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HomeBusinessRs 24,000 cr lying idle with SEBI, not proper to ask for...

Rs 24,000 cr lying idle with SEBI, not proper to ask for deposit: Sahara

New Delhi, Dec 29 (PTI) Sahara Group on Wednesday said it was not justified to ask the Securities and Exchange Board of India (Sebi) to deposit any more amount as Rs 24,000 crore deposited with the regulator was lying dormant for nine years. Has happened.

The statement of the Sahara group comes after Sebi chief Ajay Tyagi’s statement a day ago said that Sahara has not deposited the full amount as per the 2012 judgment of the Supreme Court. According to Tyagi, Sahara has so far deposited only Rs 15,000 crore, while it was to pay a total of Rs 25,781 crore.

SEBI’s report for the year 2020-21 says that the regulator had returned only Rs 129 crore to the bondholders of Sahara in this amount and more than Rs 23,000 crore is deposited in an escrow account.

Sahara Group in a statement said that the Supreme Court in its order dated August 31, 2012 had asked to deposit the principal and interest. The premise behind this was that the money should be returned to every depositor, but within three months of passing the order, the Supreme Court realized that this was not being done.

Sahara said, “The Supreme Court has taken note of the fact that the number of depositors seeking refund of money is far less. So asking SEBI to deposit more amount from Sahara is a misrepresentation.

He said that SEBI has published advertisements in 154 newspapers across the country in the last nine years, but so far only Rs 129 crore has been returned to the investors. According to Sahara, SEBI’s last advertisement published in March 2018 stated that no claim would be accepted after July 2018.

Sahara Group claimed that money has already been returned to more than 95 per cent of the depositors.

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