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Home Sahara Infrastructure sahara india (2 Complaints)
Prachi Sharma 28th Apr

A flat purchaser from Pune has moved a private case against Sahara Prime City Limited and Sahara India Commercial Corporation Limited. She has alleged that she booked a 3-bedroom flat in Sahara City Home in Nagpur and paid Rs36.38 lakh but the promoters neither entered into an agreement of sale nor handed over possession of the flat. In this regard, the court of judicial magistrate (first class) Shrikant Nemase recently issued summons to the firms.

Kalpana Rajendra Gaidhani (38), the complainant and resident of 137, Pratham Co-operative Housing Society in Wakad, moved a private plaint through her lawyers Devanand Dhokane and Lalit Jhunjhunwala against Sahara Prime City Limited, Sahara India Commercial Corporation Limited, Anup Mishra, Naresh and Parul Tomar under relevant sections of the Indian Penal Code, 1860 comprising criminal breach of trust and cheating and also under the Maharashtra Ownership Flats (MOFA) Act, 1963 in August this year.

Kalpana told dna, “I hail from Nagpur. My husband and I shifted to Pune for job opportunities in the software field. We planned to purchase a house in our hometown. We both were aboard when we heard about the scheme of Sahara City Homes located on Wardha Road in Nagpur. According to the scheme, we had to pay the entire amount in 18 months’ installments and accordingly, I booked a 3-bedroom flat on the third floor for Rs36.38 lakh in October 2007. Till February 2011, I paid all my installments and they informed me that the possession would be given on our last installment. Till date, they have not given me the agreement of the flat and the possession of the flat. They said there is some delay in the construction and will be giving me interest on the amount that I have paid, but nothing has been given to us. When I made inquiry in this regard they delayed the issue and made me run from pillar to post. In the past, I had to visit Nagpur many times taking leave from my job just to do the follow-up.”

She added, “Getting no response from them, I even had a plan to withdraw the amount but they told me it will take just two months. In this way a year passed. I sought legal help from a lawyer and served them a notice, to which they responded that it is better to go the legal way. I was shocked to hear this. It’s our hard-earned money and we went by the name and landed in trouble.”

Kalpana’s lawyers argued, “As per the MOFA Act it is mandatary to enter into an agreement before accepting payment in excess of 20 per cent of the total consideration amount. Also the builders have to hand over possession of the flat on the date promised and refund the amount on cancellation, if circumstances demand. Despite the legal mandate, they failed to perform the above acts without reasonable excuse and failed to comply with provision of the MOFA.”

dna tried to contact Sahara officials and an email was sent seeking their version of the issue, but till late night, dna did not receive any reply from Sahara.


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Prachi Sharma 26th Apr

Some unlisted companies are luring retail investors by issuing securities including NPS, NCDs in the garb of private placement, warns SEBI while issuing a list of 193 such entities

Market regulator Securities and Exchange Board of India (SEBI), while warning investors about investing money in dubious investment schemes has issued a list of 193 companies, including Sahara India Real Estate Corp Ltd and Sahara Housing Investment Corp Ltd that are fraudulently raising money from public.

In a release, SEBI said it has taken action against 193 such entities for issuance of securities in the form of non-convertible and convertible preference shares (NPS-CPS), non-convertible and convertible debentures (NCDs-CDs) and equity shares to public, without complying with the prescribed provisions of law. In 2015 itself, SEBI said it has passed orders against 123 companies in such cases.

The companies against which action has been taken include Togo Retail Marketing, Mumbai-based Shah Group of Builders, Aspen Nirman India, Megasys Healthcare, Siyaram Development and Construction, Matribhumi Projects and Goldmine Agro. Majority of these companies are from West Bengal followed by Madhya Pradesh.

Moneylife has been constantly warning investors about not investing in such fraudulent companies. Some of the companies on which Moneylife wrote include, Pailan Agro India Ltd, StockGuru India-SGI Research & Analysis Ltd, and Ramel Industries Ltd.


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