Learn about the case in detail
SEBI had received two complaints on 25 December 2009 and 4 January 2010. These said that Sahara companies are issuing Optionally Fully Convertible Debentures (OFCDs) and raising funds by wrong means. These complaints proved SEBI’s apprehensions correct. After this SEBI started investigating these two companies. SEBI found that SIRECL and SHICL have raised around Rs 24,000 crore through OFCDs from 2 to 2.5 crore investors. SEBI had ordered these two companies of Sahara to stop raising money. Along with this, it was also said that Sahara should return their money to the investors with 15 percent interest. With time, both the Supreme Court and SEBI started treating the matter as money laundering. They started freezing Sahara India’s bank accounts and assets. As per the 2012 Supreme Court order, Sahara India had deposited Rs 15,503.69 crore in the ‘SEBI-Sahara Refund’ account by December 31, 2021, against the principal amount of Rs 25,781.37 crore deposited from investors.
Last year the government had given this information
According to the information given by the government in Parliament last year i.e. 2022, SEBI had received 19,644 applications involving 53,642 original bond certificates/pass books for a total principal amount of Rs 81.70 crore. Out of this, SEBI refunded a total amount of Rs 138.07 crore to 17,526 eligible bondholders holding 48,326 original bond certificates/passbooks. This included principal of Rs 70.09 crore and interest of Rs 67.98 crore.
people forced to travel
Those who had invested in the schemes of Sahara Group. Now they are forced to go round. According to media reports, people say that they have not yet received the money back. Those who deposited the money have not yet received even their basic amount. Here the Securities and Exchange Board of India (SEBI) has sent a notice to Sahara Group’s company Sahara Housing Investment Corporation (SHIC), its chief Subrata Roy and others. In this, SEBI has asked him to deposit Rs 6.48 crore within 15 days. SEBI has also warned of attachment of assets and bank accounts for non-deposit of Rs. Actually these companies have failed to pay the penalty imposed by SEBI. After this a notice has been issued to them.
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