Press Esc to close
Sunday 30 April 2017
News updated at 12:40 PM IST

Sahara justifies cash refunds

New Delhi, April 5, 2013, DHNS: 22:52 IST
The battle between Subrata Roy-led Sahara Group and Securities and Exchange Board of India (SEBI) is hotting up with Sahara accusing the markets regulator of being a “rich men’s regulator that does not understand poor investors”.

Replying to SEBI Chairman U K Sinha’s statement on Wednesday regarding the company refunding Rs 20,000 crore to investors, 90 per cent of it in cash, Sahara said in a statement on Thursday that Sinha had not given it a chance to explain its stand.

Sahara and SEBI are locked in legal dispute over the refunding of 24,000 crore by two companies — Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC) — to its investors.

The company claimed that of its total investor base of 3.07 crore, of which a majority are small investors, upto 1.33 crore have invested upto Rs 5,000. Hence, 90 per cent of the repayments had to be made in cash.

According to Sahara, “...it is “important to note that we had almost repaid all liabilities three years in advance in SIFCL, a residuary non-banking company (RNBC).”

Go to Top

Photo Gallery
My Take: Can you count colours? Photo by Nalini R Magal from Hassan...

My Take: Can you count colours? Photo by Nalini R Magal from Hassan...

My Take: Happiness as a warm puppy. Photo by Varsha Chalageri from Dharwad...

My Take: Happiness as a warm puppy. Photo by Varsha Chalageri from Dharwad...

My Take: Pretty posers. Photo by Siddhi Doddanavar, from Belgaum...

My Take: Pretty posers. Photo by Siddhi Doddanavar, from Belgaum...

My Take: You mean, I won’t grow up to be a tiger? Photo by Praveenkumar P K from Dharwad

My Take: You mean, I won’t grow up to be a tiger? Photo by Praveenkumar P K from Dharwad

The good side vs the bad side. Photo by Gayatri Venkatesh from Bengaluru...

The good side vs the bad side. Photo by Gayatri Venkatesh from Bengaluru...

Border Security Force (BSF) personals handing over a 15 years old Pakistani national Razak...

Border Security Force (BSF) personals handing over a 15 years old Pakistani national Razak...

Basaveshwara statue is decorated on the occasion of Basava Jayanthi and Akshaya Tritiya....

Basaveshwara statue is decorated on the occasion of Basava Jayanthi and Akshaya Tritiya....

A Japanese Hitoshi Takahashi biker performs stunt during Yamaha FMX stunt show in Kochi, Kerala...

A Japanese Hitoshi Takahashi biker performs stunt during Yamaha FMX stunt show in Kochi, Kerala...

People use umbrella to protect from rain at at MG Road and Kasturba Road junction in Bengaluru...

People use umbrella to protect from rain at at MG Road and Kasturba Road junction in Bengaluru...

A lion beats the heat by relaxing under a tree at Dr Shivaram Karnath Biological Park...

A lion beats the heat by relaxing under a tree at Dr Shivaram Karnath Biological Park...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.