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Sebi makes fresh bid to find Sahara investors; sets Sep 30 deadline

Sebi has asked the investors to submit the application in the format it has provided by September 30.

By: ENS Economic Bureau | New Delhi | Published: August 25, 2014 1:55:13 am

The Securities and Exchange Board of India  (Sebi) through an advertisement on Sunday invited all eligible bondholders of Sahara India Real Estate and Sahara Housing Investment Corporation by September 30, to seek the refund of their investment.

Sebi has asked the investors to submit the original copy of their bond certificates/passbooks, their proof of identity and address along with the application in the format it has provided by September 30.

Sebi said, “This advertisement is being issued by Sebi, pursuant to the proceedings held before the Hon’ble Supreme Court of India on July 4, 2014, to invite refund claims from those who have not claimed earlier and are holding the following bonds issued by SIRECL and SHICL.”

This follows directions from the Supreme Court, which has asked Sebi to facilitate refunds amounting to close to Rs 24,000 crore (including the interest due) to the bondholders of two Sahara Group companies.

The two companies collected Rs 17,656 crore from 2.21 crore investors between April 2008 and April 2011 for acquisition of land, developing townships, residential apartment and shopping complexes etc by issuing unsecured optionally fully convertible debentures (OFCDs) by way of private placement.

While Sahara maintained it has already repaid more than 93 per cent of the outstanding dues and the remaining amount was just about Rs 2,500 crore, it deposited Rs 5,120 crore to Sebi in December 2012 towards the investor refunds as per Supreme Court orders. An additional amount of Rs 3,117 crore was further deposited by the company with Sebi in June this year.

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