Notice has been issued to SEBI and Sahara Q Shop limited in connection with the writ petition filed by IPS officer Amitabh Thakur and social activist Nutan Thakur. The couple prayed for enquiry into the issuance of Sahara Q shop bonds/advances.
According to Amitabh Thakur, two judges bench of the Allahabad High Court, lucknow Bench, comprising of Justice Devi Prasad Singh and Justice Ashok Pal Singh directed the counsel of the Union and State government to seek instructions and apprise the Court about what has so far been done in this matter. He claimed that Court fixed next hearing for 08 October 2013.
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 Rs. 1000 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 had 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.