Sahara India Investors’ Refund Status 2022: So far SEBI has returned only Rs 138.07 crore including principal and interest to the investors of Sahara India.
Sahara India Investors’ Refund Status 2022: Millions of investors’ crores of rupees are stuck in the schemes of Sahara India for years. However, so far SEBI has returned only Rs 138.07 crore including principal and interest to the investors of Sahara India. Minister of State for Finance Pankaj Choudhary said in a written reply to a question in Lok Sabha today that Sahara India Real Estate Corporation Limited (SIRECL) raised Rs 19400.87 crore from 232.85 lakh investors and Sahara Housing Investment Corporation Limited (SHICL) received Rs 6380.50 crore from 75.14 lakh investors. Has collected Rs. Choudhary further stated that in accordance with the Supreme Court order dated 31.08.2012 and subsequent orders, SIRECL and SHICL have collectively collected ‘SEBI-Sahara refund’ till December 31, 2021 against the principal amount of Rs.25,781.37 crore collected from the investors. 15,503.69 crore has been deposited in the account.
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Government statement in Parliament
In Parliament, the government said, “SEBI has received a total of 19,644 applications relating to 53,642 original bond certificates/pass books for a total principal amount of Rs 81.70 crore. SEBI has refunded an aggregate amount of Rs 138.07 crore (i.e. Rs 70.09 crore as principal and Rs 67.98 crore as interest) to 48,326 eligible bondholders having original bond certificates/passbooks.” The government further stated, “The remaining applications may be closed either due to non-traceability of their records in the documents/data provided by SIRECL and SHICL or due to non-receipt of any response from the bondholders in respect of further queries raised by SEBI. were given.”
According to Chaudhary’s statement in the Lok Sabha, SEBI has made the refund based on the directions issued by the Supreme Court from time to time and the advice given by Supreme Court-appointed Justice (Retd) BN Agarwal. SEBI has also filed an interlocutory application on 21.10.2021, seeking further directions from the Supreme Court in the matter.
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When will investors get their money
Responding to a question on when investors would get their money back, Minister of State in the Finance Ministry Bhagwat Karad said that the Securities and Exchange Board of India (SEBI) has approved the approval of Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited (SHICL). ) has issued orders relating to two special Sahara companies.
- As per Hon’ble Supreme Court order dated 31.08.2012, inter alia, SEBI has been mandated to refund the money invested in Optionally Fully Convertible Debentures (OFCD) issued by two companies SIRECL and/or SHICL after verification. instruction was given.
- As per the Supreme Court order dated 31.08.2012 and subsequent orders, SIRECL and SHICL have deposited a total of Rs 15,503.69 crore in ‘SEBI-Sahara Refund’ account. (as of 31.12.2021)
- With reference to the directions issued by the Supreme Court from time to time and the advice given by Justice (Retd) BN Agrawal appointed by it, SEBI issued a press release dated 28.05.2013 and appeared in newspapers during August-September 2014 and December 2014. Advertisements issued. SEBI also issued advertisement in newspapers on 26.03.2018 and 19.06.2018.
- SEBI received a total of 19,644 applications involving 53,642 original bond certificates/pass books for a total principal amount of Rs 81.70 crore. Based on the verifiable documents and keeping in mind the cut-off date, SEBI transferred a total of Rs 138.07 crore (i.e. Rs 70.09 crore as principal and Rs 67.98 crore as interest) through NEFT/RTGS. (via the respective account number and IFSC code)
- SEBI has filed a total of 22 status reports in the Supreme Court in this matter. Along with this, an interlocutory application has also been filed on 21.10.2021 seeking further directions from the Supreme Court.
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