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Sahara Group Deposited Only Half The Amount Even After 9 Years, SEBI Chief Revealed

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Sahara Group Chairman Subrata Roy Sahara facing legal action

Mumbai:

Securities and Regulatory Board of India ie SEBI has revealed that even after 9 years of the Supreme Court order, Sahara has deposited half the amount so far. After the order of the Supreme Court in August 2012 Sahara Group 25,781 crore was to be deposited, but out of that he has deposited only 15 thousand crore rupees so far. A media report quoting SEBI’s FY 2021 report said that the regulator has so far returned only 129 crore to the bondholders. While he is operating an escrow account of more than Rs 23 thousand crore.

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When SEBI was asked what is it doing with such a huge amount, its chairman Ajay Tyagi said that he is only following the order of the Supreme Court of 2012. The company is yet to deposit the full amount as per the order of the court. In addition to the money returned to the investors in August 2012, the Supreme Court has not yet found whatever it was to pay to the Sahara group. Tyagi said that the order of the Supreme Court says that whatever recovery is due or is to be paid, it will be decided what to do with this amount only after getting it.

Tyagi also said that SEBI has given advertisements several times asking investors and bondholders to come forward and present their claim. Information has also been sought from those people who have already received their payment. According to the SEBI report, as of March 2021, it has deposits of Rs 23,291 crore of the bondholders of Sahara Group, this money is kept in an escrow account. In this Rs 15,473 crore has been recovered and the rest is interest amount.

Last week, Finance Minister Nirmala Sitharaman said in the Lok Sabha that till November 30, 2021, Sahara India Real Estate Corporation, the real estate arm of Sahara Group and its housing finance arm Sahara Investment Corporation, promoters and directors have so far deposited Rs 15,485 crore. While he has to deposit Rs 25,781 crore as principal amount.

This amount is to be returned to the investors and bondholders of Sahara Group. Sahara Group chairman Subrata Roy is facing legal action and is currently out on bail.

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Usama Younus

Usama Younus is the owner and super admin of the site he's is an expert in news editing, tech and entertainment magazine management, and articles editing E.T.C.

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