sahara said the reason is clear that the SEBI, despite giving four rounds of advertisements in 154 newspapers in last 8 years across the country, has repaid only Rs 107 crore to the investors
Subrata Roy
The Sahara India Parivar on Friday refuted the Securities and Exchange Board of India's (SEBI) claim on it and said that that the market regulator has committed contempt of court.
"There is a clear order of Hon'ble Supreme Court which says that Sahara should deposit only the principal amount which is around Rs 24,700 crore out of which Sahara has already deposited Rs 22,500 crore (including interest). This is absolutely wrong demand by SEBI and it has mischievously added 15 per cent interest on the principal amount so they are very wrongfully mentioning Rs 62,600 crore," Sahara said in a statement.
ADVERTISEMENT
Sahara said the reason is clear that the SEBI, despite giving four rounds of advertisements in 154 newspapers in last 8 years across the country, has repaid only Rs 107 crore to the investors. In its last advertisement that was published around a year ago, SEBI made it clear that it would not entertain any further claim thereafter.
"It means that for SEBI there is no more claimant at all. How can there be claimants since Sahara has already paid back, long time back. SEBI is acting biased. It is a typical case of double payment. As per the directives of the Hon'ble Supreme Court, this amount of Rs 22,500 crore will eventually come back to Sahara after due verification," Sahara said in the statement.
The SEBI has petitioned the Supreme Court to direct Sahara Group chief Subrata Roy to pay Rs 62,600 crore immediately, or cancel his parole if he doesn't yield.
The markets regulator said the outstanding liability of the Sahara India Parivar group's two companies and the group's chief Roy stand at Rs 62,600 crore, including interest.
Keep scrolling to read more news
Catch up on all the latest Crime, National, International and Hatke news here. Also download the new mid-day Android and iOS apps to get latest updates.
Mid-Day is now on Telegram. Click here to join our channel (@middayinfomedialtd) and stay updated with the latest news
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
