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This is an archive article published on March 15, 2014
Malicious campaign: Sahara
The Sebi is maligning Sahara’s name by stating that there are no depositors.
New Delhi | March 15, 2014 03:11 AM IST
2 min read
2 min read
The Sahara Group, in a statement, late evening, said that story, as reported by PTI, was “a highly malicious campaign initiated by the Sebi with a very clear intention to siphon off money from the funds that Sahara have deposited with the Sebi, purely for the repayment to its investors”.
“In order to achieve this sinister goal, the Sebi is maligning Sahara’s name by stating that there are no depositors, while on March 4 the Sebi admitted before the Supreme Court that they have just completed the scanning and digitisation of the 3.03-crore investor’s documents provided by Sahara.
Therefore the verification process has still not started. “Sahara has provided full details of all its depositors, including those whom Sahara have repaid,” the Group said, while adding that Rs 5,120 crore that has been given to Sebi by Sahara is purely for repayment to its investors and “not for any kind of miscellaneous expenses to be incurred by any party”.
It added that Namo Narain Meena, minister of state for finance, while answering a question on the floor of Parliament has stated that the money given by Sahara is for refund to investors only and the money would not be utilised for any other purpose. Till now the Sebi has only refunded only Rs 1 crore, it said.
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