The Lucknow bench of the Allahabad High Court (HC) on Monday issued notice to the Securities and Exchange Board of India (SEBI) and Sahara Q Shop Limited, over a scheme launched some years ago.
The bench of Justice Devi Prasad Singh and Justice Ashok Pal Singh also directed counsel of the union and state government to seek instructions and apprise the court about what has so far been done in this matter.
Petitioners Amitabh and Nutan Thakur said they bought two Sahara Q Shop advances, and were told by Sahara Q staff that after six years, they would get Rs 2,335 in return for the Rs 1,000 deposited by them.
Lucknow bench of Allahabad HC issues notice to SEBI, Sahara Q Shop
A scheme chart provided at the time of the purchase said Rs.1,000 would have a redemption value of Rs 2,354 after six years.
But the "General Terms and Conditions", the petitioners told the court, say this plan is merely an advance for buying goods.
Finding this inconsistency and coming to know of the Supreme Court judgment in Sahara India Real Estate Company vs SEBI, the petitioners had sent representations to SEBI, the ministry of corporate affairs and the ministry of consumer affairs to inquire into the collection of money through Sahara Q Shop scheme, in the interest of investors.
Having received no response so far, the petitioner said they were forced to approach the high court.
The next hearing of the matter will be on Oct 8, 2013.