SEBI’s order on SICCL, Sahara India issues statement
After the recent SEBI crackdown on Sahara India Pariwar company Sahara India Commercial Corporation Ltd (SICCL), the conglomerate has released an official statement. Calling the SEBI order “against the spirit of natural law”, the Subrata Roy led group, in its statement, has claimed that every action on part of SICCL was taken after obtaining due permission from the departments concerned. Here’s what the statement reads:
We consider the recent order passed by SEBI as totally against the spirit of natural law. While taking decision, SEBI once again has overlooked the hard facts and situations that very much prevailed at the time when Sahara India Commercial Corporation Limited (SICCL) issued OFCDs in 1998. We will raise the matter at the appropriate platform.
After all, as per the law of the Government of India, then anybody and everybody were allowed to deposit or take repayment in cash up to Rs 20,000 and our all payments were strictly as per law. Now the limit is of Rs 10,000.
We have inculcated the habit of savings amongst the poor people throughout the country. Had we not been there to collect money every day from doorsteps then that money would have gone for alcohol, gambling and many other such vices. Sahara Group should have been awarded for the above like in other countries. In Bangladesh, for financial inclusion activity somebody got noble prize, informs a press release.
Source: SICCL
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