Sebi has refunded Rs 91.52 crore to Sahara investors: Govt

Sebi has refunded Rs 91.52 crore to Sahara investors: Govt
12/02/2018 , by , in News/Views

Markets regulator Sebi has so far refunded Rs 91.52 crore to investors, who had invested in Sahara Group companies, Parliament was informed on Friday.This included Rs 50.08 crore as Principal amount and Rs 41.44 crore as interest, Minister of State for Finance Pon Radhakrishnan said in a written to the Lok Sabha.

The markets regulator has been making refund to investors of optionally fully convertible debentures (OFCDs) in two unlisted entities– Sahara India Real Estate Corporation and Sahara Housing Investment Corporation — who are lodging their claims after the verification.It has not completed the refund process yet, Radhakrishnan said.

“Sebi has so far received claims from investors in respect of 43,574 deposits accounts only. Sebi has made refunds in respect to 32,719 deposit accounts for a total of Rs 91.52 crore including principal and interest,” he added.

The regulator initiated the process of refunding investors in May 2013 by uploading the format on its website. It followed up the case with two advertisements, in August and December 2014, asking investors to submit their claims with the required documents.

Further, the minister said that the Supreme Court, in April 2017, appointed the official liquidator of the Bombay High Court to conduct the auction for sale of the group’s Aamby Valley project near Pune, under the guidance of two judges of the Bombay High Court.Accordingly, the official liquidator is taking steps in this regard.

“The Securities and Exchange Board of India (Sebi) has informed that the auction process is not completed and it is going under the aegis of the judicial mechanism,” he added.

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