RBI,
in 2008 had issued an order banning NBFC (Non-Banking Financial Company)
business of one of Sahara's company - Sahara India Financial Corporation
Ltd.(SIFCL), against which Sahara approached the Courts and Hon'ble Allahabad High
Court as well as subsequently, even the Hon'ble Supreme Court of India, while
providing relief to Sahara, had quashed the RBI's ban order and asked RBI to
hear SIFCL afresh. In pursuance of this, SIFCL and RBI, in a series of meetings
in a mutually accepted manner decided a sun-set period for the NBFC business of
SIFCL whereby from 2011 SIFCL was to stop taking fresh deposits and return the
erstwhile deposits and eventually, in 2015 close the NBFC. It is in pursuance
of this mutually decided upon arrangement and as per the wish of Sahara that
the RBI has cancelled...
