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In 11 years, Sebi has refunded 138.07 crore to Sahara investors

<p>In 11 years, Sebi has refunded investors in two Sahara businesses for a total of Rs 138.07 crore, although the cash put in specifically formed bank accounts for the repayment has increased to Rs 25,000 crore.</p>
<p>In its most recent annual report, the Securities and Exchange Board of India (Sebi) made these disclosures.<img decoding=”async” class=”alignnone wp-image-117815″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-putting-pleasure-first-as-a-form-of-personal-wellness-on-international-female-orgasm-day-in-2023-download-2023-08-08t172925.010.jpg” alt=”theindiaprint.com putting pleasure first as a form of personal wellness on international female orgasm day in 2023 download 2023 08 08t172925.010″ width=”1312″ height=”983″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-putting-pleasure-first-as-a-form-of-personal-wellness-on-international-female-orgasm-day-in-2023-download-2023-08-08t172925.010.jpg 259w, https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-putting-pleasure-first-as-a-form-of-personal-wellness-on-international-female-orgasm-day-in-2023-download-2023-08-08t172925.010-150×112.jpg 150w” sizes=”(max-width: 1312px) 100vw, 1312px” title=”In 11 years, Sebi has refunded 138.07 crore to Sahara investors 6″></p>
<p>The total amount refunded by Sebi increased by just over Rs 7 lakh during the most recent fiscal year, 2022–23, while the balance in Sebi–Sahara refund accounts increased by Rs 1,087 crore over the course of the year, despite the absence of claims from the majority of the bondholders of the two Sahara companies, which were ordered to return the money to nearly 3 crore investors along with interest in August 2012 by a Supreme Court order.</p>
<p>As of March 31, 2023, according to Sebi’s annual report, it had received 19,650 applications involving 53,687 accounts. With regard to this, “refunds have been made with respect to 17,526 applications involving 48,326 accounts for an aggregate amount of Rs 138.07 crore including the interest amount of Rs 67.98 crore.” The other applications were rejected because records for them could not be found in the information submitted by Sahara India Real Estate Corporation Ltd. (SIREL) and Sahara Housing Investment Corporation Ltd. (SHICL), two Sahara Group companies.</p>
<p>As of March 31, 2022, Sebi has reimbursed a total of Rs 138 crore for 17,526 applicants, according to its most recent statement.</p>
<p>Furthermore, Sebi said that as of March 31, 2023, it has recovered a total of Rs 15,646.68 crore as a result of different judgements made by the Supreme Court and attachment orders issued by the agency.</p>
<p>In accordance with the Supreme Court’s decision from August 31, 2012, this sum was placed in nationalized banks together with the accumulated interest after reimbursements owed to qualified bondholders. The entire money deposited in nationalized banks as of March 31, 2023, was about Rs 25,163 crore, according to Sebi.</p>
<p>By March 31, 2022, March 31, 2021, and March 31, 2020, the sum was 24,076 crore, 23,191 crore, and 21,770.70 crore, respectively.</p>
<p>After determining that SIREL and SHICL had obtained the funds using special bonds known as Optionally Fully Convertible Bonds (OFCDs) in contravention of the regulator’s rules and regulations, Sebi had ordered the two companies to restore the investors’ money.</p>
<p>On August 31, 2012, the Supreme Court affirmed Sebi’s directives for the two businesses to restore the money received from investors with 15% interest after a protracted process of appeals and cross-appeals.</p>
<p>Despite the group’s claims that it has previously returned more than 95% of investors directly, Sahara was finally required to deposit an estimated Rs 24,000 crore with Sebi for future investor refunds.</p>
<p>The Centre began the process to reimburse depositors for Rs 5,000 crore last month whose money was held in four cooperative societies owned by the Sahara Group.</p>
<p>The government had said on March 29 that the 10 crore investors in the four cooperative societies will get their money back in 9 months. The declaration came after the Supreme Court ordered that the Central Registrar of Cooperative Societies (CRCS) receive the transfer of Rs 5,000 crore from the Sahara-Sebi reimbursement account.</p>

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