Sahara Group: After Sahara Group chief Subrat Roy’s death, capital markets regulator Sebi’s account of Rs. Discussions have started again on an amount of over 25,000 crores which has not yet been disbursed. Roy, who had been ill for a long time, passed away in Mumbai on Tuesday night. He was 75 years old. Roy faced several regulatory and legal battles regarding his group companies. It also includes allegations of circumvention of rules in Ponzi schemes. However, his group has always denied these allegations.
What are the details?
In 2011, SEBI approved two Sahara Group companies, Sahara India Real Estate Corporation Limited (SIREL) and Sahara Housing Investment Corporation Limited (SHICL), through certain bonds worth around Rs. 3 crore was allowed to be raised, alternatively known as Fully Convertible Bonds (OFCDs). * Ordered to return money withdrawn from investors.
The regulator said in the order that both the companies had raised funds in violation of its rules and regulations. After a protracted legal battle, the Supreme Court on August 31, 2012 upheld SEBI’s directions and asked the two companies to return the funds raised from investors along with 15 percent interest.
Sahara was then asked to deposit around Rs 24,000 crore with SEBI to return money to investors. However, the group maintained that it has already paid more than 95 percent of investors directly. The Securities and Exchange Board of India (SEBI) has given investors of two Sahara Group companies Rs. 138.07 crore, according to the capital markets regulator’s latest annual report.
Meanwhile, deposits in specially opened bank accounts for repayment increased to Rs. 25,000 crores has gone over. Most of the bondholders of the two Sahara companies did not claim this and the total amount increased by about Rs 7 lakh in the last financial year 2022-23, while the balance in the SEBI-Sahara repayment accounts increased by Rs 1,087 crore. During this period.
According to the annual report, SEBI received 19,650 applications involving 53,687 accounts till March 31, 2023. Of this, “a total amount of Rs 138.07 crore was refunded for 17,526 applications relating to 48,326 accounts, including interest amount of Rs 67.98 crore.” The rest of the applications could not be traced through information provided by the two Sahara Group companies. They were closed due to lack of availability.
In its last update, SEBI said that till March 31, 2022, the total amount related to 17,526 applications was Rs. 138 crores. Sebi said the total amount deposited in nationalized banks as on March 31, 2023 is about Rs 25,163 crore.