Sahara Refund: Will the demise of the head of the Sahara India family, Sahara Shri, cost investors money? Now how to get support money? Many such questions are on the lips of millions of investors today. Let us tell you that in August 2012, the Supreme Court ordered about three crore investors to return their money with interest. After this, the central government created a separate portal to recover investors’ money. https://mocrefund.crcs.gov.in/ issued Millions of people have applied for this.
Four committees are responsible for the Sahara Refund Portal (for refunding money to depositors of Sahara group cooperative societies).
1. Sahara Credit Cooperative Society Limited, Lucknow
2. Saharan Universal Multipurpose Society Limited, Bhopal
3. Humara India Credit Cooperative Society Limited, Kolkata
4. STARS Multipurpose Cooperative Society Limited, Hyderabad
Sahara investors will get money through these four. Let us tell you that Share SEBI has returned 138.07 crore rupees to the investors of two Sahara companies in 11 years. Along with this, deposits in specially opened bank accounts have increased to over Rs 25,000 crore.
Beginning of Subrata Roy’s downfall
Let us tell you that the downfall of Subrata Roy started with the IPO of Sahara Group company Prime City. He also had to go to jail on charges of withholding money from people against the rules. On 28 February 2014, the Supreme Court asked Subrata Roy to return Rs 24,400 crore to investors.
The case of Sahara India Real Estate Corporation Limited and Sahara Housing Investment Corporation Limited is in court. On September 30, 2009, Prime City, a Sahara company, filed a DRPH with SEBI for an IPO.
SEBI found flaws in the fund raising process of real estate and housing companies. On December 25, 2009 and January 2010, SEBI received complaints that both companies were raising money from OFCDS. SEBI learned that the company has raised Rs 24,000 crore from 2 to 2.5 crore people through this.
Objection of SEBI
SEBI asked why Sahara did not seek permission to issue bonds? The matter reached the Supreme Court and in 2012 the court asked Sahara to return the money with 15 percent interest. Also asked to give details of investors to SEBI. If Sahara could not deposit the money within three months, the court ordered payment in three installments. Sahara spent Rs. Deposited the first installment of 5120 crores and never deposited the remaining payment.
Subrata Roy remained in Tihar Jail for two years
Sahara claimed that it has repaid more than 90 percent of the investors. After this, Sahara India’s bank account was frozen. Sebi also closed the IPO file in April 2013. On 28 February 2014, Lucknow police took him into custody on the orders of the Supreme Court. Sahara Shri Subrata Roy stayed in Tihar Jail for two years and was out on parole since 2016.