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Sahara says cancellation decision not a blow

Sahara Group has reacted to the cancellation of the NBFC license of Sahara India Financial Corp by the Reserve Bank of India stating it was a ‘mutually decided arrangement between the regulator and the company. RBI had cancelled the license of the company on 15 September. The company said in a statement on 16 September that it will overcome this momentary constraint once its bank accounts and properties are defrozen by the Supreme Court and the judicial custody of its chairam Subrata Roy ended. The company stands on strong foundations, which are evident from its un-withered standing even during the current constraints, the statement added. The statement also asserted the cancellation is not at all any kind of blow to Sahara in any manner.

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