After Subrata Roy's death, Sebi's Rs. Debate begins on the undistributed amount of over 25,000 crores.- CMB College

After Subrata Roy’s death, Sebi’s Rs. Debate begins on the undistributed amount of over 25,000 crores.

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Discussions started with SEBI regarding Subrata Roy’s property

New Delhi:

Head of the Sahara group Subrata Roy After the death of SEBI, the capital market regulator SEBI’s account of Rs. The undistributed amount of over 25,000 crores has become a topic of discussion again. 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.

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SEBI had earlier ordered

Capital markets regulator Securities and Exchange Board of India (SEBI) in 2011 allowed two Sahara group companies, Sahara India Real Estate Corporation Limited (SIREL) and Sahara Housing Investment Corporation Limited (SHICL) to alternatively issue bonds in the form of fully convertible bonds. was (OFCDs). The money collected from around three crore investors through some identified bonds was ordered to be returned.

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 money raised from investors along with 15 percent interest.

Two companies paid Rs. 138.07 crore was returned

After this, Sahara was asked to deposit around Rs 24,000 crore with SEBI to return money to investors. However, the group continued to say that it had paid more than 95 percent of investors directly. According to the capital market regulator’s latest annual report, the Securities and Exchange Board of India (SEBI) has given investors of two Sahara Group companies Rs. 138.07 crore has been returned.

Meanwhile, the amount deposited in bank accounts specially opened for payment has increased to over Rs 25,000 crore. 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 related to 53,687 accounts till March 31, 2023. Out of them 17,526 applications related to 48,326 accounts totaling Rs. 138.07 crore was returned, of which Rs. 67.98 crore interest amount is also included. The rest of the applications were closed as they could not be traced through the information provided by the two Sahara Group companies.

(This news is not edited by the NDTV team. It is published directly from the syndicate feed.)

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