 {mruihuor utm
blsbfruhabor la tglbg lauosoru cobmfor {h|hcio) ahfoi|) tgoso
ugo {osflrrlma ghr amu cooa h{{iloe nms conmso lrrlad ugo
{smr{obur hae ugo bmf{ha| ghr ugr hbuoe la ~lmihulma mn ugo
iht ms tgoso {osflrrlma) ugmdg h{{iloe nms) ghr amu cooa
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo <? mn <<
dshauoe! La ugo nmsfos bhro) h{hsu nsmf ugo mugos bmaroxoabor
tglbg fh| nimt nsmf ugo bmf{ha|$r elrmcoeloabo mn ugo iht) go
ilhclil| m {h| laosor hslror hr nsmf go eho mn sobol{
mn go hfmuar) nms go bmf{ha| mudg am m gh~o sobol~oe ha|
rubg hfmua la sor{maro m go {smr{obur lrruoe c| go
bmf{ha| la elrmcoeloabo mn ugo soxlsofoaur mn rcrobulma
'8,…‖ 'Of{ghrlr r{{iloe,
34!7! La ugo Mseos ehuoe Ji| 34) 3;;; mn ugo Gmamshcio Robslulor H{{oiihuo
Uslcahi la ugo fhuuos mn Cha` mn Chsmeh ~r! ROCL 'tgosola ha mseos mn ROCL
elsobulad ugo cha`osr um ha lrro um sonae ugo h{{ilbhulma fmao| bmiiobuoe c| ugof
nsmf ugo rcrbslcosr la h {cilb lrro) thr bghiioadoe,) ugo Gmamshcio Uslcahi
tglio {gmielad ugo lf{daoe ROCL Mseos) mcros~oe ughu:
’Ugo lf{daoe elsobulma bhaamu la ha| ~lot co bmarleosoe hr h
{oahiu| ms eobsoo nms sobm~os| mn naer) lrroe tlugmu
hugmslu| mn iht! Ugo elsobulma lr um sousa ugo fmao| tglbg
ugo la~orumsr ghe {u la ugo brume| mn ugo cha`os) la dmme
nhlug hdhlaru hiimufoau mn rghsor! Lu lr ugo mcildhulma mn ugo
Cha`osr um ha Lrro um sousa ugo fmao| hr ugo hiimufoau bmie
amu uh`o {ihbo! La nhbu h sldgu ele hbbso la nh~ms mn ugo
h{{ilbhaur um dou ugo fmao| chb`) ugo fmfoau CRO eobilaoe um
hbbmse ilrulad h{{sm~hi um ugo bmf{ha|“r rghsor! …………!!Ugola~orumsr hso hddslo~oe hr ugo| gh~o amu cooa sonaeoe ugo
fmao| eo um ugof! Rlabo ugo fmao| coimadr um ugof lu ghr um
co sonaeoe um ugof! Ugo elsobulma lr mai| nms uglr
{s{mro………‖
Ugo Gmamshcio Uslcahi ghe hirm mcros~oe ugo nmiimtlad tlug sodhse um ugo {h|foau
mn lauosoru:
’……… Rlabo ugo so{h|foau lr eoih|oe) ilhclilu| um {h| lauosoruK 8?/ {os haaf ma ugo eonhiuoe hfmau ghr humfhulbhii|
hslroa) hr {sm~leoe la robulma 42‖!
34!<! Ugosonmso) la ugo nhbur hae blsbfruhabor mn ugo {soroau fhuuos hae la ugo
lauosoru mn ugo la~orumsr tgm ghe rcrbslcoe um ugo MNBEr hiimuuoe c| rbg
bmf{halor) lu tmie co jru hae oxluhcio la elsobulad RLSOBI hae RGLBI um sonae
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
http://slidepdf.com/reader/full/sebi-order-on-sahara-india-real-estate-june-23-2011 96/99
[hdo <> mn <<
ugo fmalor bmiiobuoe c| ugof 'aeos ugo {smr{obur ehuoe Fhsbg 82) 3;;7 hae
Mbumcos >) 3;;< lrroe sor{obul~oi| c| ugof, ulii ehuo um rbg la~orumsr tgm ghe
rcrbslcoe um ugols MNBEr! Nsugos) hr {sm~leoe aeos Robulma 42 mn ugo Bmf{halor
Hbu) 8<?>) ugo bmf{halor hso hirm ilhcio um {h| lauosoru ma ugo eoih|oe {h|foau!
34!8;! Ugo aooe nms lrrlad aoborrhs| elsobulmar nms sonae mn ugo la~orumsr“ fmao|
ghr cooa biohsi| oruhcilrgoe hcm~o! Ugo aowu ruo{ tmie co um leoauln| ugo {osrmar
hdhlaru tgmf rbg elsobulmar hso um co lrroe! Ugo Elsobumsr) la ugols so{ilor lauos
hilh ruhuoe ughu la amao mn ugo bmf{halor lr ugoso ha| fhahdlad elsobums hae mao mn
ugo ugsoo elsobumsr bghls ugo cmhse foouladr hr hae tgoa lu lr bma~oaloau! L mcros~o
ughu ugoro Elsobumsr ghe la nhbu rldaoe ugo Eobihshulma la ugo SG[ hae ghe dl~oa
bmaroau nms SG[ hae nlahi {smr{obur nms ugo MNBEr lrroe c| ugo utm Bmf{halor!
La uosfr mn Robulma 42'3,) ugo bmf{ha| hae o~os| Elsobums tgm lr ha mnnlbos la eonhiulr jmlaui| hae ro~oshii| ilhcio um so{h| ugo rcrbsl{ulma fmao|! Ugosonmso) ugo utm
bmf{halor) RLSOBI hae RGLBI hae ugols elsobumsr ahfoi|) Fr! ^haehah Cghsdh~h)
Fs! Sh~l Rgha`hs Eco| hae Fs! Hrgm` Sm| Bgmeghs|) hso ilhcio nms ugo rhfo!
34!88! La so{i| um Rgmt Bhro Amulbo ehuoe Fh| 3;) 3;88 ) Fs! Rcshuh Sm| Rhghsh)
lauos hilh ruhuoe ughu go lr mai| h rghsogmieos hae aolugos h elsobums ams gmie ha|
owobul~o) fhahdoslhi ms mugos {mrlulma la olugos mn ugo rhle utm bmf{halor! Goabo)
go foaulmaoe ughu ugo amulbo lr athsshauoe hae ilhcio um co tlugeshta! Gmto~os)
Fs! Rcshuh Sm| Rhghsh) h{hsu nsmf colad ugo nmaeos mn Rhghsh Laelh Dsm{) lr
hefluuoei| h fhjms rghsogmieos 'gmielad hcmu 4;/ mn bh{luhi la ohbg mn ugo utm
bmf{halor,! Go bha co sohrmahci| sodhseoe hr h {osrma la hbbmsehabo tlug tgmro
elsobulmar ms larusbulmar) ugo Cmhse mn Elsobumsr mn ugo utm Bmf{halor toso
hbbrumfoe um hbu hae ugosonmso nhii tlugla ugo hfclu mn ’mnnlbos la eonhiu‖!
Nsugosfmso) tlug ugo 4;/ mtaosrgl{ ms gmielad la ugo utm Bmf{halor) go lr
eonlaluoi| la h {mrlulma mn bmausmi hae ghr ugo {mtos elsobu ugo fhahdofoau {milb|
hae h{{mlau ugo fhjmslu| mn elsobumsr um ugo Cmhse!
34!83! Hr ruhuoe hcm~o) bgoxor umthser MNBE rcrbsl{ulma nms cmug ugo bmf{halor
toso bmiiobuoe la ugo ahfo mn F-r! Rhghsh Laelh) h {hsuaosrgl{ nlsf! Ugo ahfo mn
uglr oaulu| tmie laelbhuo ughu lu lr h dsm{ oaulu| mn ugo Rhghsh Laelh Dsm{) hae ugo
nmaeos hae {smfmuos mn ugo rhle Dsm{ lr amao mugos ugha Fs! Rcshum Sm| Rhghsh!
La Haaowso 5 mn ugo SG[) ’Rhghsh Laelh‖ ghr cooa eorldahuoe hr ’hsshadosr mn
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
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[hdo <4 mn <<
{sl~huo {ihbofoau‖! Hr rooa hcm~o) ugo {smr{oburor em amu bmauhla ugo soxlsoe
elrbimrsor hae labieor tsmad eobihshulmar! La uosfr mn Robulma >3 mn ugo
Bmf{halor Hbu) o~os| {osrma tgm lr h elsobums mn ugo bmf{ha| hu ugo ulfo mn ugo
lrro mn ugo {smr{obur hae o~os| {osrma tgm lr h {smfmuos mn ugo bmf{ha|) hso
ilhcio um {h| bmf{oarhulma um o~os| {osrma tgm rcrbslcor nms ha| rghsor ms
eocoausor ma ugo nhlug mn ugo {smr{obur nms ha| imrr ms ehfhdo go fh| gh~o
rruhlaoe c| sohrma mn ha| auso ruhuofoau labieoe ugosola!
34!82! Nsugos) nms ugo {s{mro mn ugo rhle robulma) ugo ow{sorrlma ’{smfmuos‖ fohar
h {smfmuos tgm thr h {hsu| um ugo {so{hshulma mn ugo {smr{obur ms mn ugo {msulma
ugosomn bmauhlalad ugo auso ruhuofoau) cu emor amu labieo ha| {osrma c| sohrma
mn glr hbulad la h {smnorrlmahi bh{hblu| nms {osrmar oadhdoe la {smbslad ugo
nmsfhulma mn ugo bmf{ha|! Fs! Rcshum Sm| Rhghsh“r ahfo lr foaulmaoe la ugoSG[r mn cmug ugo bmf{halor hr colad ugo nlsru doaoshulma oauso{soaos tgm ghr
{smfmuoe Rhghsh Laelh Dsm{! Lu lr hirm ruhuoe ughu go gmier 4;/ ruh`o la RLSOBI!
Nsmf ugo SG[ mn RLSOBI) lu lr foaulmaoe aeos ugo gohe ’[smfmuosr hae ugols
chb`dsmae‖ ughu ’Rhghsh Laelh Sohi Oruhuo Bms{mshulma Ilfluoe lr h bmf{ha|
{smfmuos c| Rgsl Rcshuh Sm| Rhghsh! Rgsl Rcshuh Sm| Rhghsh lr nmaeos mn
Rhghsh Laelh Dsm{…‖!
34!85! Dl~oa ugo gmielad mn Fs! Rcshum Sm| Rhghsh la ugo utm bmf{halor hae glr
{mrlulma hr h {smfmuos mn ugo bmf{halor) lu lr sohrmahcio um bmabieo ughu go thr h
{hsu| um ugo {so{hshulma mn ugo {smr{oburor lrroe c| ugo bmf{halor! Ugosonmso) lu
tmie co nhls hae {sm{os ughu ugo elsobulmar hso lrroe um Fs! Rcshum Sm| Rhghsh
hirm himad tlug ugo hnmsorhle elsobumsr mn ugo utm bmf{halor! Hbbmseladi|) L gosoc|
bmabieo ugo {soroau {smbooeladr hae lrro ugo nmiimtlad elsobulmar!
37! MSEOS
37!8! La ~lot mn ugo nmsodmlad) L) la owosblro mn ugo {mtosr bmanossoe {ma fo aeos Robulma 8< mn ugo Robslulor hae Owbghado Cmhse mn Laelh Hbu) 8<<3 sohe tlug
Robulmar 88) 88'5,) 88H hae 88C ugosomn hae Sodihulma 8;4 mn ugo Robslulor hae
Owbghado Cmhse mn Laelh 'Lrro mn Bh{luhi hae Elrbimrso Soxlsofoaur,
Sodihulmar) 3;;< gosoc| lrro ugo nmiimtlad elsobulmar:
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
http://slidepdf.com/reader/full/sebi-order-on-sahara-india-real-estate-june-23-2011 98/99
[hdo <7 mn <<
8! Ugo utm Bmf{halor) Rhghsh Bmffmelu| Ros~lbor Bms{mshulma Ilfluoe
'ohsilos `amta hr Rhghsh Laelh Sohi Oruhuo Bms{mshulma Ilfluoe, hae Rhghsh
Gmrlad La~orufoau Bms{mshulma Ilfluoe hae lur {smfmuos) Fs! Rcshuh Sm|
Rhghsh) hae ugo elsobumsr mn ugo rhle bmf{halor) ahfoi|) Fr! ^haehah
Cghsdh~h) Fs! Sh~l Rgha`hs Eco| hae Fs! Hrgm` Sm| Bgmeghs|) jmlaui|
hae ro~oshii|) rghii nmsugtlug sonae ugo fmao| bmiiobuoe c| ugo hnmsorhle
bmf{halor ugsmdg ugo Soe Gosslad [smr{obur ehuoe Fhsbg 82) 3;;7 hae
Mbumcos >) 3;;<) lrroe sor{obul~oi|) um ugo rcrbslcosr mn rbg M{ulmahii|
Nii| Bma~osulcio Eocoausor tlug lauosoru mn 8?/ {os haaf nsmf ugo ehuo
mn sobol{u mn fmao| ulii ugo ehuo mn rbg so{h|foau!
3! Rbg so{h|foau rghii co onnobuoe mai| la bhrg ugsmdg Eofhae Eshnu ms [h|
Mseos!
2! Rhghsh Bmffmelu| Ros~lbor Bms{mshulma Ilfluoe 'ohsilos `amta hr Rhghsh
Laelh Sohi Oruhuo Bms{mshulma Ilfluoe, hae Rhghsh Gmrlad La~orufoau
Bms{mshulma Ilfluoe rghii lrro {cilb amulbo) la hii oelulmar mn utm Ahulmahi
Ehlilor 'mao Oadilrg hae mao Glael, tlug tleo blsbihulma) eouhlilad ugo
fmehilulor nms sonae) labielad eouhlir ma bmauhbu {osrmar labielad ahfor)
heesorror hae bmauhbu eouhlir) tlugla nlnuooa eh|r mn uglr Mseos bmflad laum
onnobu!
5! Rhghsh Bmffmelu| Ros~lbor Bms{mshulma Ilfluoe 'ohsilos `amta hr Rhghsh
Laelh Sohi Oruhuo Bms{mshulma Ilfluoe, hae Rhghsh Gmrlad La~orufoau
Bms{mshulma Ilfluoe hso sorushlaoe nsmf hbborrlad ugo robslulor fhs`ou nms
shrlad naer) ulii ugo ulfo ugo hnmsorhle {h|foaur hso fheo um ugo rhulrnhbulma
mn ugo Robslulor hae Owbghado Cmhse mn Laelh!
?! Nsugos) Fs! Rcshuh Sm| Rhghsh) Fr! ^haehah Cghsdh~h) Fs! Sh~l Rgha`hs
Eco| hae Fs! Hrgm` Sm| Bgmeghs| hso sorushlaoe nsmf hrrmblhulad
ugofroi~or) tlug ha| ilruoe {cilb bmf{ha| hae ha| {cilb bmf{ha| tglbg
lauoaer um shlro fmao| nsmf ugo {cilb) ulii rbg ulfo ugo hnmsorhle {h|foaur
hso fheo um ugo rhulrnhbulma mn ugo Robslulor hae Owbghado Cmhse mn Laelh!
37!3! La ~lot mn ugo nhbu ughu Rhghsh Laelh ghr bmiiobuoe ugo rcrbsl{ulmar um ugo
MNBEr) L elsobu ROCL um lalulhuo h{{sm{slhuo {smbooeladr la hbbmsehabo tlug iht!
8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)
http://slidepdf.com/reader/full/sebi-order-on-sahara-india-real-estate-june-23-2011 99/99
37!2! Hnuos bmf{ioulad ugo hnmsorhle so{h|foaur) ugo utm Bmf{halor rghii nlio h
bosulnlbhuo mn rbg bmf{ioulma tlug ROCL nsmf utm laeo{oaeoau {oos so~lotoe
Bghsuosoe Hbbmauhaur tgm hso la ugo {haoi mn ha| {cilb hugmslu| ms {cilb
laruluulma! Nms ugo {s{mro mn uglr Mseos) h {oos so~lotoe Bghsuosoe Hbbmauhau
rghii foha h Bghsuosoe Hbbmauhau) tgm ghr cooa bhuodmslzoe rm c| ugo Laruluuo mn
Bghsuosoe Hbbmauhaur mn Laelh 'LBHL,!
37!5! La bhro mn nhliso mn ugo {hsulor um bmf{i| tlug ugo hnmsorhle elsobulmar) ugo
Robslulor hae Owbghado Cmhse mn Laelh rghii uh`o h{{sm{slhuo hbulma labielad
ihabglad mn {smrobulma {smbooeladr hdhlaru ugof hae mugos {osrmar tgm hso la
eonhiu) la hbbmsehabo tlug iht!
37!?! Ugo Gmamshcio R{sofo Bmsu mn Laelh ~leo lur mseos ehuoe Fh| 83) 3;88
ghr elsobuoe ROCL um ’ow{oelulmri| gohs hae eobleo uglr bhro rm ughu uglr Bmsu bha
{hrr rluhcio mseosr ma so&m{oalad! Gmto~os) onnobu um ugo mseos mn ROCL tlii amu co
dl~oa!‖ Ugosonmso uglr Mseos tlii co dl~oa onnobu um mai| rcjobu um ugo elsobulmar mn
ugo Gmamshcio R{sofo Bmsu!
37!>! La sor{obuni bmf{ilhabo tlug ugo Mseos ehuoe Fh| 83) 3;88 mn ugo
Gmamshcio R{sofo Bmsu mn Laelh) h bm{| mn uglr Mseos rghii co {ihboe conmso ugo
Sodlrushs mn ugo Gmamshcio R{sofo Bmsu mn Laelh lffoelhuoi|!
ES! @! F! HCSHGHFTGMIO ULFO FOFCOS
ROB_SLULOR HAE OWBGHADO CMHSE MN LAELH