Press Esc to close
Friday 19 December 2014
News updated at 12:42 PM IST
Weather
Max: 24°C
Min : 18.2°C
In Bengaluru
Generally cloudy

Sahara justifies cash refunds

New Delhi, April 5, 2013, DHNS:

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
Children during a Christmas celebration at National Centre for Performing Arts ...

Children during a Christmas celebration at National Centre for Performing Arts ...

Hero Action Team during a cycling expedition at Kufri...

Hero Action Team during a cycling expedition at Kufri...

People warm themselves next to a fire on a winter morning...

People warm themselves next to a fire on a winter morning...

Indian Space Research Organisation’s GSLV-Mark III rocket...

Indian Space Research Organisation’s GSLV-Mark III rocket...

Micromax co-founder and YU founder Rahul Sharma at the launch of Cyanogen...

Micromax co-founder and YU founder Rahul Sharma at the launch of Cyanogen...

School students hold placards during a rally to protest against the Pakistan terror...

School students hold placards during a rally to protest against the Pakistan terror...

Boxer Vijender Singh and actress Esha Deol during a promotional...

Boxer Vijender Singh and actress Esha Deol during a promotional...

Cakes exhibit at Hotel Oberoi for coming Christmas...

Cakes exhibit at Hotel Oberoi for coming Christmas...

School children in Ahmedabad praay as they pay tributes...

School children in Ahmedabad praay as they pay tributes...

School children of Gurgaon pay tributes to the children killed in Pakistan...

School children of Gurgaon pay tributes to the children killed in Pakistan...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523