Registrar of companies seeks Sahara real estate's response

Last Updated: Mon, Dec 24, 2012 15:10 hrs

Lucknow, Dec 24 (IANS) The registrar of companies based in Uttar Pradesh's Kanpur city has sought a response from Sahara India Real Estate Corp over complaints of financial lapses filed by Indian Police Service officer Amitabh Thakur, an activist said Monday.

The complaints, filed by Thakur and other activists from Lucknow, alleged that on record Sahara Q Shop claimed to be a consumer product network but it was actually acting as an investment scheme.

The registrar wrote to the company Dec 21 and asked if any approval had been obtained under the Companies Act regarding conversion of Sahara Real Estate bonds into a Sahara Q Shop scheme, an activist said.

It also asked whether the terms and conditions of bonds issued by Sahara Real Estate provided for purchase of goods from Sahara Q Shop instead of refund of invested amount, he said.

Other complainants included activist Nutan Thakur and unemployed youth Ashish Verma.

The complainants alleged that Sahara Real Estate had been collecting money through the so-called consumer products network called the Sahara Q Shop.

More from Sify: