Sai Prasad Corporation
 | This article needs additional citations for verification. (July 2013) |
| Company type | Public |
|---|---|
| Industry | Real estate development, Construction, Food, Energy, Media |
| Headquarters | |
Key people | Balasaheb Bhapkar (Chairman) Shashank Bhapkar (MD) |
| Website | www |
Sai Prasad Corporation Ltd . (SPCL), is an Indian real estate developer headquartered in Pune.[1] It is engaged in the business of construction, energy, food, media, townships, housing projects, commercial premises and other related activities. The company is also engaged in processed foods, agro-products and farms, finance, media, infrastructure, energy and property projects. It is primarily focused on residential and contractual projects.
Sai Prasad Group has 180 branches in 150 cities and over 2000 employees. In 2013, SPCL MD, Shashank Bhapkar was presented with the Young Entrepreneur of the Year Award, by the Indo-British Business Forum, in London. Ram Oberoie the Marketing expert of the company was also presented the same award as being part of Sai Prasad.[2]
Investigations[edit]
In 2011, the Ministry of Corporate Affairs began investigating Sai Prasad Group for "alleged financial irregularities", according to Business Standard.[3] In 2013, the investigation extended to the Securities and Exchange Board of India (SEBI), the Reserve Bank of India, and the economic offenses department of the police department in Goa. The company is alleged to have raised money for various businesses in an unauthorized manner.[3] In July 2013, the SEBI ordered Sai Prasad Group to stop collecting money from the public, start any new business projects, or get rid of any assets. The company also charged Ram Oberoie and family with pocketing public funds worth 3550 crores.[4] Sebi orders attachment of bank, demat a/cs of Sai Prasad Corp.[5][6]
In October 2019, SEBI announced to auction around 200 properties of the group and three of its directories next month so as to recover funds worth thousands of crores raised by the group via illicit collective investment schemes.[7]
References[edit]
- ^ "Company Overview of SAI Prasad Group". businessweek. Archived from the original on 24 July 2013. Retrieved 24 July 2013.
- ^ "Sai Prasad Corporation Ltd". dnaindia.com. Retrieved 24 July 2013.
{{cite news}}: CS1 maint: url-status (link) - ^ a b Subramanian, M Sundaresha (25 January 2013). "Sai Prasad Group's activities under multi-agency probe". Business Standard. Retrieved 26 August 2013.
- ^ "SEBI bars Sai Prasad Group cos, promoters from collecting money". Business Line. 18 July 2013. Retrieved 26 August 2013.
- ^ "Sebi orders attachment of bank, demat a/cs of Sai Prasad Corp". Business Standard India. 26 August 2016. Retrieved 17 August 2021.
- ^ "Refund ₹615 cr in 3 months, SEBI orders Sai Prasad Corp". Business Line. 19 January 2018. Retrieved 21 August 2021.
- ^ "Sebi to auction Sai Prasad Group's 200 properties next month". The Economic Times. 18 October 2019. Retrieved 21 August 2021.