Can anyone explain why Subrata Roy is in prison? What exactly is his crime? Apparently acting on a complaint by a fictitious person named Roshan Lal from Indore the Security and Exchange Board of India started to investigate how 2 companies controlled by Roy, under the Sahara brand, had raised Rs 48.43 billion and Rs 323.56 billion between 2004 and 2009. SEBI wants to know the identity of every investor because it suspects a ponzi scheme. Sahara says that it raises money form the poor, such as rickshaw-pullers and day-laborers who have no fixed address. It supplied truck loads of documents to SEBI. SEBI says it has jurisdiction over the funds because they were raised through Optionally Fully Convertible Debentures.
Sahara contends that it took permission from the Registrar of Companies at Kolkata and Kanpur. Sending him to prison till 11 March the Supreme Court said yesterday," Preservation of market integrity is extremely important for economic growth of this country for national interest. Maintaining investors' confidence requires market integrity and control of market abuse. Market abuse is a serious financial crime which undermines the very financial structure of this country and will make imbalance in wealth between haves and have nots." Hallelujah to that. The problem with these lofty ideals is that not one person has ever complained of having lost money with Sahara, so clearly it is not a ponzi scheme. If it is money laundering that the SEBI is worried about it should ask the CBI to investigate. If the charge is tax evasion then ask the tax fellows to look into it. While the SEBI is so exercised with Mr Roy it has not noticed that Mr Ketan Parekh, who was banned from trading in stocks by the SEBI in 2003, is still active in the market. Mr Parekh has just been sentenced to just 2 years in prison for fraud committed 14 years ago with a fine of Rs 50,000, which is probably the salary of his driver. Ramalinga Raju is enjoying marriage parties with celebrities and politicians. He confessed to the largest corporate fraud in 2009 but is still free. The Supreme Court itself released Mr Lalu Yadav on bail after serving a derisory 2 months of a 5 year sentence. Mr Yadav is now trying to influence the coming general elections. Clearly the Court is not worried about ' national interest ' from criminal politicians. Only Mr Roy who has not cheated anyone. Mystery.
Sahara contends that it took permission from the Registrar of Companies at Kolkata and Kanpur. Sending him to prison till 11 March the Supreme Court said yesterday," Preservation of market integrity is extremely important for economic growth of this country for national interest. Maintaining investors' confidence requires market integrity and control of market abuse. Market abuse is a serious financial crime which undermines the very financial structure of this country and will make imbalance in wealth between haves and have nots." Hallelujah to that. The problem with these lofty ideals is that not one person has ever complained of having lost money with Sahara, so clearly it is not a ponzi scheme. If it is money laundering that the SEBI is worried about it should ask the CBI to investigate. If the charge is tax evasion then ask the tax fellows to look into it. While the SEBI is so exercised with Mr Roy it has not noticed that Mr Ketan Parekh, who was banned from trading in stocks by the SEBI in 2003, is still active in the market. Mr Parekh has just been sentenced to just 2 years in prison for fraud committed 14 years ago with a fine of Rs 50,000, which is probably the salary of his driver. Ramalinga Raju is enjoying marriage parties with celebrities and politicians. He confessed to the largest corporate fraud in 2009 but is still free. The Supreme Court itself released Mr Lalu Yadav on bail after serving a derisory 2 months of a 5 year sentence. Mr Yadav is now trying to influence the coming general elections. Clearly the Court is not worried about ' national interest ' from criminal politicians. Only Mr Roy who has not cheated anyone. Mystery.
1 comment:
This is unfair justice. All the facts are produced by Sahara through their ads.
I think injustice has been done.
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