Home»Money»Sahara Clears Itself Of Rs 33,000 Crore Worth Refunds

Sahara clears itself of R 33,000 crore worth refunds

Dailybhaskar.com   |  Dec 01, 2012, 16:12PM IST
New Delhi: Sahara India, which approached the Surpeme Court yesterday with regards to the rejection of deadline extension by the SAT, has now gone on record to say that it has cleared Rs 33,000 crore worth of refunds to its investors as per court orders.  They also said, "We started OFCD in these two companies in 2008-09. Most of the money deposited with us was for 5 to 10 years. But now we have cleared around Rs 3,300 crore liability," the group said today. Sahara also went on to say, "Sahara has tendered payment of a sum of Rs 5,120 crore to the Hon'ble Supreme court as the maximum OFCD outstanding liability," it added. 
 
In the recent few days, the conglomerate has been in a war of sorts with the Securities Exchange Board of India (SEBI), where it has accused the market regulator of issuing uncessary public notices through national media which have not served the purposes of any of the honorable investors. Adding to this, they have denied converting the funds collected through OFCDs into other group schemes, and said “It is really a childish conclusion and allegation made on the basis of one thousand or two thousand complaints, as Sebi claims, out of three crore investors.” The problems were further compounded by alledged non-acceptance of the valid documents by SEBI, where Sahara says they have 60 truckloads of paperwork lying with them which the market regulator havent acepted yet. 
 
With the war boiling up to new proportions, it is still unclear whether SEBI will be accepting the statements issued by Sahara Group, as to how much of the funds have been given back to the investors. In an order in June 2011, Sebi whole time member K M Abraham had presecribed a specific method of repayment to be followed for the refund of OFCDs. He also had asked Sahara to get peer-reviewed auditors certify this refund. 
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