Crores of depositors who invested their hard-earned money with Sahara India are eagerly waiting for a refund, even after more than a year has passed since the launch of the CRCS-Sahara refund portal on July 18, 2023. This was done following a Supreme Court order to facilitate the repayment of money to Sahara depositors who invested in the multi-state cooperative societies of the beleaguered group.
In the Lok Sabha, parliamentarian Sunil Kumar posed some queries to the government on the matter.
Minister of State for Finance Pankaj Chaudhary was asked whether crores of rupees belonging to the poor are stuck in Sahara India Finance and if the government had opened a portal for investors to apply and retrieve their deposited funds.
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The questions also sought information on how many investors had received their money back, whether the government or SEBI had any plans to refund the remaining investors, and the expected timeline for the completion of the refund process.
Also read: Sahara Group depositors alert! Rs 370 crore released via CRCS-Sahara refund portal – Know details
According to the minister, Supreme Court, in its order dated August 31, 2012, had directed Sahara India Real Estate Corporation Limited (SIRECL), Sahara Housing Investment Corporation Limited (SHICL), and their promoters and directors to deposit an aggregate amount of Rs 25,781.37 crore with the Securities and Exchange Board of India (SEBI). As of March 31, 2024, SEBI has received Rs 15,775.50 crore following various orders from the Supreme Court.
In line with the Supreme Court’s directives, SEBI invited applications for refunds from bondholders of SIRECL and SHICL. Refunds have been issued to 17,526 eligible bondholders for a total of Rs 138.07 crore, after verifying documents and validating applications. However, the process is ongoing, as SEBI continues to monitor the situation and is working towards further refunds.
The Supreme Court also ordered SEBI to deposit the remaining principal amount within nine months.
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