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ET Main The Economic Times App 10M Downloads Download ETLogin button Today’s News Quick Reads E-Paper Stock Recos Stream FINANCE READ ON APP Undistributed funds worth over Rs 25,000 cr with Sebi in focus after death of Subrata Roy Sahara founder Subrata Roy's demise puts focus on Rs 25,000 cr undistributed funds lying with SEBI Synopsis The death of Sahara Group's chief Subrata Roy has brought attention to undistributed funds totaling over Rs 25,000 crore in the capital markets regulator Sebi's account. In 2011, Sebi ordered two Sahara Group firms to refund money raised from nearly 3 crore investors through Optionally Fully Convertible Bonds (OFCDs), report said. By PTI Follow us Last Updated: Nov 15, 2023, 06:27 PM IST7 The undistributed funds totalling over Rs 25,000 crore lying with the capital markets regulator Sebi's account have come back into focus after the demise of Sahara Group's chief Subrata Roy. Roy passed away in Mumbai on Tuesday night at the age of 75 after battling a prolonged illness. ADVERTISEMENT He faced multiple regulatory and legal battles in connection with his group firms that were accused of circumventing regulations with Ponzi schemes, allegations his group always denied. In 2011, capital markets regulator Sebi ordered two Sahara Group firms -- Sahara India Real Estate Corporation Ltd (SIREL) and Sahara Housing Investment Corporation Ltd (SHICL) -- to refund the money raised from nearly 3 crore investors through certain bonds known as Optionally Fully Convertible Bonds (OFCDs). This order came after the regulator ruled that the funds were raised by the two firms in violation of its rules and regulations. ETPrimeET PRIME - POPULAR INDUSTRY STORIES Adani Group stocks: Will averaging out work for retail investors?Adani Group stocks: Will averaging out work for retail investors?Is Nifty Next 50 a good bet? Only if you are a super long-term investor.Falling off the momentum? Why retail investors are losing money after witnessing a long rallyReliance JioCinema is streaming IPL 2023 for free. Will this now disrupt the OTT business?Top Nifty50 stocks analysts suggest buying this weekLong term wealth creation; 7 stocks with high ROE Subscribe to ETPrime ADVERTISEMENT After a long process of appeals and cross-appeals, the Supreme Court on August 31, 2012 upheld Sebi's directions asking the two firms to refund the money collected from investors with 15 per cent interest. Sahara was eventually asked to deposit an estimated Rs 24,000 crore with Sebi for further refund to investors, though the
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Tata Motors has entered the electric car market with the launch of the Tata Tiago EV Electric Car. The electric car is equipped with modern features and a stylish design. It comes with a 19.2 kWh battery that allows the car to cover a distance of approximately 315 km on a single charge, making it one of the best in terms of range.
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This is not the first time we have come across a case like this. A few weeks ago, a couple on a moving bike was seen romancing on a public road in Jaipur. Similarly, a couple was seen romancing on the Delhi-Meerut expressway a few months ago. The police took action against the bike in the second case. We are not sure if the police have acted or responded to this matter or not. Sunroofs on cars are now a very common feature. A decade ago, this was something that was only offered by expensive car manufacturers. Sunroofs were considered a premium feature. Many people who misuse the sunroof do not exactly know how it should be used. Sunroofs are primarily designed to facilitate air circulation in vehicles. Keeping the windows open while driving at high speeds can lead to direct airflow into the eyes, potentially causing issues. On the other hand, sunroofs are designed to recirculate the air within the vehicle without significant wind disturbance. Standing out of the sunroof or any window of a moving vehicle is considered a stunt on public roads and is strictly prohibited by law. In fact, all passengers in India are required to wear seatbelts while the car is in motion. If any individual is found doing such stunts, the police can issue fines against the offenders.
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The video has been shared by Roads of Mumbai on X (formerly Twitter). In this video, we can see a couple standing out of the sunroof of a Kia Seltos SUV. The registration number of the car is clearly visible in the video. The couple is seen romancing while standing out of the sunroof and clearly seen kissing each other. The video was recorded by another person who was driving behind the Seltos. The video doesn’t mention the exact location where this was recorded. Also read: 10 DC Design cars & how they look in the REAL world: Maruti Swift to Mahindra XUV500 All this is being done on public roads. It is extremely dangerous, and the chances of the couple falling on the road are pretty high. It should be noted that there are other vehicles on the road, and the couple is actually creating a distraction for other road users or drivers. If the driver of the Kia Seltos applies sudden brakes, both of them would fall off the vehicle and injure themselves.
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In the past, we have seen several examples where people have been observed performing stunts on moving cars or bikes. It is completely illegal. Standing out of the electric sunroof of a vehicle has become a trend among youngsters and children. This is again illegal, and the police have even issued fines against some in the past for the same. Here, we have a video of a couple from Hyderabad who took things to the next level and were seen romancing on top of a moving Kia Seltos.
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Anil Ambani’s once-successful telecom company Reliance Communications has been majorly hit by debt and recorded an all-time low share price. The shares of the company dropped from Rs 793 apiece to below Rs 2 apiece recently. Reliance Communications shares are currently trading at Rs 1.75 apiece, which is a major cause for concern for Anil Ambani. The reason behind the share prices falling so low is because of the massive debt under which the company has been reeling for years. In 2008, the shares of Reliance Communications were trading at Rs 793. Apart from the debt, the company has been embroiled in a price war with Anil Ambani’s brother Mukesh Ambani’s growing and successful telecom firm Reliance Jio. Anil Ambani’s Reliance Communications has a total worth of USD 2.8 billion (Rs 23,300 crore), but its massive worth is nothing compared to its overall debt and losses over the years. Last year, RCom only recorded Rs 80 crore profit but Rs 1703 crore loss. Further, Anil Ambani’s cash-strapped firm has an overall debt of Rs 64,958 crore. While the company continues to prove 4G and telecom services, its customer base has been undercut by Mukesh Ambani’s Jio, which started its journey offering free internet across the country.
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