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He confronted a number of regulatory and authorized battles in connection together with his group companies that have been accused of circumventing laws with Ponzi schemes, allegations his group all the time denied.
In 2011, capital markets regulator Sebi ordered two Sahara Group companies — Sahara India Actual Property Company Ltd (SIREL) and Sahara Housing Funding Company Ltd (SHICL) — to refund the cash raised from practically 3 crore traders by way of sure bonds often called Optionally Totally Convertible Bonds (OFCDs).
This order got here after the regulator dominated that the funds have been raised by the 2 companies in violation of its guidelines and laws.
After a protracted technique of appeals and cross-appeals, the Supreme Courtroom on August 31, 2012 upheld Sebi’s instructions asking the 2 companies to refund the cash collected from traders with 15 per cent curiosity.
Sahara was ultimately requested to deposit an estimated Rs 24,000 crore with Sebi for additional refund to traders, although the group has been sustaining that it had already refunded greater than 95 per cent of traders straight.Additionally learn: When will traders of Sahara para banking, Sahara Actual Property, Sahara Housing Funding get their cash?
Additionally learn: Sahara Refund Portal: Step-by-step information for Sahara group depositors to assert refund
In response to the capital markets regulator’s newest annual report, the Securities and Alternate Board of India (Sebi) issued Rs 138.07 crore in refunds over 11 years to traders of two Sahara Group companies.
In the meantime, the quantity deposited in specially-opened financial institution accounts for the reimbursement has risen to greater than Rs 25,000 crore.
Within the absence of claims from a majority of the bondholders of the 2 Sahara firms, the entire quantity refunded by Sebi inched up by nearly Rs 7 lakh over the past fiscal 2022-23, whereas the steadiness in Sebi-Sahara refund accounts rose by Rs 1,087 crore in the course of the yr.
Going by the annual report, Sebi obtained 19,650 functions involving 53,687 accounts as of March 31, 2023. Of those, “refunds have been made regarding 17,526 functions involving 48,326 accounts for an mixture quantity of Rs 138.07 crore, together with the curiosity quantity of Rs 67.98 crore.”
The remaining functions have been closed resulting from their data not being traceable within the information offered by two Sahara Group companies.
In its earlier replace, Sebi had put the entire quantity refunded by it as of March 31, 2022, at Rs 138 crore regarding 17,526 functions.
Additional, Sebi stated below varied orders handed by the Supreme Courtroom and the attachment orders handed by the regulator, an mixture quantity of Rs 15,646.68 crore has been recovered by it as of March 31, 2023.
This quantity together with the accrued curiosity after due refunds to the eligible bondholders was deposited in nationalised banks when it comes to the judgment dated August 31, 2012, of the Supreme Courtroom.
As of March 31, 2023, the entire quantity deposited in nationalised banks is round Rs 25,163 crore,” Sebi acknowledged.
This quantity stood at Rs 24,076 crore, Rs 23,191 crore, and Rs 21,770.70 crore as of March 31, 2022, March 31, 2021, and March 31, 2020, respectively.
In the meantime, the Centre in August began the method to refund Rs 5,000 crore of depositors whose funds are struck in 4 cooperative societies of Sahara Group.
Earlier than this, Cooperation Minister Amit Shah launched the ‘CRCS-Sahara Refund Portal’ in July to facilitate the return of the cash to traders. Round 18 lakh depositors have been registered on the portal.
In March, the federal government introduced that the cash can be returned to 10 crore traders of the 4 cooperative societies inside 9 months.
The announcement adopted a Supreme Courtroom order directing the switch of Rs 5,000 crore from the Sahara-Sebi refund account to the Central Registrar of Cooperative Societies (CRCS).
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