It is Sebi who has to make payments to Sahara investors out Rs. 24,000 Crores deposited with it: Sahara told Hon’ble High Court

It is Sebi who has to make payments to Sahara investors out Rs. 24,000 Crores deposited with it: Sahara told Hon’ble High Court
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It is Sebi who has to make payments to Sahara investors out Rs. 24,000 Crores deposited with it: Sahara told Hon’ble High Court

Sahara India Pariwar in Patna High Court submitted that more than Rs. 24,000 Crore are lying deposited with SEBI, for making repayment to the investors of Sahara Group Companies. However, the investors are not paid by SEBI and the money is lying idle with it. SEBI has made repayment to the investors only about Rs. 128 Crores in last nine years. There is no bar in the order passed by Hon’ble Supreme Court that SEBI will not make repayment to the investors of other Group Companies. This was submitted by Shri Umesh Prasad Singh, Senior Advocate appearing before the Court on 8th March, 2022 on behalf of Sahara in a written response inpursuance of the summons issued by Hon’ble Patna High Court.
It was also argued that there is no impediment or order passed by Hon’ble Supreme Court or any other Court restraining SEBI from making repayment to the investors of the other Companies/Societies, other than the said two Sahara Companies, when those companies have made investments, which are freezed by Hon’ble Supreme Court. He also stated that in fact in a Writ Petition filed before Hon’ble Lucknow HIGH court SEBI has itself undertaken that money received from Sahara shall be used for making repayment to all investors including that of Sahara Q Shop. In any case if the repayment is not made, the money shall be refunded back to Sahara with interest.
However, in spite of such undertaking of SEBI and a clear order of Hon’ble Supreme Court dated 05.12.2012 that the surplus amount shall be refunded by SEBI to Sahara, SEBI has neither paid to the investors nor made refund to Sahara. As such there are only course open for SEBI is to either refund the entire amount to Sahara or make repayment to the investors.
The counsel for SEBI could not satisfactorily answer the submissions made by the counsel for Sahara’s. The Hon’ble High Court directed SEBI to file their response in writing on or before 25.03.2022. The Court further directed that a responsible officer from the Head office of SEBI at Mumbai be present in the Court on 28.03.2022 to answer the all questions posed by the Hon’ble High Court.

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Anish Gaudana

Anish Gaudana

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