On a Supreme Court directive, the Securities and Exchange Board of India (SEBI) has issued a public notice asking those holding bonds issued by two Sahara Group companies to apply for refund by September 30.
Real estate, abode and Nirmaan bonds were issued by Sahara India Real Estate Corporation Ltd. (SIRECL) and multiple, income and housing bonds by Sahara Housing Investment Corporation Ltd. (SHICL).
Those who have not yet claimed the refund may apply in the given format to Stock Holding Corporation of India Ltd. Original bond certificates, self-attested copies of proof of identity and address and a self-attested copy of the first page of the bank passbook or a cancelled cheque leaf, which helps direct credit of funds to their bank accounts, should accompany the applications.
“Claims received after September 30, 2014, shall be returned to the applicant at his/her sole risk and responsibility,” SEBI said.
This is possibly the last attempt by SEBI to identify genuine investors of the schemes. Earlier attempts proved futile as only Rs. 1.08 crore of the Rs. 5,120 crore deposited by Sahara has been refunded. The group has been accusing SEBI of deliberately delaying the refund.
The bonds were issued against a total of Rs. 24,000 crore. The number of investors was shown as three crore. SEBI banned the schemes in 2010 and asked the companies to refund the money. Sahara challenged the order.
The Supreme Court upheld SEBI’s order and asked Sahara to deposit the total amount, along with 15 per cent interest, with the market regulator, which would identify the investors to refund the money.
Sahara’s claim
But Sahara has been saying that 93 per cent of the investors had been refunded directly and only Rs. 2,610 crore remained to be refunded, which SEBI should do out of the Rs. 5,120 crore deposited earlier. The group has been saying that the order to pay SEBI amounts to double payment.
Now SEBI has said that the initial claim amount of Rs. 24,000 crore has increased to Rs. 39,000 crore, along with interest, and the Sahara Groups must pay the amount.
Sahara is now in the process of mobilising Rs. 10,000 crore which will enable its chief, Subrata Roy, to come out of jail. Sahara has already deposited Rs. 3,100 crore by sale of real estate. It is in the process of selling three hotels abroad to mobilise the balance.
