New Delhi: Sahara Group It said on Wednesday that asking it to deposit more money is unfair as a total of Rs 24,000 crore fund is lying unutilized with the regulator. SEBI for the last nine years and it was hurting the business interests of the group. This statement comes a day after the SEBI chairman Ajay Tyagi said help The order given by the Supreme Court in August 2012 is yet to be fully submitted and the group has so far given only Rs 15,000 crore, while the total amount to be deposited is Rs 25,781 crore.
According to SEBI’s FY 2011 annual report, the regulator had paid only Rs 129 crore to bondholders and it was maintaining an escrow account with over Rs 23,000 crore.
The Sahara Group in a statement said that the Supreme Court had on August 31, 2012 ordered the deposit of principal amount and interest, observing that the payment is to be made to each depositor which was not the case and that it would be within a period of three months. came to the notice of the court within. Giving orders.
“The Supreme Court took note of the fact that the number of claimants who were yet to be paid was very small. Therefore, asking Sahara to deposit more is a wrong statement by SEBI,” the group said.
It further said, the regulator has paid only Rs 129 crore to investors of Sahara after four rounds of advertisements in 154 newspapers in the last nine years across the country.
Sahara said in its last advertisement published in March 2018, SEBI clarified that it will not entertain any further claims received after July 2018.
“This means that there is no further claimant to pay to SEBI, which is due to the fact that most of the investors have already been repaid by Sahara; and as per the Supreme Court order, an amount of Rs 24,000 crore Will be back eventually. Sahara so there is no question of further payment,” the group said.
“It is unfair to ask Sahara to deposit any more money as this huge amount of Rs 24,000 crore is lying unutilized with SEBI for the last nine years, which is not only hurting the interests of Sahara as a business organisation, But it is also hampering the economic growth of our country especially in these testing times,” it added.
Sahara said over 95 per cent of its bondholder investors have already been repaid.
Sahara said it has deposited over Rs 24,000 crore including interest in the Sahara-Sebi escrow account since 2012, only to honor the court order as most of its investors have already been repaid. This payment is actually a double payment against a single liability, first repaid by Sahara to the investors and then the same amount was deposited with SEBI, it noted.
On Tuesday, Tyagi said Sebi was complying with the apex court’s 2012 order on the matter and the company has not yet deposited the court-ordered amount with him in full.
“As per the apex court order of August 2012, the total amount which was required to be recovered, no matter how much was paid to the investors, has not yet been fully paid. If my memory serves correctly , then the amount appears in a section media only the principal amount of Rs 15,000-crore and the rest is interest.
Tyagi said, “Therefore, as per the order of the Supreme Court, whatever amount is due will have to be recovered and deposited with SEBI and only then we can decide what to do with the money. following orders.” Said.
He had also said that the regulator has issued several advertisements asking investors/bondholders to come forward and those who have made their claims have already been paid. As per SEBI’s annual report, it had Rs 23,191 crore money from Sahara Group bondholders as of March 2021 and the said amount was kept in an escrow account.
The amount deposited in the account includes recovery of Rs 15,473 crore and interest thereon, the report said.
Last week, Finance Minister Nirmala Sitharaman Told the Lok Sabha that the real estate wing of the Sahara Group by 30 November Sahara India Real Estate Corporation and its housing finance arm Sahara Housing Investment Corporation and their promoters and directors have deposited Rs 15,485.80 crore in the designated account against the principal amount of Rs 25,781.37 crore.
According to SEBI’s FY 2011 annual report, the regulator had paid only Rs 129 crore to bondholders and it was maintaining an escrow account with over Rs 23,000 crore.
The Sahara Group in a statement said that the Supreme Court had on August 31, 2012 ordered the deposit of principal amount and interest, observing that the payment is to be made to each depositor which was not the case and that it would be within a period of three months. came to the notice of the court within. Giving orders.
“The Supreme Court took note of the fact that the number of claimants who were yet to be paid was very small. Therefore, asking Sahara to deposit more is a wrong statement by SEBI,” the group said.
It further said, the regulator has paid only Rs 129 crore to investors of Sahara after four rounds of advertisements in 154 newspapers in the last nine years across the country.
Sahara said in its last advertisement published in March 2018, SEBI clarified that it will not entertain any further claims received after July 2018.
“This means that there is no further claimant to pay to SEBI, which is due to the fact that most of the investors have already been repaid by Sahara; and as per the Supreme Court order, an amount of Rs 24,000 crore Will be back eventually. Sahara so there is no question of further payment,” the group said.
“It is unfair to ask Sahara to deposit any more money as this huge amount of Rs 24,000 crore is lying unutilized with SEBI for the last nine years, which is not only hurting the interests of Sahara as a business organisation, But it is also hampering the economic growth of our country especially in these testing times,” it added.
Sahara said over 95 per cent of its bondholder investors have already been repaid.
Sahara said it has deposited over Rs 24,000 crore including interest in the Sahara-Sebi escrow account since 2012, only to honor the court order as most of its investors have already been repaid. This payment is actually a double payment against a single liability, first repaid by Sahara to the investors and then the same amount was deposited with SEBI, it noted.
On Tuesday, Tyagi said Sebi was complying with the apex court’s 2012 order on the matter and the company has not yet deposited the court-ordered amount with him in full.
“As per the apex court order of August 2012, the total amount which was required to be recovered, no matter how much was paid to the investors, has not yet been fully paid. If my memory serves correctly , then the amount appears in a section media only the principal amount of Rs 15,000-crore and the rest is interest.
Tyagi said, “Therefore, as per the order of the Supreme Court, whatever amount is due will have to be recovered and deposited with SEBI and only then we can decide what to do with the money. following orders.” Said.
He had also said that the regulator has issued several advertisements asking investors/bondholders to come forward and those who have made their claims have already been paid. As per SEBI’s annual report, it had Rs 23,191 crore money from Sahara Group bondholders as of March 2021 and the said amount was kept in an escrow account.
The amount deposited in the account includes recovery of Rs 15,473 crore and interest thereon, the report said.
Last week, Finance Minister Nirmala Sitharaman Told the Lok Sabha that the real estate wing of the Sahara Group by 30 November Sahara India Real Estate Corporation and its housing finance arm Sahara Housing Investment Corporation and their promoters and directors have deposited Rs 15,485.80 crore in the designated account against the principal amount of Rs 25,781.37 crore.
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