Sebi says Sahara investors refunded over Rs 42 crore
The total amount claimed by the 10,456 bondholders stood at more than Rs 50 crore while the disputed cases involve refund claims to the tune of about Rs 7.65 crore.
- Dec 19, 2015,
- Updated Dec 19, 2015 12:29 PM IST
The Securities and Exchange Board of India (Sebi) has been able to refund only Rs 42 crore to bondholders of the two Sahara firms while discrepancies were found in nearly 3,000 refund applications. The refunds are being made from the amount deposited by the Subrata Roy-led Sahara Group firms with the market regulator as per the Supreme Court orders. The total amount deposited by as on March 31, 2015, stood at Rs 8,790.08 crore, Sebi said.
The latest status update on the refund process, published by Sebi on Fridaym, shows that 10,456 applications were received while refunds were made with respect to 7,296 applications for an aggregate amount of Rs 42,42,36,472, including interest of Rs 18,04,58,872, as on June 3, 2015.
About 1,527 applications were referred to applicants for removal of discrepancies and the remaining (approximately 3,000 cases) fall in the disputed category, which need to be looked into and decided upon individually by the Competent Authority, Sebi said.
The total amount claimed by the 10,456 bondholders stood at more than Rs 50 crore while the disputed cases involve refund claims to the tune of about Rs 7.65 crore. The total refund stood at Rs 1.25 crore as on March 31, 2014, including interest of Rs 43.83 lakh, relating to 445 applications.
Giving further details about the case, Sebi said that it began the refund process pursuant to the orders of the Supreme Court to make refund to genuine investors who lodged their claims with Sebi.
Sebi had initiated the refund process on May 28, 2012, while two series of advertisements were released in August 2014 and December 2014 and a format of application for refund was put on the regulator's website. Sebi has constituted a special enforcement cell to specifically handle work relating to the verification process of documents submitted in terms of the directions of the apex court and also to handle matters connected therewith.
The Securities and Exchange Board of India (Sebi) has been able to refund only Rs 42 crore to bondholders of the two Sahara firms while discrepancies were found in nearly 3,000 refund applications. The refunds are being made from the amount deposited by the Subrata Roy-led Sahara Group firms with the market regulator as per the Supreme Court orders. The total amount deposited by as on March 31, 2015, stood at Rs 8,790.08 crore, Sebi said.
The latest status update on the refund process, published by Sebi on Fridaym, shows that 10,456 applications were received while refunds were made with respect to 7,296 applications for an aggregate amount of Rs 42,42,36,472, including interest of Rs 18,04,58,872, as on June 3, 2015.
About 1,527 applications were referred to applicants for removal of discrepancies and the remaining (approximately 3,000 cases) fall in the disputed category, which need to be looked into and decided upon individually by the Competent Authority, Sebi said.
The total amount claimed by the 10,456 bondholders stood at more than Rs 50 crore while the disputed cases involve refund claims to the tune of about Rs 7.65 crore. The total refund stood at Rs 1.25 crore as on March 31, 2014, including interest of Rs 43.83 lakh, relating to 445 applications.
Giving further details about the case, Sebi said that it began the refund process pursuant to the orders of the Supreme Court to make refund to genuine investors who lodged their claims with Sebi.
Sebi had initiated the refund process on May 28, 2012, while two series of advertisements were released in August 2014 and December 2014 and a format of application for refund was put on the regulator's website. Sebi has constituted a special enforcement cell to specifically handle work relating to the verification process of documents submitted in terms of the directions of the apex court and also to handle matters connected therewith.