Sahara is as much a victim of SEBI as its investors. We are asked to run while we are in shackles.
Chennai, 25th April, 2022 : Sahara India Pariwar in a statement issued today said that Sahara is as much a victim of the current situation as its investors. SEBI is holding Rs. 25,000 crore of Sahara and in the last 9 years has only paid around Rs. 125 Crore to the investors. This is neither logical nor justified. SEBI should act in the interests of the investors and either start paying to the investors or refund that money to Sahara so that we can pay to our investors.
This is ironic, on one hand as per the Hon’ble Supreme Court order, Sahara has deposited more than Rs. 25,000 Crore including interest in Sahara SEBI account which has been lying idle with SEBI for the last 9 years and on the other because of the embargo imposed on us, Sahara cannot pay directly to the investors by selling or mortgaging any of its assets. When the assets are under embargo and available funds are deposited in Sahara SEBI account, how Sahara is supposed to make payments to the investors? Can anyone run when one is in tight shackles? Even then Sahara is making payments but it is getting delayed. Sahara has been serving its members well for the last 44 years and never in the past has any issue been raised. Sahara and its investors are the victims of the current situation while SEBI which is holding Sahara’s Rs. 25,000 crore in the name of investors’ interest is lying idle and in March 2018 SEBI declared that it will not repay any investor who will approach it post July 2018. This act of SEBI is highly irresponsible and against the interests of the investors.
As per the order of Hon’ble Supreme Court dated 05.12.2012 this amount of Rs. 25,000 crore, SEBI has neither paid to the investors nor has refunded the same to Sahara. SEBI should either refund the entire amount to Sahara so that the payments can be made to the public or it should immediately start making repayments to the investors so that their interests could be safeguarded.