As funny as it may appear but the Sahara Sebi issue strangely reminds me of
Shakespeare’s “Merchant of Venice”. For those who did not comprehend the
context, I’ll draw the parallel for you. SEBI disguised as the vindictive,
devious Shylock, drags Antonio (in this case Sahara) to reinforce his absurd
claim to Antonio’s 1 pound of flesh (interestingly the pound of flesh here
refers to the approximately 20,000 crores). As readers, we all knew that
Shylock was nothing short of killing Antonio in the court of law. A
befitting analogy to the Sahara Sebi dispute.

As preposterous as the title may sound, the witch hunt against the Sahara
supremo, Subrata Roy Sahara, is inches away of being an ill intentioned
corporate honour killing in progress by the highest authorities perched in
position of power and clout in India. A vicious attempt to execute an entire
corporate just to see it go on its knees bleeding, only to entertain the
prejudicial whims of a few.

Before this takes any form of further elaboration, an immediate look at the
economic quicksand we as an economy are in may add some perspective to what
you all will feed your minds with further down this piece. On one hand,
unemployment, fiscal deficits, an all time low in entrepreneurship and
inflation are some of the fiends we hope to fight off in the ongoing
elections. The gap between the haves and the have nots only deepens. On the
other hand, we have a senseless, irrational litigation running in the courts
against Sahara at the behest of SEBI, which until now has served absolutely
no purpose, lacks any grain of logic or fiscal sensibility and appears to be
making a mockery of our judicial system.

The Supreme Court epitomizes the judicial soul of the country.  An extremely
powerful entity that has the privilege and the clout of imparting judicial
discourse and lending sensibility in much senseless times we live in. What
does not make sense is when these minds of logic and intellect facilitate in
pronouncing judgement and infer, rather impose, guilt upon Sahara without
any grain of proof and assist an absurd claim of a regulator to a pound of
flesh that a) only reveals the regulator’s prejudicial & draconian approach
towards fiscal regulation in a free democratic country and b) severely
impairs the business sensibilities and economics of growth and development.

Subrata Roy, perhaps is the only corporate leader who comes from the region
of UP, Bihar, Rajasthan or MP. He can be attributed to have brought UP onto
the map of corporate leadership apart from its pre-existing electoral might
that UP is already known for. He has infact spawned employment for thousands
of people, catalyzed entrepreneurs, contributed massively to state revenues
and GDP and heavily fuelled CSR initiatives not just at a state but at a
national level too. He has gifted the poor with economic empowerment and
generated a fiscal device of investment and savings for these have nots.

SEBI’s claims about Sahara’s business practices hold no metal & more
dangerously are premised on an assumption. Having failed to verify the
thousands of documents and the veracity of the Sahara investors, SEBI has
assumed to put the blame of its malfunction on an assumption that these
investors are “fictitious”. This coming from the national regulator is an
extremely hazardous premise. How can a regulator be so negligent and
irrational in hurling such grave allegations when they themselves have not
fulfilled the obligations of due diligence that is pending at their end.
Having failed to do so, they have not only declared a war against a
corporate whose business, in the absence of any proof, stands absolutely
legitimate but have also cloaked their incompetency by pronouncing Sahara
guilty. Again, no proof of that too!

Assumptions are dangerous toys in the hands of a mindless child here. It is
the knife with which SEBI intends of extract its pound of flesh. For moment
here, let’s walk into the dangerous premise of that assumption and assume
that SEBI is granted its wish. It takes its pound of flesh of Sahara. Sahara
compromises and pays the disputed amount to SEBI. Now, having done that what
I would really like to know is how does SEBI plans to distribute this money
amongst the investors, who it in the first place, according to SEBI, were
fictitious? More so, if even we assume that by some work of miracle they do
locate these investors, shoves the money down their throats which, to begin
with, these depositors intended to keep invested, where do these depositors
take this money? This question is important because these investors are
daily rickshaw pullers, small roadside vendors and daily wage earners who
probably do not hold a 7 vault safe in their houses. If they have permanent
houses in the first place is also dubious. They are not account holders and
definitely lurking around the poverty line. Has SEBI worked on an alternate
investment plan for these investors if they wish to continue investing their
money? How does SEBI plans to ensure the financial health, whatever little
they may have? For future where do these small depositors go for their
savings because the only avenue they had as Sahara is already standing with
more than its pound of flesh missing and hemorrhaging to death?

A regulator and especially the courts cannot drop the burden of substantial
proof, moral & social obligations of their assessments and most certainly
cannot entertain prejudicial whims and eccentricities. Their roles have been
carved and evolved in a democratic society only to protect, serve and
nurture. Witch hunts and executions have no room where “Where words come out
from the depth of truth, Where tireless striving stretches its arms towards
perfection, Where the clear stream of reason has not lost its way, Into the

dreary desert sand of dead habit...”. Sent on my BlackBerry® from Vodafone


Many politician and industrialist who have cheated the country and its public sector banks and freely traveling around teh country and glob . Some them have not paid salaries of their poor employees for months together are free . Why Sahara Shree ji is subjected to this kind of humiliation . i have seen run on banks when some bad news comes in the media . look at the investor confidence in Sahara . it is hard of crore Sahrians and the leadership of Sahara Shree ji that has build the trust and confidence in the company . I fail to understand why SEBI can not see this
May God help Sahara Shree ji in these trying times. we have full faith in our judiciary .

SEBI so far has been able to repay less than one crore rupees to OFCD investors even though Sahara had deposited 5,120 crore rupees almost "18 months ago". Now, SC cannot hold in Mr. Roy in jail as yet he isn't proved guilty.