March salary for Subrata Roy's Sahara group staff may get delayed

Mar 31 2014, 20:21 IST
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Subrata Roy's Sahara group has been fighting a long-running battle with Sebi over refund to investors. Express Subrata Roy's Sahara group has been fighting a long-running battle with Sebi over refund to investors. Express
SummarySubrata Roy's Sahara group has been fighting a long-running battle with Sebi over refund to investors.

Court had ordered on August 31, 2012, refund of over Rs 24,000 crore by two Sahara firms to an estimated three crore investors. The group was asked to deposit the money with Sebi, which was asked to facilitate the refund to genuine investors after verifying their credentials.

Later in December that year, Sahara was asked to deposit the money in three installments including an immediate payment of Rs 5,120 crore.

Under the new scheme proposed last week, it was said that the collections would be made in lieu of shares in Saharayn e-Multipurpose Society Ltd, which would be alloted to each contributing employee of the entertainment-to-retail business conglomerate, which claims to have a workforce of over 11 lakh salaried and field workers.

The contribution 'appeal' was made through a one-page letter signed by directors of this Society and 'associates' of the group and asked each employee of the Sahara India Pariwar and their well-wishers to contribute Rs 1 lakh, Rs 2 lakh, Rs 3 lakh or even more as per their wish and capacity.

Sahara officials said that the letter was not issued by Subrata Roy or by the management and "it is only an emotional initiative from people in reaction to prevailing situation" and should not be construed as Sahara group or the management asking its workers to make any contribution.

Sahara group claims to have total networth of over Rs 68,000 crore and assets totalling more than Rs 1.5 lakh crore.

A Sahara counsel had said in a statement that an embargo has been imposed on sale of assets, while bank accounts of entire group have already been frozen by Sebi.

"Further, the title deeds of assets having value over Rs 20,000 crore are lying with Sebi only. If case by case the court allows to sell assets, it will be a distress sale which would not fetch more than 20-25 per cent of the real value of the asset. Moreover, money from the sale of bigger assets will only come in long term installments in view of Indian financial strength," he had said in a statement.

Talking about the contributions made by the Sahara India Pariwar's chief guardian Subrata Roy Sahara, the appeal said that a "profitable scheme" is being proposed by Saharayn E-Multipurpose Society Ltd for the workers, associates and well-wishers of the group.

It also called for support from all workers of the group in the current scenario, when the Supreme Court had ordered

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