IPS officer Amitabh Thakur and social activist Nutan Thakur filed a Writ Petition in Allahabad High Court, lucknow Bench seeking an enquiry into the issuance of Sahara Q shop bonds/advances.
As per Amitabh and Nutan, they bought two Sahara Q shop advances where they were told by Sahara Q shop staff that after 6 years, they would get Rs. 2335 in return of Rs1000 deposited by them. A Scheme Chart was provided which said that Rs 1000 would have a redemption value of Rs 2354 after 6 years. But the General Terms and conditions say that this plan is merely an advance for buying goods.
Finding this inconsistency and coming to know of the Supreme Court Judgement in Sahara India Real Estate Company vs SEBI, the petitioners claimed to have sent representations to SEBI, Ministry of Corporate Affairs and Ministry of Consumer Affairs to enquire into the collection of money through Sahara Q shop scheme, in the interest of investors but nothing has been done so far, forcing them to file this Petition.