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Sahara Refund Status: Rs 138.07 crore returned to Sahara investors in 11 years, SEBI disclosed in annual report

SEBI Annual Report: SEBI has returned a total of Rs 138.07 crore to the investors of two Sahara companies in the last 11 years. Along with this, more than Rs 25,000 crore has been deposited in the special bank accounts opened by SEBI to repay the investors. SEBI has disclosed this in its annual report.

Due to non-claiming of most of the bond holders of two Sahara companies, SEBI has been able to return only seven lakh rupees to the investors in 2022-23. On the other hand, the deposits in the SEBI-Sahara Refund Account increased to Rs 1,087 crore.

In August 2012, the Supreme Court ordered Sahara’s three crore investors to return their money with interest. But in 2022-23 only Rs 7 lakh could be returned.

SEBI said in its annual report that till March 31, 2023, it has received 19,650 applications involving 53,687 accounts. In this, in respect of 17,526 applications related to 48,326 accounts, a total amount of Rs 138.07 crore including interest has been returned to the investors.

The rest of the applications were turned down due to non-traceability of their records in the data of two Sahara group firms – Sahara India Real Estate Corporation Limited (SIREL) and Sahara Housing Investment Corporation Limited (SHICL).

SEBI said that after the arrival of separate orders of the Supreme Court and the instructions related to the confiscation of the regulator, till March 31, 2023, it has been helped in recovering Rs 15,646.68 crore.

This amount was deposited in public sector banks on August 31, 2012 following the order of the Supreme Court. The total deposits in these banks have reached Rs 25,163 crore.

On the 4th of this month, four co-operative societies of Sahara namely Sahara Credit Cooperative Society Limited, Saharayan Universal Multipurpose Society Limited, Hamara India Credit Cooperative Society Limited and Stars Multipurpose Cooperative Society Limited have started receiving their money.

Union Home and Cooperation Minister Amit Shah has transferred Rs 10,000 to the accounts of 112 investors of Sahara in the first phase through the Sahara Refund Portal. 18 lakh investors have registered on this portal.

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