New Delhi: Sahara Group on Wednesday said it didn’t make sense to ask him to deposit more money as a fund with a total RS 24,000 Crore lying not used with regulators for the past nine years and hurting the interests of the group’s business.
The statement came a day after the Chairman of the Sebi Ajay Tyagi said the Sahara had not fully deposited the money ordered by the Supreme Court in August 2012 and that the group so far only remembers around RS 15,000 Crore while the total amount to be saved is RS.
25,781 Crore.
According to the annual report TH21 SBI, the regulator only repayed RS 129 Crore told bondholders and that it retained an escrow account with more than RS 23,000 Crore.
In a statement, Sahara Group said the Supreme Court had ordered on August 31, 2012 to deposit the main amount and interest in the assumption that each depository must be paid that did not occur and this arrived at the knowledge of three months from three months.
Recite orders.
“The Supreme Court records the fact that the number of prosecutors will still be repaid, far less.
Therefore, it is a wrong statement from Sebi to ask the Sahara to deposit more,” the group said.
Furthermore, said the regulator after giving four rounds of advertisements in 154 newspapers in the past nine years across the country have repaid only Rs 129 Crore to Sahara investors.
In his last advertising published in March 2018, Sebi explained that it would not entertain further claims received after July 2018, said Sahara.
“That means that there are no more prosecutors that must be paid caused by the fact that the majority of investors have been repaid by the Sahara; and according to the order of the Supreme Court, the number of Crore RS 24,000 will eventually return Sahara so there are no questions about further payments,” The group said.
“It doesn’t make sense to ask the Sahara to deposit money further because the large number of RS 24,000 Crore is lying not used with the past nine years that not only hurts the interests of the Sahara as a business organization but also inhibits economic growth.
Our country is especially in this testing time , “he added.
Sahara stated that more than 95 percent of bondholder investors had been repaid.
Sahara said it deposited more than Rs 24,000 Crore, including interest, since 2012 to the date at Sahara-Sebi Escrow only to respect the court order because the majority of the investors have been repaid.
This payment is actually a double payment for a single obligation, the first time the payment is made to investors by the Sahara and once again the equivalent amount is submitted to Sebi, note.
On Tuesday, Tyagi said Sebi just followed the 2012 APEX court order on this issue and the company had not fully deposited the amount ordered by the field with them.
“According to the APEX court order in August 2012, whatever the total amount to be restored, regardless of what is paid to investors, has not been fully paid.
If my memory presents me correctly, the number appears in the part of the media is just a principal number of RS 15,000 -Ganjil crore plus and the rest is interesting.
“So, according to the command of the Supreme Court, whatever must be restored and stored with Sebi and only we can decide what to do with money.
So, we only followed the APEX court order, “said Tyagi.
He also said that the regulator had issued many advertisements asking investors / bondholders to advance and who had made their claims paid.
According to the annual report Sebi, it holds Rs 23,191 crore money Sahara Group Group Bondholder in March 2021 and the amount was held in an escrow account.
The number of accounts including RS 15,473 Crore recovered and the flower, said the report.
Last week, Finance Minister Nirmala Sitharaman told Lok Sabha that until November 30, Arm real estate Sahara, Sahara India Real Estate Corporation and Housing Arm Sahara Housing Investment Corporation and promoters and their directors have kept Rs 15,485.80 Crore to the principal amount of Rs 25,781.37 Crore into the designated account.
Funds amounted to RS 24,000 Crore lying not used with SEBI; It doesn’t make sense to ask it to deposit more money: Sahara
