12:03 am - Tuesday August 20, 2019

Sebi makes fresh attempt to locate Sahara investors

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Sahara has not complied with court order: SEBI to SC
Sahara has not complied with court order: SEBI to SC

In a fresh attempt to identify investors eligible for refund from the Sahara Group, the Securities and Exchange Board of India (Sebi) has asked all such persons to submit their claims by next month even as the Lucknow-based conglomerate claims to have already returned the money to its bond holders directly.

Those having invested in various bonds issued by Sahara India Real Estate Corp Limited (SIRECL) and Sahara Housing Investment Corp Limited (SHICL) have been asked by Sebi to submit their refund applications along with necessary documentary proof by September 30.

The move follows directions from the Supreme Court (SC) asking Sebi to facilitate refund to the bondholders of the two companies, which were found to have illegally raised more than Rs 24,000 crore from nearly three crore investors across the country.

Sahara claims to have already repaid more than 93 per cent of the outstanding dues directly to the concerned bondholders and the remaining amount is just about Rs 2,500 crore.

The Group deposited Rs 5,120 crore with Sebi in December 2012 for refund to the investors in accordance with the SC orders. A further amount of Rs3,117 crore was deposited with Sebi by the Group in June.

The capital markets regulator had begun the process last May for refunding the money to eligible investors from the amount deposited by the Group till that time and issued public notices to invite claim applications. However, the refund made so far remains minuscule although the regulator has not so far made public the quantum of such payment.

Taking forward the refund process, Sebi has now issued a new public notice inviting bondholders of the two Sahara firms to submit their refund applications along with original bond certificates or passbooks, self-attested copies of identity and address proofs as also bank details for credit of refund amount directly into their accounts.

Sahara didn’t comment on the new refund application process of Sebi. Sebi said that it would entertain applications for Real Estate, Adobe and Nirmaan Bonds of SIRECL as also for Multiple, Income and Housing Bonds of SHICL.

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