In a last-ditch effort to locate Sahara investors eligible for refunds, market regulator Sebi has asked all such persons to submit their claims by next month.
Sahara claims to have returned the outstanding dues to almost all the bondholders directly. Those having invested in various bonds issued by the two Sahara firms, Sahara India Real Estate (SIRECL) and Sahara Housing
Investment (SHICL), have been asked by Sebi to submit their refund applications along with necessary documentary proof by September 30.
This follows directions from the Supreme Court, which has asked Sebi to facilitate refund to the bondholders of the two companies in connection with a long-running dispute involving raising of funds to the tune of over Rs 24,000 crore from nearly three crore investors across the country.
Sahara maintained it has already repaid more than 93 per cent of the outstanding dues directly.
While Sahara maintained it has already repaid more than 93 per cent of the outstanding dues directly to the bondholders and the remaining amount was just about Rs 2,500 crore, it deposited Rs 5,120 crore with Sebi in December 2012 towards investor refunds as per Supreme Court orders. A further amount of Rs 3,117 crore was deposited by the group with Sebi this June.
In May last year, the market regulator began the process of refunding money to eligible investors from the amount deposited by the group till that time and issued public notices inviting claim applications.
However, the refunds made so far remain minuscule, although the regulator has not so far made public the exact quantum of such payments. Taking forward the refund process, Sebi has now issued a new public notice inviting bondholders of the two Sahara firms to submit their refund applications, along with original bond certificates or passbooks, self-attested copies of identity and address proofs as well as bank details for credit of refund amount directly into their accounts.
Sahara group didn’t comment on Sebi’s new refund application process.
While seeking applications in a prescribed format, Sebi also said it would entertain applications for real estate, Adobe and Nirmaan bonds of SIRECL, as also for multiple, income and housing bonds of SHICL.
“Please note that the claims relating to any schemes/bonds other than the ones listed above shall not be entertained and will be returned to the applicant at his/her sole risk and responsibility,” the regulator said.
Sebi also said, “Claims received after September 30 shall be returned to the applicant at his/her sole risk and responsibility.”
On August 14, Sahara informed the Supreme Court that it had reached an agreement with a foreign party to sell its three luxurious hotels in London and New York and a foreign bank has agreed to grant bank guarantee for Rs 5,000 crore. The court gave Sahara chief Subrata Roy 15 more working days to complete the process.
Roy, who has been in jail for over five months, was earlier asked to deposit Rs 5,000 crore in cash and further Rs 5,000 crore as bank guarantee to secure an interim bail. Out of this, the group has deposited Rs 3,117 crore so far.
Sahara has been maintaining that Sebi should verify the refunds made by it directly and claims to have submitted to the regulator proof for nearly 75 per cent of the refunds. It also says the remaining 25 per cent refund proof is lying at its Mumbai godown to be given to Sebi.
Sahara contends that bulk of its investors didn’t have bank accounts or other formal financial papers, the details of which have been sought by Sebi.
On the identification on Sahara’s investors, Sebi has contested in the court that addresses of many of the investors given by Sahara were incomplete as only names of village, district and state were given and no house number or street/lane name was mentioned.
Sahara maintained that most of the investors were from rural India and there was no house number or street name in the villages. However, in the new refund application form, Sebi has given a new address format for rural investors, asking only village name, post office, district and state but has sought house numbers and street names for urban addresses.Source: http://www.mydigitalfc.com/
Sahara claims to have returned the outstanding dues to almost all the bondholders directly. Those having invested in various bonds issued by the two Sahara firms, Sahara India Real Estate (SIRECL) and Sahara Housing
Investment (SHICL), have been asked by Sebi to submit their refund applications along with necessary documentary proof by September 30.
This follows directions from the Supreme Court, which has asked Sebi to facilitate refund to the bondholders of the two companies in connection with a long-running dispute involving raising of funds to the tune of over Rs 24,000 crore from nearly three crore investors across the country.
Sahara maintained it has already repaid more than 93 per cent of the outstanding dues directly.
While Sahara maintained it has already repaid more than 93 per cent of the outstanding dues directly to the bondholders and the remaining amount was just about Rs 2,500 crore, it deposited Rs 5,120 crore with Sebi in December 2012 towards investor refunds as per Supreme Court orders. A further amount of Rs 3,117 crore was deposited by the group with Sebi this June.
In May last year, the market regulator began the process of refunding money to eligible investors from the amount deposited by the group till that time and issued public notices inviting claim applications.
However, the refunds made so far remain minuscule, although the regulator has not so far made public the exact quantum of such payments. Taking forward the refund process, Sebi has now issued a new public notice inviting bondholders of the two Sahara firms to submit their refund applications, along with original bond certificates or passbooks, self-attested copies of identity and address proofs as well as bank details for credit of refund amount directly into their accounts.
Sahara group didn’t comment on Sebi’s new refund application process.
While seeking applications in a prescribed format, Sebi also said it would entertain applications for real estate, Adobe and Nirmaan bonds of SIRECL, as also for multiple, income and housing bonds of SHICL.
“Please note that the claims relating to any schemes/bonds other than the ones listed above shall not be entertained and will be returned to the applicant at his/her sole risk and responsibility,” the regulator said.
Sebi also said, “Claims received after September 30 shall be returned to the applicant at his/her sole risk and responsibility.”
On August 14, Sahara informed the Supreme Court that it had reached an agreement with a foreign party to sell its three luxurious hotels in London and New York and a foreign bank has agreed to grant bank guarantee for Rs 5,000 crore. The court gave Sahara chief Subrata Roy 15 more working days to complete the process.
Roy, who has been in jail for over five months, was earlier asked to deposit Rs 5,000 crore in cash and further Rs 5,000 crore as bank guarantee to secure an interim bail. Out of this, the group has deposited Rs 3,117 crore so far.
Sahara has been maintaining that Sebi should verify the refunds made by it directly and claims to have submitted to the regulator proof for nearly 75 per cent of the refunds. It also says the remaining 25 per cent refund proof is lying at its Mumbai godown to be given to Sebi.
Sahara contends that bulk of its investors didn’t have bank accounts or other formal financial papers, the details of which have been sought by Sebi.
On the identification on Sahara’s investors, Sebi has contested in the court that addresses of many of the investors given by Sahara were incomplete as only names of village, district and state were given and no house number or street/lane name was mentioned.
Sahara maintained that most of the investors were from rural India and there was no house number or street name in the villages. However, in the new refund application form, Sebi has given a new address format for rural investors, asking only village name, post office, district and state but has sought house numbers and street names for urban addresses.Source: http://www.mydigitalfc.com/
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