Sahara refunds: Sebi gets request for only Rs 138 crore against Rs 25,000 crore attached

Sebi said it received 19,650 applications involving 53,687 accounts as on March 31, 2023. Sebi said pursuant to various orders passed by the Supreme Court and the attachment orders passed by the regulator, an aggregate amount of Rs 15,646.68 crore has been recovered by it as of March 31, 2023.

“This amount along with the accrued interest after due refunds to the eligible bondholders, was deposited in nationalised banks in terms of the judgment dated August 31, 2012 of the Supreme Court. As on March 31, 2023, the total amount deposited in nationalised banks is around Rs 25,163 crore,” Sebi said.

This amount 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 its annual report, Sebi said, “refunds have been made with respect to 17,526 applications involving 48,326 accounts for an aggregate amount of Rs 138.07 crore including the interest amount of Rs 67.98 crore.” The remaining applications were closed either due to their records not being traceable in the data provided by two Sahara Group firms — Sahara India Real Estate Corporation Ltd (SIREL) and Sahara Housing Investment Corporation Ltd (SHICL).

Sebi had ordered SIREL and SHICL in 2011 to refund the money raised from investors through certain bonds known as Optionally Fully Convertible Bonds (OFCDs) after the regulator ruled that the funds were raised by the two firms in violation of its rules and regulations.

After a long process of appeals and cross-appeals, the Supreme Court on August 31, 2012 upheld Sebi’s directions asking the two firms to refund the money collected from investors with 15 per cent interest.