Sahara has yet to deposit all of the money ordered by SC, says SEBI chief

Sebi chairman Ajay Tyagi said they were only following the 2012 Supreme Court orders and the company had not yet fully deposited the amount ordered by the court.

The Sebi clarified on Tuesday that Sahara had not yet fully deposited the money ordered by the Supreme Court in August 2012 and that the group had so far only given around Rs 15,000 crore while the total amount to deposit is Rs 25,781 crore.

Citing Sebi’s annual report for FY21, a news article reported that the regulator had only refunded Rs 129 crore to bondholders and maintained an escrow account in excess of Rs 23,000 crore. rupees.

Asked what Sebi was planning to do with such a large amount of money, Sebi Chairman Ajay Tyagi told reporters on Tuesday that they were only following 2012 Supreme Court orders on the matter and that the company no ‘had not yet fully deposited the amount ordered by the court. with them.

“According to the Supreme Court order of August 2012, whatever the total amount that was to be recovered, whatever was refunded to investors, is not yet fully paid. If memory serves, the amount appearing in a media section is only the odd Rs 15,000-crore principal amount and the rest is interest.

“So according to the order of the Supreme Court, whatever amount owed must be collected and deposited with Sebi and only then can we decide what to do with the money. So we are only following the order of the supreme court, ”Tyagi said.

He also said that the regulator has issued numerous advertisements asking investors / bondholders to come forward and who have already made their claims.

According to Sebi’s annual report for FY21, he held Rs 23,191 crore of Sahara group bondholder money as of March 2021 and this amount was held in an escrow account. The account amount included 15,473 crore rupees recovered and interest thereon, according to the report.

Last week, Finance Minister Nirmala Sitharaman told Lok Sabha that until November 30, the real estate arm of the Sahara group, Sahara India Real Estate Corporation and its housing finance arm Sahara Housing Investment Corporation and their developers and administrators deposited Rs 15,485.80 crore against the principal amount of Rs 25,781.37 crore into the designated account as of November 30, 2021.

The amount recovered was supposed to be repaid to bondholders and investors in the Sahara.

The annual report also states that only claims worth Rs 129 crore have been filed and settled as of March 31, 2021.

Regarding the Sahara group not being able to reimburse investors from other programs, he informed that the principal amount raised under the RHP of fully convertible option bonds was 25,781.37 crore of Rs against which only Rs 15,485.80 crore was deposited into the Sebi account and the Sebi has been facilitating the repayment of principal and interest to investors who have invested in optional fully convertible bonds of the group companies.

The minister also said that Sebi had repaid 17,526 eligible bond holders involving 48,326 original bond certificates / books for a total amount of Rs 138.07 crore – Rs 70.09 crore in principal and Rs 67.98 crore in interest. Sebi received 19,644 requests involving 53,642 original bond certificates / books for a total amount of Rs 81.70 crore.

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