SAHARA- INFORMATION SUBMISSION- SUPREMECOURT

3 SEP, 2012, 07.15AM IST, ET BUREAU 

Sahara investors: Supreme Court not convinced by name and addresses given by company

MUMBAI: Who is Kalawati? Does she exist? What's her real address? These are questions that India's highest court has pondered over to stoke an old suspicion that millions have harboured about Sahara.
''Kalawati' is a name that figures in the long list of investors who subscribed to convertible debenturesissued by the Sahara companies that are under scanner.
She is a 'resident' of Uchahara, SK Nagar, UP, and the agent who brought in the investment of Rs 1,600 is Haridwar of Bani Road, Sant Kabir Nagar. The innocuous information appears on the first page of the voluminous compilation of Sahara's investor details that was presented to the Supreme Court.
But the court was not convinced to go beyond page 1.
Instead, the court, while directing two Sahara companies to refund thousands of crores, has made some obvious observations: it's unclear whether Kalawati is a member of the Sahara group or its associates, or related to Sahara employees; her parentage and husband's name is not disclosed; and the address is of general description with no street name or door number. Also, as a name, 'Hardiwar' is incomprehensible: in India, cites do not constitute the basis of individual names, said the court.
It's a suspicion that Sahara has to counter if it has to survive. This could well be the reason that drove the group to come out with full page advertisements over the weekend. Mentioned in capital letters, the ad claims that "there is not a single benami money and this statement is Sahara's challenge to all authorities of our country". Two Sahara companies have been asked to pay back Rs 17,400 crore along with 15% interest, failing which the capital market regulator Sebi can initiate legal proceedings to seize Sahara's assets and freeze bank accounts to recover funds.
"One would not like to make any unrealistic remark, but there is no other option but to record, that the impression emerging from the analysis of the single entity extracted above is that the same seems totally unrealistic and may well be fictitious, concocted and made up," said the court. It felt that many transactions are not expected to be casual, certainly not in the manner expressed by the two companies.
Interestingly, Sahara India Real Estate Corp, which raised bulk of the funds, had cash and bank balances of Rs 6.7 lakh and net current assets of Rs 6.54 lakh as on 31 December 2007. Together with Sahara Housing Investment Corp - the company that has been asked to refund investors - have raised as much as Rs 40,000 crore so far through issuance of optionally fully convertible debentures. Till August 2011, the two entities had collected 24,029 crore (net of premature redemptions) from 2.9 crore investors. Now, Sebi has the humongous task of ascertaining the genuineness of the investors as well as the amount deposited by them.

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17500000 15000000 20000000 20000000 20000000 103000000  2313    44530.91        1855.45

4748 4870 205338.809 8555.78371 6160164.27

SUGAR-ONLY SUGAR TO HOLD

Company :DHARANI SUGARS & CHEMICALS LTD. 507442

Period: Year 2004 to Year 2012

All Prices in

Year Open High Low Close No. of  Shares No. of  Trades Total Turnover * Spread H-L C-O 2004 7.21 21.63 4.22 20.29 17,58,010 9,137 2,34,94,051 17.41 13.08 2005 20.65 52.95 18.10 44.40 35,08,127 18,114 12,14,74,121 34.85 23.75 2006 44.90 69.40 26.80 32.65 58,95,044 34,580 29,91,41,439 42.60 -12.25 2007 32.80 39.95 14.30 33.25 29,93,824 16,571 7,08,24,312 25.65 0.45 2008 34.80 36.60 10.28 14.80 13,72,092 8,065 3,33,43,639 26.32 -20.00 2009 15.50 129.00 13.21 98.15 29,52,045 16,192 20,46,41,928 115.79 82.65 2010 99.15 125.90 38.60 47.05 30,09,265 24,521 18,78,02,427 87.30 -52.10 2011 47.65 49.00 18.10 20.30 9,44,654 8,856 3,12,56,449 30.90 -27.35 2012 21.70 45.00 19.50 41.20 5,11,210 10,931 1,60,17,310 25.50 19.50 * Spread  H-L : High-Low  C-O : Close-Open Results SHP CA News Bulk More (in %) Jun-12 Mar-12 Dec-11 Promoter 52.35 52.35 52.35 FII -- -- -- DII 0.06 0.06 0.06 Others 47.59 47.59 47.59 Total 100.00 100.00 100.00

Company :Dalmia Bharat Sugar and Industries Ltd 500097

Period: Year 2004 to Year 2012

All Prices in

Year Open High Low Close No. of  Shares No. of  Trades Total Turnover * Spread H-L C-O 2004 310.00 400.00 247.30 380.20 9,64,919 19,842 30,85,30,131 152.70 70.20 2005 354.00 819.95 137.00 193.65 25,07,238 36,371 76,45,73,500 682.95 -160.35 2006 190.00 460.00 190.00 414.05 1,80,88,604 1,83,749 5,74,05,51,066 270.00 224.05 2007 415.00 620.00 296.20 536.55 32,94,091 34,377 1,39,21,33,711 323.80 121.55 2008 547.90 575.00 67.20 76.05 29,61,364 17,925 71,26,11,740 507.80 -471.85 2009 78.00 219.85 71.65 164.70 1,11,17,385 1,30,801 1,73,75,67,983 148.20 86.70 2010 166.00 279.00 35.00 38.00 1,18,93,546 1,68,194 2,44,01,60,572 244.00 -128.00 2011 38.90 38.90 12.60 13.02 72,78,351 16,272 14,37,61,775 26.30 -25.88 2012 12.50 21.85 11.55 20.41 83,91,406 37,955 11,85,95,560 10.30 7.91 * Spread  H-L : High-Low  C-O : Close-Open Results SHP CA News Bulk More (in %) Jun-12 Mar-12 Dec-11 Promoter 60.30 58.20 58.20 FII 1.31 1.35 1.36 DII 3.61 3.61 3.62 Others 34.78 36.84 36.82 Total 100.00 100.00 100.00

Company :UGAR SUGAR WORKS LTD.-$ 530363

Period: Year 2004 to Year 2012

All Prices in

Year Open High Low Close No. of  Shares No. of  Trades Total Turnover * Spread H-L C-O 2004 58.00 189.90 44.25 180.55 14,73,419 18,143 15,22,07,535 145.65 122.55 2005 180.00 338.50 15.80 29.80 2,44,99,961 60,095 83,53,42,565 322.70 -150.20 2006 30.80 51.45 15.50 16.45 4,95,86,292 1,34,083 1,79,31,74,687 35.95 -14.35 2007 16.00 23.52 9.49 21.52 2,35,06,779 78,066 36,51,04,421 14.03 5.52 2008 22.50 27.65 7.02 12.33 1,31,88,459 37,385 23,98,37,132 20.63 -10.17 2009 12.98 33.35 11.44 21.15 3,75,81,365 1,09,617 91,04,51,868 21.91 8.17 2010 21.75 27.85 13.00 20.55 2,12,87,173 64,851 40,40,35,891 14.85 -1.20 2011 21.80 22.50 9.50 10.24 62,85,012 24,201 9,71,51,644 13.00 -11.56 2012 9.85 17.45 9.70 15.40 29,44,755 14,765 4,16,51,586 7.75 5.55 * Spread  H-L : High-Low  C-O : Close-Open Results SHP CA News Bulk More (in %) Jun-12 Mar-12 Dec-11 Promoter 46.65 46.64 46.65 FII -- -- -- DII 0.05 0.05 0.05 Others 53.30 53.31 53.30 Total 100.00 100.00 100.00