The government said the Serious Fraud Investigation Office (SFIO) is probing Sahara group firm Sahara Q Shop Unique Products Range after receiving 744 complaints against the company.
The embattled Sahara group is already facing action from markets regulator SEBI with respect to money raised by two entities -- Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corporation (SHICL).
To a query on whether the government has received several complaints against Sahara Q, Minister of State for Finance Pon Radhakrishnan replied in the affirmative.
"As per MCA21 data, Registrar of Companies (RoCs), Mumbai, Ministry of Corporate Affairs, has received 744 complaints against the company Sahara Q Shop Unique Products Range Ltd," he said in a written reply to the Lok Sabha.
After examining the complaints and the documents filed by the company, the RoC submitted a report recommending an investigation, he added. The minister said the corporate affairs ministry has ordered investigation into the affairs of the company to be conducted by the SFIO.
The order was issued on October 31, 2018. MCA21, under the corporate affairs ministry, is the portal for submitting filings under the Companies Act.
On whether SEBI has been directed to accommodate investors of other schemes of Sahara India Group namely Sahara India Q Shop as investors were forced to convert their investments into Sahara Q Shop from SIRECL and SHICL, Radhakrishan replied in the negative.
According to him, the Supreme Court, in its order on August 31, 2012, directed SEBI to make refunds to only those investors, who invested in Optionally Fully Convertible Debentures (OFCDs) of SIRECL and/ or SHICL.
"Accordingly, the investments in other schemes/ group companies of Sahara, including the Sahara Q Shop are prima-facie not covered in the said order of the Supreme Court," he added.
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