Sahara: Patna HC Seeks SEBI Reply on Payments to Investors
The Patna High Court (HC) has directed Securities and Exchange Board of India (SEBI) to file its response, in writing on or before 25th March, on the matter pertaining to repayment to Sahara's investors.
It also directed that a "responsible officer" from the market regulator's head office at Mumbai be present in the court on 28th March to answer all the questions posed by it.
In a written response in pursuance of the summons issued by the HC, senior advocate Umesh Prasad Singh, appearing for Sahara, on Tuesday told high court that more than Rs24,000 crore have been lying idle with the SEBI but the investors of Sahara group companies have not been paid by the capital market regulator.
"SEBI has made repayment to the investors only about Rs128 crore in the last nine years. There is no bar in the order passed by Hon'ble Supreme Court that SEBI will not make repayment to the investors of other Group Companies," Sahara India Pariwar said in a statement on Wednesday.
Besides, Advocate Singh argued that there is no impediment or order passed by the Supreme Court or any other courts restraining SEBI from making repayment to the investors of the other companies or societies, other than the said two Sahara companies which are frozen by the apex court.
He also stated that a writ petition was filed before Lucknow High Court, SEBI has itself undertaken that money received from Sahara will be used for making repayment to all investors including that of the Sahara 'Q Shop' venture.
"However, in spite of such undertaking of SEBI and a clear order of Hon'ble Supreme Court dated December 5, 2012 that the surplus amount shall be refunded by SEBI to Sahara, SEBI has neither paid to the investors nor made refund to Sahara," the statement said.
"As such there are only course open for SEBI is to either refund the entire amount to Sahara or make repayment to the investors."
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2 years ago
Plz sir garibu wala hum.
Hamara sahara company ka paisa
Kab milega
Plz sir
2 years ago
If SEBI cannot regulate (read enforce) its own undertaking, how can we expect SEBI to
regulate others?
2 years ago
Good news for Sahara Investors. Now Sebi has to answer as to why it failed in returning Sahara India investors money. Amount of Rs 24,000 crore is not small. When the matter went to sebi, investors were assured that they will be paid back now but sebi on the other hand returned only 129 crore and the rest of the amount is still unutilized.
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