Sahara India -SEBI Case Latest News (2 August 2022): More than Rs 1 lakh crore funds of around 13 crore investors are stuck in several Sahara India entities, according to a written reply to a query by Union Minister of State for Finance Pankaj Chaudhary. Of these, more than Rs 47,000 crore is stuck in Sahara Credit Cooperative Society limited and over Rs 19000 crore in Sahara India Real Estate Corporation Limited (SIRECL).
Chaudhary said that Sahara India has deposited an aggregate amount of Rs.15,506.81 crores (against the Principal Amount Rs 25,781.37 Crore) into the designated ‘SEBI-Sahara Refund’ Account.
Total Refund Till Now
“SEBI made refunds with respect to 17,526 eligible bondholders involving 48,326 Original Bond Certificates/Pass Books for an aggregate amount of Rs. 138.07 Crores (i.e., Rs. 70.09 Crores as Principal and Rs. 67.98 Crores as an Interest) by way of transfer through NEFT/RTGS,” the minister said.
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Replying to another query on Sahara India Group not being able to pay back the investors of other schemes, Chaudhary said: “it is informed that the principal amount raised under RHP of Optionally Fully Convertible Debentures of SIRCEL and SHICL is Rs. 25,781.37 Crores against which only Rs.15,506.81 Crores has been deposited in SEBI-Sahara Refund Account and the SEBI has been facilitating the repayment of principal and interest to the investors who invested in Optionally Fully Convertible Debentures of SIRCEL and SHICL”
Sahara-SEBI Case Status
The Securities and Exchange Board of India (SEBI) issued a Press Release on 28 May 2013, and multiple advertisements during the months of August-September 2014 and December 2014 which detailed the application processa along with its mechanism to apply for refunds. The bondholders of SIRECL and SHICL were also advised to make necessary applications to SEBI for a refund of their money.
Chaudhary said that SEBI also issued final advertisements on 26.03.2018 and 19.06.2018 informing the bondholders of SIRECL and SHICL that 02.07.2018 (cut-off date) was the last date for receiving applications for refund and that no application would be accepted/ entertained after the cut-off date.
“Further, SEBI has also filed an Interlocutory Application dated 21.10.2021 seeking further directions from the Supreme Court in this matter and the same is presently pending before the Supreme Court,” he said.