Sahara India’s long-standing claim stands true; Sebi gets applications for only Rs 81 crore against Rs 22,000 crore deposited by the company.
All set to expand its business in different sectors, Sahara India Pariwar is hopeful of resolving its problems in 2020. The group’s Chief Managing Worker, Subrata Roy has assured all investors that they will get their money with full interest by this year. Additional interest for even a day’s delay in payment would be reimbursed by Sahara.
On the occasion of Sahara India’s 42nd Foundation Day (February 1), Roy said in a letter to investors that the group has always believed in timely payments to investors and services. He also seems to agree to the fact that there has been a payment crisis in the last few years due to some undesirable circumstances, referring to the Sahara-Sebi dispute.
The dispute is a long-running affair over the company’s fund generation through bonds issuance, on which Sahara chief said the whole amount had to be deposited in a SEBI-Sahara joint account, as told by the Supreme Court.
Sahara India Pariwar has long been saying that it has deposited most of the amount in the Sahara-Sebi account. The group’s claim gained some more ground when the Minister of State for Finance, Anurag Thakur said in reply to a question in the Lok Sabha that Sahara has deposited an amount of Rs 15,448 crore to the Sahara-Sebi refund account as of February 1, 2020.
“Out of this, we cannot use even a single rupee for organisational work or even towards repayment to the esteemed investors. Keeping in mind the directions of the Supreme Court, certain agreements have been signed, which will resolve Sahara’s problems within this year, that is 2020,” Subrata Roy wrote in his letter.
Roy also announced that Sahara has also secured two foreign investors for the group’s real estate and city development businesses. It will be interesting to see which way Sahara’s business boat sails after it gets out of the troubled waters.