By IANS,
New Delhi: The corporate affairs ministry has no role in the delay in Sahara Group’s proposed initial public offering (IPO) by market regulator Securities and Exchange Board of India (SEBI) due to unavailability of adequate information, an official statement said.
“As the information was not furnished to SEBI, on Nov 24, 2010, an interim order was passed by SEBI issuing show cause to two Sahara Group companies – Sahara India Real Estate Corporation Ltd and Sahara Housing Investment Corporation Ltd – and restraining them from mobilising funds from the public,” the ministry said in a statement Saturday.
This order has been challenged by the two companies and the case is now sub-judice before the Luck ow Bench of the Allahabad High Court. As this is a matter between the Sahara Group companies and SEBI, the MCA cannot intervene in the matter, the statement added.