SEBI Order on Sahara India Real Estate (June 23, 2011)

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 [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 l r {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$r lauosoru 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 c hb`dsmae um ugo fhuuos lr m uilaoe la aowu not robulmar! La ugo bmsro mn {smborrlad ugo Eshnu Soe Gosslad [smr{obur 'gosolahnuos sonossoe um hr ugo

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)

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[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

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[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

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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:

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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

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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 

8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)

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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)

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[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

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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

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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:

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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!

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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“

8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)

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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

8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)

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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: 

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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)

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[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!

8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)

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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

8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)

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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

8/6/2019 SEBI Order on Sahara India Real Estate (June 23, 2011)

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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)

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[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)

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[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)

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[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)

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[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)

http://slidepdf.com/reader/full/sebi-order-on-sahara-india-real-estate-june-23-2011 97/99

 

[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