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Sahara pays back 86% of investors’ money

New Delhi, Feb 17 () : Sahara India has claimed that it has paid back 86% of money collected by its companies, Sahara India Real Estate Corp Ltd (SIRECL) and Sahara Housing investment Corp Ltd (SHICL).

It has paid 86% of Rs. 25,781.32 crore, the firms had collected. The amount repaid is Rs. 22,117.39 crore.

Currently, liability from optionally fully convertible debenture (OFCD) holders is Rs.3,663.93 crore. This figure is Rs 1000 crore higher than the previous figure quoted by the group. Most of the investors were real estate firms who were given the money with interest and rural area investors too were refunded. Very remote rural area investors’ details are being verified and they too will be refunded.

The company said that it previously quoted only Rs 2063 crores as liability but did not mention the Rs 2500 crore kept as buffer. As per the legal advice, it has clubbed both to reach the present figure. It said that given this the liability and interest were much less than the figures it cited now.

It also denied that the SEBI had frozen the bank accounts of the two companies and their directors. As per Supreme Court, it has deposited Rs 120 crore with SEBI. The loan exposure of the two companies was only Rs 650 crore to the banks. 29.6 million investors had invested in these companies.

SEBI citing the rule that any company whether listed or not cannot take public deposits from more than 50 persons without the regulator’s nod. Sahara went to court which upheld the SEBI stance and it moved to Supreme Court. Here again, the company’s stance was not accepted. The apex court gave SEBI powers to freeze accounts and start recovering the depositors’ money. Now,Sahara’s new admission is that 86% of the money that has been paid will have to stand the Court and SEBI’s scrutiny.

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