It's curtains for Sahara's ambitious Rs 3000-cr IPO
April 22, 2013  18:41
image
Over three-and-a-half years after receiving draft papers for the proposed IPO of Sahara Prime City Ltd, Sebi has formally closed this file as the company failed to submit clarifications sought by the market regulator.


Sebi closed the file on the Rs 3,450-crore IPO proposal last week without any go-ahead for public issue, after various clarifications sought from merchant bankers for the share sale remained pending for months together. Sebi had received the draft prospectus for the Initial Public Offer (IPO) on September 30, 2009 through merchant banker, Enam Securities Private Limited.


In its weekly update on status of IPO proposals, SEBI today said "The file (has been) closed" on Sahara Prime City offer. Till last week's status update, Sebi was "awaiting clarifications".


It was after the receipt of the Draft Red Herring Prospectus (DRHP) for Sahara Prime City's IPO that Sebi started receiving numerous complaints against Sahara group and the subsequent investigations led to the high-profile order from the regulator against two Sahara firms.
« Back to LIVE

TOP STORIES