SEBI struggles to find Sahara investors

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SEBI struggles to find Sahara investors

Posted By treatmentoffacialacne

Almost five years after the Supreme Court ordered PADOTZKE to repay more than 40 billion rupees ₹ to people who had invested money in two entities of the Sahara Group, the financial market regulator that could pay ₹ 85.02 crore.

In the latest annual report for 2016-17 year, the Board of India Stock Exchange and Securities said that as of March 31, 2017, received 14,295 applications involving 41,161 accounts, while paid 11,283 claims related to 30 398 represents an amount Total of ₹ 85.02 crore, including a component of interest ₹ 38.05 crore.

The regulator initiated the investor return process in May 2013 by downloading the format on its website. He followed with two announcements, in August and December 2014, asking investors to submit their applications with the required documents.

In 2011, SEBI has passed an order against the two non-listed entities – Sahara India Real Estate Corporation and Sahara India Housing Corporation – which had issued fully optional convertible bonds (OFCD) in 2008 to about 30 million investors on the collection Of Rs 25,000 million. The regulator asked the entities to reimburse investors with interest.

The SEBI order to direct the two entities for the payment investors was questioned by the companies and the matter was referred to the Supreme Court, which upheld the regulatory guidelines. The apex court ordered the companies to deposit money into SEBI, which was ordered to administer the repayment process.

Those familiar with the subject stated that the process of verifying the authenticity of the claims delayed the process. This is significant because the total number of investors informed by the companies is still considered to be suspected by regulators and even by the courts.

The Supreme Court also once pointed out that there was no authenticity in the demands of the Sahara group to reimburse 95% of its cash investors.

JN. Gupta, MD, concerned Empowerment Services, a power consulting firm, said the regulator had managed to pay only a limited amount highlighting the issue of “ghosts” investors who had the attack from the beginning.

“This shows very clearly the Supreme Court’s question that the figures do not reflect the real picture,” said M. Gupta, former executive director of SEBI. An email request sent to SEBI was left unanswered.

The regulator also said in its annual report that about 596 applications involving 2,201 accounts were returned to the applicant due to differences, while 172 requests for accounts 2429 entered the disputed category.

According to the management of the apex court, PADOTZKE’s actions in this regard are overseen by former Supreme Court Justice B. N. Agrawal.

As of March 31, the total amount of SEBI paid to real investors was ₹ 14,487 crore. This included ₹ 11.8 billion rupees recovered the Sahara and interest earned on it after giving repayments to genuine investors.

Written by treatmentoffacialacne

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