Daily Editorial Cloze Test Quiz – 40

Editorial Cloze Test Quiz

It has been about five years since the Supreme Court _______(1)_______the Sahara Group, led by Subrata Roy, to refund money that it borrowed from investors without sufficient regulatory clearance. But the Securities and Exchange Board of India, which was tasked by the Supreme Court to oversee the actual transfer of money from the Sahara Group to investors, is clueless about where to find those investors. The total amount, including interest on the initial principal, that needs to be refunded to investors has bulged to about ₹40,000 crore now. Of this, SEBI has _______(2)________an aggregate amount, including interest earned on deposits, of about ₹14,487 crore from the Sahara Group. But according to SEBI’s latest annual report, as on March 31, 2017 only about ₹85.02 crore, including interest of about ₹38.05 crore, of this amount has actually been returned to investors. As a background to the case, it is notable that Sahara India Real Estate Corporation Ltd. and Sahara Housing Investment Corporation Ltd., entities that come under the Sahara Group, _____(3)_____directed by SEBI in 2011 to return about ₹24,000 crore that they had raised through the issue of optional fully convertible debentures. The entities had ______(4)_______the money without seeking SEBI’s approval, which led the regulator to order the money to be returned to investors with appropriate interest. The Sahara Group ______(5)_______that it had sufficient approvals from the Ministry of Corporate Affairs for the issue. But the Supreme Court, on August 31, 2012, upheld the 2011 SEBI order.

Editorial Cloze Test Quiz

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