The recovery proceedings are against five entities: Sahara India Real Estate Corp (now known as Sahara Commodity Services Corp), Roy, Ashok Roy Choudhary, Ravi Shanker Dubey and Vandana Bharrgava.
Sebi asked all banks, depositories and mutual funds not to allow any debit from their accounts. However, credits have been permitted. Further, the regulator has directed banks to attach all accounts, including lockers, of the defaulters. The regulator had, in its order in June, levied a fine totalling Rs 6 crore on the five entities.
The case relates to the issuance of OFCDs by Sahara India Real Estate Corp and Sahara Housing Investment Corp during 2008-09.