New Delhi. Under the order of the Supreme Court, capital markets regulator SEBI has refunded about Rs 129 crore to the investors of Sahara Group companies. According to SEBI, deposits in bank accounts specially opened for repayment have increased to over Rs 23,000 crore. Let us tell you that in August 2012, the Supreme Court had asked about three crore investors of two companies of Sahara to return the money along with interest. However, SEBI had refunded only Rs 14 crore in the financial year 2020-21 due to non-claims by a large number of shareholders. During this period, the outstanding amount in the SEBI-Sahara repayment account had increased to Rs 1,400 crore.
SEBI gave details of refund in annual report
SEBI has said in its annual report that it has received 19,616 applications till 31 March 2021. There were claims of about Rs 81.6 crore in this. It has issued refund of Rs 129 crore in 16,909 cases. This includes Rs 66.35 crore principal and Rs 62.34 crore interest. At the same time, investors have been sent back to remove the deficiencies in 483 applications. The regulator said that seven applications have been placed in the disputed category. Sahara has 332 and 122 applications are pending with SEBI. 2,487 cases have been closed due to no response from investors and no records.
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Sahara group made serious allegations against SEBI
The Sahara group said that according to its estimates, the amount deposited with interest in the Sahara-Sebi account should be around Rs 25,000 crore. Also alleged that SEBI has withheld Rs 25,000 crore of Sahara and its investors without any reason. Sahara said that the regulator had made it clear in the previous advertisement that any claim received after July 2018 would not be entertained. This means SEBI no longer has to pay any other claimant. Hence, the entire Rs 25,000 crore deposited by Sahara is wrongly with SEBI. This amount should be returned to Sahara.
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