Indian Sahara Returns Status Investors 2022: Crores of Rupees of Lakh Investors in the Sahara Indian scheme stuck over the years. However, only 138.07 crores including the principal and interest have been returned by Sebi to Indian Sahara investors until now.
In a written reply to the request at Lok Sabha today, the Minister of State for Finance Pankaj Chaudhary said that Sahara India Real Estate Corporation Limited (Sirecl) has collected Rs 19400.87 Crore from 232.85 Lakh Investors and Sahara Housing Investment Corporation Limited (Shicl) Rs 6380.50 Crores from 75.14 lakh investors.
Chaudhary further said that in accordance with the command of the Supreme Court on 31.08.2012 and the next order, Sirecl and Shicl collectively saved Rs 15,503.69 Crores into the account ‘Sebi-Sahara refund’ which was appointed as 31 December 2021 against the principal number of RS . 25,781.37 crores are collected from investors.
When will investors get their money back?
Responding to other queries on whether the ministry is aware that the amount deposited in Sahara India by account holders is not being returned and when they will get their money back, Minister of State in Finance Ministry Bhagwat Karad submitted following statement:
The Securities and Exchange Board of India (SEBI) has issued orders relating to two particular Sahara companies namely Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited (SHICL). In this context:
- The Hon’ble Supreme Court vide Order dated 31.08.2012 had, inter-alia, directed SEBI to refund to subscribers the money invested in the Optionally Fully Convertible Debentures (OFCDs) issued by the two companies SIRECL and /or SHICL after verifying their genuineness.
- Pursuant to the order of the Supreme Court dated 31.08.2012 and the subsequent orders, SIRECL and SHICL deposited an aggregate amount of Rs.15,503.69 crores into a designated ‘SEBI-Sahara Refund’ Account (as on 31.12.2021).
iii. In terms of the directions issued from time to time by the Supreme Court and the advice rendered by Justice (Retd.) B N Agarwal appointed by the Supreme Court, SEBI issued a Press Release on 28.05.2013 and advertisements in newspapers during August – September 2014 and December 2014. SEBI also issued advertisements in newspapers on 26.03.2018 and 19.06.2018.
- SEBI received 19,644 Applications in total involving 53,642 Original Bond Certificates / Pass Books for an aggregate Principal Amount of Rs. 81.70 crore. On the basis of verifiable documents and considering the cut-off date, 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 interest) by way of transfer through NEFT/RTGS (to their respective account numbers and IFSC codes provided).
- SEBI has filed 22 status reports in total before the Supreme Court in this matter, and has also filed an Interlocutory Application dated 21.10.2021 seeking further directions from the Supreme Court.
