Sahara: After the death of Subrata Roy, SEBI made a big statement, said this in the matter related to Sahara
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Sahara: Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch on Thursday said the capital markets regulator will continue its case against the group even after the death of Sahara founder Subrata Roy. Sahara Group founder Subrata Roy died on Tuesday at the age of 75. He was ill for a long time. Speaking to reporters on the sidelines of a FICCI event, Buch said that for SEBI the matter is about the conduct of an entity and it will continue whether any person is alive or not. On the question of refund being very less, Buch said that the money has been returned through a committee appointed by the Supreme Court on the basis of evidence of claims made by the investors. Only Rs 138 crore has been refunded to investors, while Sahara Group was asked to deposit more than Rs 24,000 crore with SEBI for refund to investors. In 2011, SEBI had sanctioned two Sahara Group companies, Sahara India Real Estate Corporation Limited (SIREL) and Sahara Housing Investment Corporation Limited (SHICL), raising funds worth around Rs 3 crore through certain bonds, alternatively known as Fully Convertible Bonds (OFCDs). Ordered to return the money collected from investors.
The regulator had said in the order that both the companies had raised funds in violation of its rules and regulations. After a long legal battle, the Supreme Court on August 31, 2012 upheld SEBI’s directions and asked both the companies to return the money collected from investors with 15 percent interest. After this, Sahara was asked to deposit an estimated Rs 24,000 crore with SEBI to return the money to the investors. However, the group continued to say that it has already paid more than 95 percent of the investors directly. The Securities and Exchange Board of India (SEBI) returned Rs 138.07 crore to investors of two Sahara Group companies in 11 years, according to the capital markets regulator’s latest annual report. Meanwhile, the amount deposited in bank accounts specially opened for repayment has increased to more than Rs 25,000 crore. Most of the bondholders of the two Sahara companies did not make any claims regarding this and the total amount increased by about Rs 7 lakh in the last financial year 2022-23, while the balance in the SEBI-Sahara repayment accounts increased by Rs 1,087 crore during this period.
According to the annual report, SEBI received 19,650 applications related to 53,687 accounts till March 31, 2023. Of these, a total amount of Rs 138.07 crore was returned for 17,526 applications related to 48,326 accounts, which also includes interest amount of Rs 67.98 crore. The remaining applications were closed as they could not be traced through the information provided by both the Sahara Group companies. In the last updated information, SEBI had stated the total amount related to 17,526 applications till March 31, 2022 to be Rs 138 crore. According to SEBI, the total amount deposited in nationalized banks till March 31, 2023 is about Rs 25,163 crore.
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