Estimated reading time: 7 minutes
The name of the company had been in the minds of many sports fans. It is the sponsors of cricket and hockey in India. It has become synonymous with the names of the most popular games of this country. It had been observed that, whether players do well or the bad the names of this sponsor had been there. It is no doubt; the way this sponsored company had been promoting the most popular games had been outstanding and not comparable.
The way fans follow the great game of cricket and also the outstanding hockey so as fans also remember this sponsored company, in due course of time it had been synonymous with most popular games of this country. The name of the company is Sahara India and for a long time it has been printed within the minds of people, and it is up with the most popular games. The company started from a small village of northern state and then it had spread its wings within the country and all over the world and it had become one of the major private companies in this part of the world.
Sadly, for the last few months, this group had been in discussion all over the country for some negative reasons. Sahara India formed two companies, named as Sahara Housing Investment Corporation Limited and Sahara India Real Estate Corporation Limited, had received money from people.
The amount is almost 24,000 cores, and the way the investment was done was against the laws of the land. So, SEBI, the watchdog in these matters, started out proceedings against these two companies. Sahara India did not pay back investor’s money, and it went to court. The honourable highest court of the land, the Supreme Court, gave its judgment and directed two companies to return the money to investors with interests.
Then, the honourable Supreme Court of India ordered SEBI to siege, the bank accounts of these two companies and properties. In the next judgment, the honourable Supreme Court gave some concessions and ordered the two companies of Sahara India to paid back investor’s money in three instalments.
Few months past, and it had been observed that two companies are not obeying the order of the highest court of justice and for this, the honourable court ordered to siege the bank accounts and properties of two companies mentioned above and also siege the bank accounts and properties of Directors of Sahara India.
The work did by SEBI is appreciable, but the million dollar question is that, why this action takes place so late?
SEBI informed Reserve Bank of India and Enforcement Directorate, about this incident. One major question is that, whether Sahara India is the sole company that is doing unlawful and unethical investment activities. There are many companies out there performing the same activities and if the answer of later is yes, then, this is the correct time when the SEBI should act fast and clean the mess that has been entangled within the system.
It is right to mention that not only the investment companies are cheating investors there are many insurance companies, cheat funds, telecom companies, airlines, but microfinance is also cheating poor investors day in and day out. There is one say is that money goes straight and fall back in curve manners. When these companies are trying to vouch for investments, they had been telling the investors that they should be giving more money with some fantastical interests that had not been there, at any nationalized banks and listening to this, the investors had been pouring their hard earned money to the market.When the time comes to return the money to investors, they had been showing them different stories and trying their best not to give the money back to them.
Even at some cases, the whole companies vanished and the nameplate and the signboard and the properties of the companies go on missing and when people reached at that office hoping for the higher amount of money from them, they went disappointed and empty-handed. There had been many cases in this regard and if we make one long list of this, then the results could be longer than even one can imagine at best and for this, it is time to regulate all these so-called micro finances that had been popping up here and there irritably.
One is surprised that, throughout the country, there have been many security agencies that have been there to check these so-called micro finances, but what it has been doing in most of the cases is that, after that company, cheated the investors, it started out the investigation.In the past, we have seen that bigger companies like that of Kingfisher and Satyam Computer had been damaging the believe of investors and now the recent two companies of Sahara India, which had been proving time and again that it is time to act and save hard earned money of investors.
Even layman could know that so and so companies had been trying to cheat individuals but the administration and the lawmaking authorities seat blindfolded. For this in the long run, when the time reached to pay back money to investors these companies just vanished from the scene by taking all the hard earned money and their interests of people. So, in reality, there had been many real estate companies and investment bankers there, at smaller and larger places and all these need to be regulated so that, the safeguard of interest of people should be safeguarded fully.
It has been observed that the way two companies of Sahara India performed, it is like the icebergs inside water, to say, the even ordinary citizen could know these companies. These companies had been working in the country by cheating existing laws and other facilities. It has been seen that behind these companies at times political powers are behind them and at some other points the power of money and it’s ever difficult invisible hands that have been there. When any ordinary person raised hands against them, then there are many chances that these persons could face life danger. For this it is high time, SEBI, the premier institution to safeguard the health of investors should act fast and stop all these unethical and unlawful activities.
So, the only way out is to check these activities, is to make the constant observation on the account of SEBI over and above these companies. The two companies of Sahara India can be one such instance, there could be many more such companies that had been there, and for this, it is inevitable for all lawmaking and enforcing institution inside the law of the land to protect the safeguard of interests of investors. By taking many more proactive steps to stop all these illegal and unethical money-making activities by these so-called micro finances companies. On the other hand, there are some duties need to perform by investors as they should step upfront and also realize the importance of proper investment.
They should first investigate the companies and find out their genuineness, before investigating money in their institution and also they should find out the real companies that are suitable and good for their investment. It is also not good for all of us to blame always to the government, as it is our duty to detect and find out these cheating companies and reported to proper law enforcement authorities. It is walking before you leap and this should be done in all aspects of your life.
