Published on March 4, 2014
EquiCorp Associates Advocates & Solicitors In Sahara Desert- Distress Hours www.equicorplegal.com
In Sahara Desert- Distress Hours Once upon a time, Sahara’s Subrarta Roy- a friend to all who came calling-whether a matinee idol in his 80s or a sports star in her teens, self bestowed title- “Sahara Shri”the sponsor of the Indian cricket team and a group headed by a colourful, flamboyant CEO hobnobbing with Bollywood stars and cowbelt politicians could boast of having friends in high places. Today in this distress hours, there seems to be few people who he can turn to in his hour of distress. www.equicorplegal.com
For the sleepy Lucknow of the 1990s whose favourite past-time seemed to be reminiscing the city’s long gone glory days, Subrata Roy Sahara brought a cash of heavy bling and some more. Sahara has stayed afloat for more than 35 years despite repeated regulatory onslaughts. The first setback was in the late '90s when RBI slashed the discretionary investment powers of its finance firm. The next blow came in 2006 when its depository services firm had to be shut down. The big jolt came in 2008 when RBI left the finance company, the group's money-spinner, with no choice but to wind down. But, soon Sahara advertised a mega township venture spanning across cities. The absence of a regulator and spiralling property prices had driven the foray into real estate. The high-profile saga -- which saw the arrest of flamboyant Sahara group chief Subrata Roy, who calls himself "Managing Worker" of his business empire -- has seen many dramatic events along the way including many emotional pitches by Sahara group, which claims to have a networth of over INR 68,000 crore and assets worth over INR 1.5 lakh crore. www.equicorplegal.com
SEBI VS SAHARA The Sebi-Sahara case itself comprises staggering numbers like collection of over Rs 24,000 crore from three crore individuals. The case also has brought to headlines numerous financial jargons like OFCDs, DRHP and RHP, as also numerous innocuous sounding names like Kalawati, Hardwar and the famous 'Roshan Lal'. www.equicorplegal.com
Wayout Is there any way-out to regulate their micro finance business/raising public deposits in real estate?? Though there are not many legal options available, however, Sahara could have registered their public raising schemes in real estate under Collective Investment Scheme with SEBI. Perhaps, what many in Sahara did not realise was that circumstances were turning against them. Also, there were cardinal mistakes by a group that often operated in the regulatory twilight zone. A shadowy empire giving up closely monitored financial services to slowly venture into real estate would not have necessarily drawn the attention of unfriendly politicians and a no-nonsense SEBI. Though it's a pity that more than a million would lose their jobs if Sahara shrinks www.equicorplegal.com
In the recent past, SEBI has discovered several entities such as Sahara, Rose Valley etc. been deployed to raise capital from investors without following the prescribed regulatory framework. To safeguard the interest of hapless investors and curb the proliferation of unregulated schemes being operated, SEBI has brought under the scope of the CIS Regulations all such schemes launched by any operator in any field as long as they fell within the four corners of the definition of a CIS. Recent amendments to the SEBI Act provide more powers to SEBI for enforcement against unregistered pooling vehicles. Under the amendments SEBI has been granted powers to regulate any scheme or arrangement, if such scheme is not registered with SEBI, and involves a corpus of INR 100 Crore (INR 1 billion) or more. This power can be viewed as an attempt to limit any challenges from parties contending that a particular fund raising activity is not covered under the purview of CIS Regulations merely because it is not specifically covered under Section 11AA of the SEBI Act. Further, SEBI has now been granted the authority to carry out search and seizure operations and attach assets in case of non-compliance. If you are interested in further details and inclined to know the procedure of CIS registration, click on the link below or contact us: http://www.equicorplegal.com/Pdfs/ECA-%20Collective%20Investment%20Scheme.pdf www.equicorplegal.com
Consult the Experts-ECA Complete assistance for making the necessary filings, applications etc. for obtaining SEBI’s approval to operate as CIMC and to launch CIS. Informal discussion with contact personnel within SEBI so as to perfect the application before the same is submitted. Follow up support at various points in time during and after the pendency of the application so as to ensure that any additional documents/records requested by SEBI is submitted in a systematic and timely manner. Updating Company on a regular basis as to the status of the pending application. www.equicorplegal.com
About Us Equi Corp Associates (ECA) is a mission driven, start-up law practice based in New Delhi, India and founded in 2012 for providing affordable access to legal counsel benefitting start-ups, small and growing businesses, social business enterprises, impact investors and non-profit organizations. Our boutique service offerings are primarily at the intersection of start-up, sustainable development, social enterprise and investment sectors, designed to help clients wade through laws that were not originally designed with them in mind. The basic idea behind starting ECA was to be a part of India’s growth by reaching out to novel start-ups and established businesses, and helps them adapt best global practices/technologies in local conditions and in advising them about legal aspects involved in modern markets in order to keep our clients in pace with the dynamic competitive environment. ECA is instrumental in advising various social enterprises and start ups in setting up their business in India. ECA not only having some of the best legal minds, but the best business minds too: lawyers are intimately familiar with the business environment, and know the emerging risks and opportunities of their industries and practice groups. www.equicorplegal.com
ECA’s Network Presence Dehradun Delhi/NCR Jaipur Allahabad Guwahati Kolkata Mumbai Hyderabad ECA Bangalore Chennai Our Associated Office www.equicorplegal.com
WHY Equi Corp Associates?? • • • • • ECA is a multispecialty law firm, with its founding partners having a vast experience for providing legal services to a variety of domestic & international clients, corporations, financial entities & government agencies. Our respected clients - from individuals to small businesses to Fortune 500 companies -- turn to us for trusted legal counsel. ECA is equipped with required professional setup of Qualified, Experienced and Knowledgeable members. We advise and assist NRI’s/PIO’s, Foreign Investors and Indian entrepreneurs with legal services that enables them to compete with best in world in the modern economy characterised by technology based, venture capital funded, futuristic businesses governed by complex and ever evolving legal and statutory framework. ECA is also effective in providing match making partner/locating strategic alliance, follow up and representation with Government of India or any other incidental work related to investment or legal guidance in India. www.equicorplegal.com
Our Commitment Value One stop legal boutique where assignments carried out at a fraction of the cost of clients staff Reduce client staff management time and overhead costs, and increase clients profitability Enable clients staff to concentrate on more interesting and value-added work Service Robust management and procedures to ensure delivery on time and on budget Dedicated one-to-one communication with client, to ensure every project is right first time Full service delivery is achieved by synergies of subject matter expertise of our in-house Lawyers, Chartered Accountants, Company Secretaries and Tax Consultants Quality Two-level file review and signoff by expert Lawyers, even for the smallest assignment www.equicorplegal.com
Our Core Strengths Dedicated team of legal professionals with strong deal exposure and knowledge of regulations of various sectors. Proactive and structured approach Well defined processes Well defined Project methodology tailored to suit the needs of clients for service delivery Talented team with experience of working with some of the largest companies in India exposure to leading cross border transactions in India Experience & proven capabilities to handle Diversified Multi-national Clients i.e. Information Technology, Energy, Manufacturing, Consultancy, Oil & Gas Sector, Retail Trading, Hospitality, Restaurant and related sectors. Competitive advantage of costing by virtue of expertise and experienced resources. www.equicorplegal.com
The Verticals • Corporate & Commercial • Banking & Finance • Real Estate • Infrastructure & Project Finance • Employment & Labour • Media, Sports & Entertainment • Litigation & Arbitration • Tax & Consulting • Intellectual Property The Firm specializes in verticals such as IT, ITES, Bio-tech, Power, Water, Retail Trade, Education, Mining, Aviation, Tourism, Insurance, Telecom, Media & Entertainment
Corporate & Commercial Services Foreign Investment in India / Abroad Drafting and vetting of Joint Venture Agreements, Corporate Agreements, Management Agreement, Cross border transaction agreements etc., Compliance Audit, Due Diligence & Transaction Advisory; Formation & structuring of business entities; Mergers & Acquisitions & Private Equity; Competition & Fair Trade Practice; Corporate Governance & Restructure; Venture Fund, Mutual Fund, RE Trust Funds. www.equicorplegal.com
Real Estate Services Title Search & Property transactions Joint ventures in Real Estate Build to suit campuses Development of Technology Parks, Integrated Townships, Warehouse & Logistics Parks, SEZ, Hotels, Multiplexes Entertainment Centres, Slum Developments, Rehabilitation Projects etc. Sale deeds Lease, Leave and License Agreements Gift deeds Mortgage & Finance Agreements www.equicorplegal.com
Infrastructure & Project Finance Services Transaction Advisory: Energy, Oil and Gas, Highway, Road, Airport, Ports, Water & Sanitation and Telecommunications Drafting, negotiations and review of financing & security documents Tender Documents, Bidding process, PPP, Concession Contracts, PPA, EPC Contracts Government Approvals & Liaisoning with statutory authorities Structuring, negotiation & documentations of projects www.equicorplegal.com
Employment & Labour Services Appointment/Offer letters, Termination practices Employee Stock Option Plan Employee Handbook Labour Compliance Service Bonds Standing Orders & Service Rules Migration & Emigration of Employees Country specific employment relation Grievance Settlement Procedures www.equicorplegal.com
Media, Sports & Entertainment Services Television & News Channel; Media & Production Houses; Endorsements, Distribution, Event Sponsorship, Venue, Marketing Rights, Merchandise Agreements; FM Radio Channels; Publishing House; Studios; Sports Club www.equicorplegal.com
Litigation & Arbitration Services Commercial Litigation Recovery/Enforcement Civil Litigation Medical Negligence IP Litigation Arbitration White Collar Crimes Economic Offences Bankruptcy/Insolvency Criminal Litigation www.equicorplegal.com
Tax & Consulting Services Company Secretarial Services: - Incorporation of companies/branches/liaison office/representative office - Maintenance of Secretarial Record and recurring secretarial services - Registration with Statutory Authorities including Income Tax,RBI,EoU, STPI, Custom Bonding, Central Excise etc. Accounting & Payroll Services Tax and Regulatory Services Advising on Customs & Excise matters Immigration Services www.equicorplegal.com
Intellectual Property Services IP Portfolio Management IP Auditing IP Strategic Alliances Collaboration Licensing Technology Transfer Agreements Search, drafting, filing and prosecution in : Patents Trademarks Copyrights Industrial Designs www.equicorplegal.com
For further information Contact : Aashish Srivastava Partner Equi Corp Associates Advocates & Solicitors W-86, Classic House, GK-II, New Delhi T: +91 11 40573261 Mobile : +919958709189 E-mail :email@example.com W:www.equicorplegal.com
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