After the death of Sahara owner Subrata Roy, the undistributed amount of more than Rs 25,000 crore lying in the account of capital market regulator SEBI has again become a topic of discussion. Market regulator SEBI had recovered Rs 25,000 crore from investors from Sahara Group, the government is looking into the legal issues on how to transfer this money to the government account. In such a situation, the question is arising whether after the death of Subrata Roy, Rs 25,000 crore of Sahara lying with SEBI will come into the government account? Let us know what is the whole matter
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SEBI gave Rs 24,000 crore
SEBI had said in its order that both the companies had raised money by violating its rules and regulations. After a long legal battle, the Supreme Court on August 31, 2012 upheld SEBI’s instructions and asked both the companies to return the money collected from investors with 15 percent interest. After this, Sahara was asked to deposit an estimated Rs 24,000 crore with SEBI to return the investors’ money. However, the group continued to say that it has already paid more than 95 percent of the investors directly. Meanwhile, the government is now preparing to add Rs 25,000 crore lying with SEBI to its Consolidated Fund of India.
Investors got back Rs 138.07 crore in 11 years
According to the latest annual report of the capital market regulator, the Securities and Exchange Board of India (SEBI) returned Rs 138.07 crore to investors of two Sahara Group companies in 11 years. Meanwhile, the amount deposited in bank accounts specially opened for repayment has increased to more than Rs 25,000 crore.
Most of the bondholders of the two Sahara companies did not make any claims regarding this and the total amount increased by about Rs 7 lakh in the last financial year 2022-23, while the amount remaining in the SEBI-Sahara repayment accounts during this period increased by Rs 1,087 crore. According to the annual report, SEBI received 19,650 applications related to 53,687 accounts till March 31, 2023. Of these, a total amount of Rs 138.07 crore was returned for 17,526 applications related to 48,326 accounts, which also includes interest amount of Rs 67.98 crore.
The total amount deposited in nationalized banks is about Rs 25,163 crore.
The remaining two companies of the Sahara Group were closed down as they could not be traced through the information provided by them. In its information under the last updates, SEBI had stated a total amount of Rs 138 crore related to 17,526 applications till March 31, 2022. SEBI said that the total amount deposited in nationalized banks till March 31, 2023 is about Rs 25,163 crore.