Subrata Roy loss of life: How will Sahara Group buyers’ pending refunds be affected? – जगत न्यूज

Sahara Group’s chief Subrata Roy handed away in Mumbai on the age of 75.

Sahara chief Subrata Roy arrives to look within the Supreme Court docket for a listening to in a case in opposition to him filed by the Securities and Change Board of India (Sebi) over a dispute of returning cash to its buyers, in New Delhi, 2017.(PTI)

The highlight is as soon as once more on the over 20,000 crore in undistributed funds held by the Securities and Change Board of India or Sebi, the capital markets regulator, following accusations that Roy’s group companies bypassed laws with Ponzi schemes—a cost constantly denied by his group.

Sebi recovered 25,000 crore from Sahara Group

In 2011, SEBI directed Sahara Group companies — Sahara India Actual Property Company Ltd (SIREL) and Sahara Housing Funding Company Ltd (SHICL) — to refund funds raised from about 3 crore buyers by means of Optionally Absolutely Convertible Debentures (OFCDs), citing a violation of guidelines. It was promised that the securities may very well be transformed into shares on the expiry of a sure interval at a predetermined value, if the investor chooses.

After a authorized course of, the Supreme Court docket upheld SEBI’s determination in 2012, instructing Sahara to deposit round 24,000 crore for investor refund.

Sebi reported that, as of March 31, this 12 months, it has recovered an mixture quantity of 15,646.68 crore. This sum, together with accrued curiosity publish refunds to eligible bondholders, has been deposited in nationalised banks in compliance with the SC’s judgment. As per Sebi’s assertion, the full quantity deposited within the nationalised banks as of March 31, 2023, stands at roughly 25,163 crore.

What occurred to SIREL, SHICL buyers’ cash?

Within the newest annual report, Sebi stated issuing refunds of 138.07 crore to buyers of two Sahara Group companies over 11 years. As of March 31, 2023, Sebi obtained 19,650 functions involving 53,687 accounts, with refunds made for 17,526 functions totaling 138.07 crore, together with 67.98 crore in curiosity. Some functions had been closed as their data had been untraceable in information offered by Sahara Group companies.

What occurs to Sahara cooperatives depositors’ funds?

In August, the federal government initiated the method to refund 5,000 crore to 10 crore depositors caught in Sahara Group’s 4 cooperative societies inside 9 months. The federal government, following a Supreme Court docket order, transferred 5,000 crore from the Sahara-Sebi refund account for the refunds.

Cooperation Minister Amit Shah launched the ‘CRCS-Sahara Refund Portal’ in July, registering round 18 lakh depositors. The refund is in course of and won’t have any affect from Roy’s demise.

(Inputs from PT

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