SEBI's act of not paying money to investors 'highly irresponsible': Sahara
Capital market regulator SEBI is holding Rs25,000 crore of Sahara and in the last nine years, it has only paid around Rs125 crore to the investors, making the conglomerate company as much a victim as its investors, Sahara said in a statement on Monday.
This act of the SEBI is highly irresponsible and against the interests of the investors, it said.
The case pertains to a series of complaints lodged alleging that the company was not returning the investors' money after having assured high returns.
"This (non-payment of money to the investors) is neither logical nor justified. SEBI should act in the interests of the investors and either start paying to the investors or refund the money to Sahara so that we can pay to our investors," the statement said.
"This is ironic. On one hand as per the Supreme Court order, Sahara has deposited more than Rs25,000 crore, including interest, in the Sahara SEBI account which has been lying idle with SEBI for the last nine years. On the other had, because of the embargo imposed on us, Sahara cannot pay directly to the investors by selling or mortgaging any of its assets," it added.
When the assets are under embargo and available funds are deposited in the Sahara SEBI account, how Sahara is supposed to make payments to the investors, it questioned in the statement.
"Even then Sahara is making payments, but it is getting delayed. Sahara has been serving its members well for the last 44 years and never in the past any issue was raised."
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1 year ago
Sahara India cooperative society bank se Paisa dalvao Janata
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