‘Sahara Q Shop’, the FMCG and Quality Consumer Merchandise Retail Company of Sahara India Pariwar, launches its operations in Delhi and NCR region with 100 exclusive Sahara Q Shop Neighbourhood Convenience Stores. Sahara Q Shop has plans to open 400 such stores by 31st March 2014 in the region. Currently, there are 901 Sahara Q Shop Stores operating in 12 States. By the end of the current financial year the company has plans to have 10,000 (ten thousand) such stores across India. Two thousand of these stores will be opened in Metro Cities.
Earlier, Sahara Shop has entered the coveted record books of GUINNESS WORLD RECORDS by opening a record number of retail outlets across the country, at one time. Sahara Q Shop, on 1st April, 2013 at 4:00 p.m, simultaneously opened 315 Sahara Q Shop stores in 10 States across India.
Sahara Q Shop set with the aim to provide unadulterated, standardized high quality products offers a entire range of items in the category of Food (staples and processed food), Non-food (personal care and home care), General Merchandise, Consumer Durables and Lifestyle.
The exclusive retail outlets are part of branded chain of Sahara Q Shop Neighbourhood Convenience Stores, operating on franchisee/ exclusive retailer model and offering an extensive range of Sahara Q Shop brand of 378 unit quality products and 763 Stock Keeping Units (SKUs). Each exclusive franchisee retail outlet is a unique model launched by Sahara Q Shop in 3 formats of 300 sq. ft., 400 sq. ft. and 500 sq ft. area. The outlets will cater to 2000+ households from its neighbourhood, providing one of the primary shopping options for daily necessities in its catchment area. Under the franchisee model, the company provides all the necessary training, collaterals, in-store branding, marketing support to successfully run the store. The model has been designed to provide sustainable self employment avenues at local levels.
Mr. Romie Dutt, Executive Director, Sahara Q Shop, said “We have received overwhelming response from markets where Sahara Q Shop has launched its operational model for franchisee/exclusive retailers. It has emerged as a sustainable income model at appropriate price providing unadulterated 100% pure quality consumer merchandise to our esteemed customers in their neighbourhood.” He futher said, “Delhi and NCR region is an important market for us, we have further plans to expand the retail network in the region so that Sahara Q Shop quality products can be easily made available to the people of the region.”
About Sahara Q Shop
Quality Consumer Merchandise Retail Venture – Sahara Q Shop=Q=QUALITY=PURITY=OUR MISSION.
Sahara India Pariwar, a major business conglomerate of India, forayed into the Fast Moving Consumer Goods (FMCG) and quality consumer merchandise retail sector with the launch of ‘Sahara Q Shop’ on 15th August 2012. Sahara Q Shop’ was set with the vision to provide 100% unadulterated, quality consumer merchandise products to the citizens of India at the right prices. Today our product basket ranges in the categories like food (staples and processed food) non food (personal care and home care), General Merchandise, Consumer Durables and Lifestyle products spread across 378 unique products and 763 Stock Keeping Unit (SKU).
In order to make Sahara Q Shop quality products available to people from all walks of life with convenience, 40,000 + Sahara Q Shop Exclusive retail stores are planned across length and breadth of the country. Each of the stores will cater to around 2000 households from vicinity.
With the mission to curb the menace of prevalent adulteration practices in the market, Sahara Q Shop is committed to the guarantee of good health for you and your family.
It is Sahara’s commitment to ensure that every single product will under stringent quality test before being rolled out in the market. All house hold items will be available at fair market price.
We offer our esteemed customers
• Completely unadulterated best quality
• 100% right weight/quantity
• Fair price
• 100% disclosure policy
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In SEBI Sahara Case, today SEBI started its arguments on the contempt petition filed by SEBI alleging violation of the SC order dated 5-12-12 by Sahara. At the closing of arguments, counsel for SEBI stated that the arguments made by him also covered the contempt petitions earlier filed alleging breach of the order dated 31-8 -12 and argued that Shri Subrata Roy Sahara should also be held liable, besides the directors for the contempt. The Court however did not issue notice of contempt against Mr Subrata Roy Sahara, on the second contempt Petition.
Whilst referring to affidavit filed by Sahara on 4-1-12, SEBI argued that in the said affidavit undertaking has been given, which has been violated. The Hon’ble Supreme Court also enquired with SEBI, as to how the said other group companies, which are independent legal entities, are bound by the said affidavit, filed by the two Sahara companies. Counsel for SEBI indicated that this issue will be addressed by him separately.
SEBI referred to an advertisement appeared in the news paper on 3rd Sept. 2012 calling it as an instance of contemptuous conduct of Sahara. The Hon’ble Court, on referring to the said publication, observed that the same does not amount to contempt and indicated that SEBI may not read further advertisements.
- SEBI has just one-point programme – to destroy Sahara
- Misleading, misinformation campaign
- ‘We are being singled out for punishment’
- Raises questions that why govt. depts. are not being punished
Hitting back at SEBI and its Chairman, Sahara India Pariwar has said that the market regulator has just one-point agenda to “destroy” the image of the diversified conglomerate.
Countering the allegations made by SEBI Chairman on the OFCDs raised by it, Sahara said in a public notice that he has recently “mischievously misled” the people. “Right from the beginning SEBI’s one point programme has been to hit and destroy Sahara by mischievously misleading campaign of misinformation though trial by media,” Sahara said.
Sahara recalled that when it promoted OFCDs for the first time in 2001, it had obtained a written permission for its OFCD issue from the Registrar of Companies (RoC) Kolkata under the Ministry of Corporate Affairs way back in 2001 and under Sec 60B (9) of the Companies Act, submitted prospectus to the same Registrar (filing the return) with the details of around 1.87 crore investors with their names, addresses and amounts raised etc.
Sahara is being accused of violating the rules pubic issue rules on the pretext that the raising of funds from more than 50 investors does not remain a private placement. But the fact is that even after informing of 1.87 crore investors in 2007, neither RoC nor any of the government departments raised any objection. On the contrary, in 2008, Sahara got permission from two RoCs – Kanpur and Mumbai – for raising funds through OFCD again. Moreover, all through these 10 years, various RoCs regularly did inspections, investigation and regularly took Balance Sheets and returns and other documents as per Companies Act. RoCs permitted Sahara and to that extent they were the concerned regulators for the OFCD, Sahara argued.
Recalling the SEBI’s wavering stand, Sahara said the regulator had forwarded a complaint against the Sahara companies – Sahara India Real Estate Corporation Limited and Sahara Housing Investment Corporation Limited – received in April 2010 to two different Regional Directors of Corporate Affairs Ministry, for appropriate action.
SEBI had even said in its letter to the two Regional Directors, who were concerned with the ROCs which permitted the OFCDs that the issue did not fall under the market regulator’s purview since the companies were unlisted. (Copy of the letter – http://sahara.in/furtherprecedents/docs/1.pdf)
Subsequently, Sahara pointed out, the Minister of State for Finance had informed the Lok Sabha in April 2010 itself on a question relating to CitiCorp’s OFCD issue that in the matters of unlisted companies issuing securities to several thousands of persons, SEBI does not exercise any jurisdiction. This statement was based on what the Executive Director, SEBI informed the Finance Ministry. (Copy of the Question & Answer at Parliament – http://sahara.in/furtherprecedents/docs/2.pdf)
In November same year, however, SEBI took a complete U turn and submitted through an affidavit in Lucknow Bench of Allahabad High Court that SEBI is the regulator for Sahara OFCDs, Sahara said.
Sahara pointed out in its public statement that SEBI should be severely punished for lying in Parliament or in its affidavit in the High Court. Any other citizen would have been jailed for such an act, Sahara said.
Mr. Mohan Parasaran ji, the then Additional Solicitor General of India (and now the Solicitor General) had also expressed his opinion on the query raised by the Ministry of Corporate Affairs that Sahara was right and SEBI wrong. He mentioned in his letter, “SEBI has no jurisdiction over the unlisted companies like the Sahara Group of Companies which are not intending to get themselves listed.” (Opinion of Mr. Mohan Prasanan – http://sahara.in/furtherprecedents/docs/8.pdf)
Dr. Ashok Nigam, Additional Solicitor General of India, appearing on behalf of the Ministry of Corporate Affairs, also submitted through Affidavit in the Court that Sahara was right and SEBI was wrong. He also added, “In issuance of OFCD the petitioner company after their registration with the Registrar of Companies has been permissible under the law. The Central Government remains the regulating authority for the company. It has got its own control system in place which has been under constant review with the developments taking place in the corporate world and it has already increased its controlling aspect of such companies and would further strengthen the same by making keener and deeper scrutiny of private placement of companies”. (Copy of the Affidavit – http://sahara.in/furtherprecedents/docs/13.pdf )
In addition, as many as five other legal luminaries, including two former Chief Justices of India and one ex-Chairman of Securities Appellate Tribunal (SAT), expressed the opinion in favour of Sahara.
The Law Ministry with the signature of the then Minister Mr Veerappa Moily, officially communicated to the Ministry of Corporate Affairs (MCA) that Sahara was right and SEBI was wrong. MCA had, in fact, asked for the Law Ministry’s opinion, but they never produced it anywhere. But, somehow, Sahara got the copy and produced it in the court. SEBI has not yet reacted to it in the Court. (Copy of the document – http://sahara.in/furtherprecedents/docs/14.pdf )
Contrary to its view on Sahara, SEBI took an altogether different stand in the Kalpana Bhandari Case before the Bombay High Court that it did not has jurisdiction over unlisted public companies that did not intend to list their shares.
Similarly, in another case ‘Society for Consumers and Investors Protection Vs. Union of India’ in Delhi High Court in, SEBI took a view that it did not command jurisdiction, under Section 55A of the Companies Act, 1956, over unlisted public companies which did not intend to get listed.
Further, in response to the Prayag Infotech Hi-Rise Ltd., letter dated 27th January, 2009, SEBI took a similar stand that unlisted companies did not come under its regulatory purview.
Stating that the company is being singled out for imposing a severe punishment, that too with a retrospective affect, Sahara asked as to why all the government departments are not being penalized. Had they not given repeated permissions Sahara would not have faced such a huge problem and injustice, the statement said and asked: “Is Sahara alone supposed to be solely responsible for the sanctity of law and legal system of the country that everybody should be hell bent upon punishing it with retrospective effect?”
On the current Scenario of its case on OFCD issue, Sahara explained that almost 3 years back it had voluntarily declared through a reputed Charted Accountant Firm that the liability, along with interest, of these two companies was Rs. 24,000 crores.
Sahara, which apprehended public violence across the country, began to refund the deposits much before that Supreme Court judgment of August 31, 2012 and some payments dragged up to September 20, 2012. Thus, Sahara’s liability was reduced to just Rs. 2,610 crores. Sahara also declared the Rs. 2500 crores as buffer amount subject to final verification of amounts. These figures were also certified by the same CA firm that declared the original liability of Rs 24,000 crores.
Following the Supreme Court order, Sahara deposited Rs 5120 crores with SEBI but the regulator is yet to pay to the investors. Is this the SEBI way of protecting the interest of small investors?
Sahara pointed out that SEBI accepted the liability figure of Rs. 24,000 crore as suited them and was not ready to accept the updated figure of Rs 2610 crores. Both the figures have been provided by Sahara itself and they are not come out as a result of any investigation by SEBI or any other body. Moreover, SEBI is supposed to refund about Rs 2000 crore to Sahara after refunding Rs 2610 crore to investors.
“It is important to note that there has been not a single complaint against Sahara. Had the payments not been made, there would have been violence and complaints throughout the country,” Sahara said and pointed out that nothing of this sort has happened.
Sahara said that the future of over 11 lakh workers is at stake and all that the company wants is justice.
For details the following link can also be consulted – http://sahara.in/furtherprecedents/
Lucknow: Sahara India Pariwar on Tuesday joined the Indian Badminton League (IBL) as it bought the Lucknow franchise ahead of the inaugural first-of-its-kind event in the sport to be played August 14 to 31.
A major business conglomerate and the prime promoter and patron of sports in India, Sahara’s Lucknow franchisee will be one of the six teams to be competing in the championship.
Speaking on the occasion, Subrata Roy Sahara Managing Worker & Chairman of the company said, “We are proud to associate with this initiative of Badminton Association of India. Indian Badminton League will boost the sports of Badminton and will redraw the attention of people towards it.”
“I am sure that sure that the league will also help in identifying fresh talent and will give a platform of international standard for grooming and competing, eventually bringing laurels to our beloved nation,” he added.
Akhilesh Das, president, Badminton Association of India, said, “I am grateful to ‘Saharasri’ and Sahara India Pariwar, for coming forward in support of Badminton. The Group has always accorded priority to various forms of sports and I hope this will encourage other corporates to come forward in support of the game of Badminton.”
Mumbai, Pune, Hyderabad, Delhi, Bangalore and Lucknow are the six cities that will feature in the first edition of IBL.
Each franchise will host a two-day leg and the USD one million event will have a grand total of 90 matches. The top four franchises will clash in the semifinals and the winners will meet in the grand final on August 31 in Mumbai.
Pune Warriors India have had little to cheer about in a campaign that has seen them win just two of their nine matches so far in the Pepsi Indian Premier League 2013. But Chennai Super Kings are one of the two teams Pune have beaten along the way – in Chennai a fortnight ago – and both teams would remember that detail when they clash at Subrata Roy Sahara Stadium in Pune on Tuesday (April 30).
Pune have been plagued by inconsistency in both the batting and bowling departments. If the bowlers were smashed for 263 by Royal Challengers Bangalore, led by Chris Gayle’s unbeaten 175, on April 23, the batsmen let the team down against Delhi Daredevils in Raipur on Sunday, a game Pune should have won after dominating for a majority of the 165-run chase.
It’s hard to fathom why players perfectly suited for Twenty20 cricket have struggled so much.
Robin Uthappa and Aaron Finch have shown traces of belligerence at the top but it’s the batsmen lower in the order who have crumbled as a unit in crunch situations. Having said that, Steven Smith has been underutilised and could perhaps be given more responsibility and Luke Wright has added a new dimension with his all-round abilities.
But Kane Richardson, who was bought for US$ 700,000 at the last auction, failed to make an impact in his only game against Delhi while Mitchell Marsh hasn’t inspired too much confidence despite a number of opportunities. Perhaps the team management would be better served by bringing back either Ross Taylor or Angelo Mathews in order to maximise the utility of their foreign reserves.
But the man who needs to ignite the spark is Yuvraj Singh. Yuvraj, who has been playing with a dodgy back, is yet to come into his own and with just 135 runs from six innings, the time is ripe for a knock of substance.
The biggest positive for Pune has been the bowling of Bhuvneshwar Kumar and Rahul Sharma, who has used his height to generate extra bounce while his accuracy has made run scoring difficult.
But that would be a challenging task against Chennai, currently in the middle of a bull run that has seen them register five consecutive wins to reach the top of the points table. Michael Hussey has led that dominance, making a mockery of attacks in his typical workmanlike fashion, while Suresh Raina and Mahendra Singh Dhoni haven’t let the team down at all lower down the batting order.
The only real concern in the batting department has been Murali Vijay’s lack of form, but even that was partially solved when Wriddhiman Saha, playing his first game in IPL VI, made 39 in a 103-run opening stand with Hussey against Kolkata Knight Riders.
Dhoni has placed immense faith in Chris Morris, the South African pacer, who has stepped up in the absence of Albie Morkel. Mohit Sharma, the uncapped Uttar Pradesh seamer, has exceeded expectations by bowling his full quota of overs in most games. And Dwayne Bravo’s handy contribution in the middle overs alongside the spin twins – R Ashwin and Ravindra Jadeja – has meant that most bases are covered for Chennai.
Dirk Nannes, who struggled in the previous game after coming back from a hamstring injury, has been the only weak link in the bowling attack.
Often in clashes where teams are placed at two opposite ends of the spectrum, like in this case, the better-placed team has more to lose and that is something Chennai would be wary of. Pune, meanwhile, have no option but to go for broke.
Teams (from):
Pune Warriors India: Aaron Finch (capt), Yuvraj Singh, Steve Smith, Kane Richardson, Luke Wright, Mitchell Marsh, Abhishek Nayar, Ali Murtaza, Anustup Majumdar, Ashok Dinda, Bhuvneshwar Kumar, Dheeraj Jadhav, Eklavya Dwivedi, Harpreet Singh, Ishwar Pandey, Krishnakant Upadhyay, Mahesh Rawat, Manish Pandey, Mithun Manhas, Parveez Rasool, Rahul Sharma, Raiphi Gomez, Robin Uthappa (wk), Shrikant Wagh, T Suman, Udit Birla.
Chennai Super Kings: Mahendra Singh Dhoni (capt, wk), Murali Vijay, Michael Hussey, Suresh Raina, Subramaniam Badrinath, Ravindra Jadeja, Dwayne Bravo, Ravichandran Ashwin, Jason Holder, Chris Morris, Mohit Sharma, Albie Morkel, Dirk Nannes, Ankit Rajpoot, Shadab Jakati, Anirudha Srikkanth, Baba Aparajith, Imtiaz Ahmed, R Karthikeyan, Ronit More, Vijay Shankar, Wriddhiman Saha (wk), Ben Hilfenhaus, Ben Laughlin.
New Delhi, Apr 11 (PTI) Facing a possible auction of his personal and company assets by Sebi, a defiant Sahara chief Subrata Roy says he feels victimised by a chain-reaction of events over the years that began with a political vendetta in 2005, followed by regulatory clampdowns by RBI and Sebi. “It started as a political vendetta against us in 2005, and thereafter it became a chain reaction. First RBI took actions against us in 2008 and thereafter Sebi clamped down on our businesses,” said head of diversified conglomerate Sahara group that has presence in entertainment, real estate, financial services and hospitality businesses, among others.
Speaking to PTI over telephone, Roy said that the other businesses of Sahara group were getting affected because of Sebi’s actions, but he was ready for a “fight to finish” and confident of the matters being resolved in due course. Roy was summoned by the market regulator Sebi yesterday to ascertain details of his personal and two company assets that could be sold to generate over Rs 24,000-crore worth funds required to be returned to the investors. Sebi has charged Sahara India Real Estate Corp Ltd (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) of “various illegalities” in raising these funds. The Supreme Court has asked Saharas to return this money to over three crore bondholders, while Sebi has been asked to facilitate the refund after verifying genuineness of the investors. A combative Roy claimed that his group has been target of personal vendetta by “certain” officials from RBI and Sebi. Sahara chief further said that 60 per cent of his time has been wasted in fighting Sebi in last two years, which could have been otherwise utilised for “some constructive work”. “We have suffered a lot because of this,” he said. Asked whether he felt victimised, Roy said: “Definitely, we are. We have been the target of Sebi for no reasons.” He, however, ruled out any political conspiracy at play in the current scenario and said that the politics was at play in problems created for his group way back in 2005. “Today, the issues being raised against us do not appear to be linked to the original political matters of 2005,” he said, but refused to specify what those issues were, saying it was an old matter and should not be raised at this time. Roy has often been described as being close to various political leaders, especially those from Uttar Pradesh. He also denied the allegations of his group companies being used to launder the funds of rich politicians and others and dared the “entire system” to prove even one case of fictitious investor accounts or money laundering.
After appearing before Sebi last afternoon, Roy told the waiting reporters that his personal assets were worth only about Rs three crore and he had no immovable properties. Roy, who generally keeps away from direct media glare and has been lately communicating his and group’s views through full-page newspaper advertisements, surprisingly talked at length to the mediapersons, who had gathered in large numbers outside the Sebi headquarters in Mumbai.
Striking a defiant pose, Roy accused Sebi of delaying the refund by not distributing the money deposited with it. Sahara group claims that it has returned bulk of the investors directly and its total outstanding liability was much less than Rs 5,120 crore it has already deposited with Sebi, but these claims have been questioned by the regulator. “My point is that we only gave the figure of Rs 24,700 crore for the funds raised by Sahara companies and we gave these figures on our own. “If they believed us on that figure, why are they not believing us when we say that we have repaid most of the investors and the total outstanding is much less than Rs 5,120 crore deposited with Sebi for the refund,” he said. “If we are proven wrong, we should be hanged, but the same should apply to others as well. If others are found to be wrong in this matter, they should also be hanged,” he said. When asked whether he expected regulatory actions against Sahara group’s retail venture Q-Shop as well, Roy said: “Not at all, Q-Shop is a purely non-financial business and it should not face any problems.” Admitting that other businesses were getting affected due to tussle with Sebi, Roy said: “We will fight it till we take it to the logical conclusion and I would not give up. “People tell me that why I’m fighting always, but I have no other option. I will fight till my last breath. We have grown this business like a family. There are 10 lakh people and they are my family.” Clamping down on Sahara’s residual non-banking operations in 2008, RBI had asked it to stop collecting deposits under this business and return the money already garnered. This was followed by Sebi’s actions in 2010 against money raised by two Sahara firms through bonds known as OFCDs (Optionally Fully Convertible Debentures).
After the Sahara firms failed to deposit the entire amountof over Rs 24,000 crore collected through OFCDs, Sebi has gone ahead with attachment orders of bank accounts and assets. “As per the law, Sebi can not sell any assets. They do not have the powers. The court relates to attachment of assets of only two companies, and that too through a proper judiciary mechanism, and not the assets of mine and others,” he said. Asked about the allegations of money laundering, fictitious investors and handling the money of politicians, Roy said: “People say these things, but I challenge the entire system to look into the matter and prove even one single fictitious account or any single paisa of money laundering.
“Roy maintained that he was hopeful that the matters would be “resolved for good”. “I am a strong believer in truth and truth can be troubled and suppressed, but it can not be defeated,” he added.
Kings XI Punjab recorded their first win in the sixth edition of the Indian Premier League (IPL) with a comfortable eight-wicket win over Pune Warriors India at the Subrata Roy Sahara Stadium here Sunday.Kings XI Punjab recorded their first win in the sixth edition of the Indian Premier League (IPL) with a comfortable eight-wicket win over Pune Warriors India at the Subrata Roy Sahara Stadium here Sunday.
Excellent bowling juxtaposed with superlative fielding helped Punjab restrict the Warriors to a meagre 99 for nine.
In reply, two local youngsters from Punjab, Mandeep Singh (31) and Manan Vohra (43 not out) finished the game in no time with some clean hitting.
They took the game to their opponents finding the boundary regularly. Pune didn’t do their chances any good by dropping two catches and some lacklustre bowling.
Punjab scored 100 for two in 12.2 overs, ending the match with 46 balls to spare. Adam Gilchrist (15) and Mandeep Singh were the only wickets to fall for the hosts while David Hussey was unbeaten on eight.
Earlier, Pune, electing to bat, suffered a setback in the very first over of the match. Manish Pandey (0) edged a Praveen Kumar (2/31) ball back onto his stump, setting the trend for the rest of the innings.
Buoyed by the wicket, Punjab bowlers hit the right line and length and made it very difficult for Pune to score.
Tirulamasetti Suman (6) was the next to go with former Pakistan all-rounder Azhar Mahmood (2/19) coaxing him into an expansive shot and was easily caught by Praveen Kumar.
A run out gave Punjab their third wicket while Robin Uthappa (19), who failed to get going, was castled by a low-keeping ball from leggie Piyush Chawla (1/19).
Things went from bad to worse for the hosts as skipper Angelo Mathews (4) edged an Parvinder Awana (1/16) ball straight into the gloves of his opposite number Adam Gilchrist.
With the opposition already tottering at 53 for five, Gurkeerat Singh took an exceptional one-handed catch on the square leg boundary to get rid of the dangerous Ross Taylor (15).
Mitchell Marsh (15) provided some fireworks for the home fans by hitting a boundary and the only six of the innings but he too fell soon enough clean bowled by his countryman from Australia Ryan Harris.
Abhishek Nayar (25 not out) battled on but with wickets falling all around him never got the opportunity to hit the big shots.
Pune have so far lost both their matches in this edition and are bottom of the table with zero points. Delhi Daredevils too lost their opening two matches but are seventh above Pune and Chennai Super Kings, who lost their first match to Mumbai Indians Saturday night, due to better run-rate.
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