When will Sahara India investors get refunds? Latest Government Statement – ​​Rs 1 lakh crore blocked, ongoing case

Sahara India – Latest from the SEBI case (August 2, 2022): Over Rs 1 lakh crore, around 13 crore funds of investors are tied up in several entities in Indian Sahara, according to a written response to a query from Union Minister of State for Finance, Pankaj Chaudhary. Of these, more than Rs 47,000 crore is locked in Sahara Credit Cooperative Society limited and more than Rs 19,000 crore in Sahara India Real Estate Corporation Limited (SIRECL).

Chaudhary said that Sahara India has deposited a total amount of Rs 15,506.81 crore (against the principal amount of Rs 25,781.37 crore) in the designated account “SEBI-Sahara Refund”.

Full refund so far

“SEBI made repayments to 17,526 eligible bondholders involving 48,326 original bond certificates/passbooks for a total amount of Rs. 138.07 crores (i.e. 70.09 crore rupees as principal and 67.98 crore rupees as interest) per transfer via NEFT/RTGS,” the minister said.

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Responding to another question on Sahara India Group’s inability to repay investors in other programs, Chaudhary said: “It is informed that the principal amount raised under the RHP of the optional fully convertible debentures of SIRCEL and SHICL is Rs. 25,781.37 crore against which only Rs 15,506.81 crore was deposited in the SEBI-Sahara Reimbursement Account and SEBI facilitated repayment of principal and interest to investors who invested in debentures fully convertible as an option of SIRCEL and SHICL »

Total investor funds locked in various Indian Saharan entities. Source: Lok Sabha website

Status of the Sahara-SEBI case

The Securities and Exchange Board of India (SEBI) issued a press release on May 28, 2013 and several advertisements during the months of August-September 2014 and December 2014 which detailed the application process as well as its redemption request mechanism . SIRECL and SHICL bondholders were also asked to make the necessary requests to SEBI to get their money back.

Chaudhary said that SEBI also issued final announcements on 2018.03.26 and 2018.06.19 advising SIRECL and SHICL bondholders that 2018.07.02 (deadline) was the deadline for receipt of redemption requests and that no requests would only be accepted/entertained after the deadline.

“In addition, SEBI has also filed an interlocutory motion dated 10.21.2021 seeking further direction from the Supreme Court in this matter and the same is currently pending before the Supreme Court,” he said.

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