Market regulator Securities & Exchange Board of India (SEBI) says it has refunded Rs129 crore, including interest to 16,909 applications involving 45,451 accounts of investors of Sahara India Real Estate Corp Ltd (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL). As on 31 March 2021, SEBI had Rs23,191 crore in bank accounts, including Rs15,473 crore recovered from Sahara and interest earned over the years.
In its annual report for FY2020-21, the market regulator says, "As on 31 March 2021, SEBI received 19,616 applications involving 53,549 accounts and issued refunds with respect to 16,909 applications involving 45,451 accounts, for an aggregate amount of Rs129 crore including the interest amount of Rs62 crore."
As on March 2021, SEBI says, following various orders passed by the Supreme Court and the attachment order passed by the regulator itself, it has recovered Rs15,473 crore from the Sahara group companies.
“These amounts along with interest earned on them after providing for making refunds to the bondholders have been deposited in various nationalised banks in terms of the 31 August 2012 judgment of the Supreme Court. As on 31 March 2021, the total amount deposited in these banks is Rs23,191 crore,” the market regulator says.
Sharing more details on the status of investor applications it says, about 483 applications involving 1,797 accounts were referred to the applicants for addressing the discrepancies while seven applications involving eight accounts fall under the disputed category.
(Source: SEBI Annual Report FY20-21)
After giving four rounds of advertisements in 154 newspapers over the past nine years across the country, SEBI has repaid only Rs129 crore to the esteemed investors of Sahara.
SEBI is implementing the 31 August 2012 judgement of the Supreme Court which upheld directions issued by the market regulator against SIRECL and SHICL to refund the amounts collected from the investors under the red herring prospectus (RHPs) issued by the Sahara group companies with an interest of 15% from the date of receipt of money till the date of payment.
In accordance with the directions contained in the judgment, the actions of SEBI are overseen by justice (retd) BN Agarwal appointed by the apex court. As on 31 March 2021, SEBI has filed 22 status reports before the Supreme Court in this matter.
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