When Will Sahara India Depositors Get Their Money Back? Govt Shares Updates
When Will Sahara India Depositors Get Their Money Back? Govt Shares Updates
The government has provided an update on the refund process for Sahara India depositors, offering details on the funds collected, refunds distributed, and future plans to reimburse the remaining investors.
Millions of depositors who invested their savings in Sahara India are still awaiting refunds, despite the launch of the CRCS-Sahara refund portal on July 18, 2023, following a Supreme Court order. This portal was established to facilitate the repayment process for depositors in the multi-state cooperative societies of the troubled Sahara group.
During a recent session in the Lok Sabha, parliamentarian Sunil Kumar raised questions about the status of these refunds. Minister of State for Finance Pankaj Chaudhary addressed concerns about whether funds belonging to crores of poor investors remain stuck with Sahara India Finance, the role of the government and SEBI in facilitating refunds, and the timeline for completing the repayment process.
The minister cited a Supreme Court order from August 31, 2012, which directed Sahara India Real Estate Corporation Limited (SIRECL), Sahara Housing Investment Corporation Limited (SHICL), and their promoters to deposit Rs 25,781.37 crore with the Securities and Exchange Board of India (SEBI). As of March 31, 2024, SEBI has received Rs 15,775.50 crore in compliance with these directives.
SEBI has invited refund applications from bondholders of SIRECL and SHICL. So far, Rs 138.07 crore has been refunded to 17,526 eligible bondholders after verifying their documents. However, the process remains ongoing as SEBI continues to evaluate claims and disburse refunds.
Additionally, the Supreme Court has directed SEBI to deposit the remaining principal amount within nine months. Meanwhile, a development agreement for a land parcel in Versova, Mumbai, has been proposed, with the companies involved given a final chance to secure approval and deposit Rs 1,000 crore.
As for Sahara India Commercial Corporation Limited (SICCL) and its directors, the matter remains under judicial review in the Supreme Court, with further steps to be decided in due course.
