....This brings down the curtains on the two illegal companies that raised huge amounts of public deposits without regulatory nod. Sahara was once pulled up in 2008 when the Reserve Bank of India (RBI) ordered it to wind up Sahara India Financial Corporation (SIFC), another company from the Sahara stable. The group subsequently claimed that the RBI killed their financial inclusion-based residual non-banking finance company (RNBFC) activities and gave them seven years to repay depositors, which, according to Sahara, was cleared in four. Interestingly, in June 2011, Sebi ordered its two other companies — SIREC and SHIC — to repay the money raised from fraudulently issued optionally fully convertible debentures. ............
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