Real estate investors are already refunded, claimed Sahara firms. Subrata Roy, the chairman of Sahara groups, claimed that Sahara real estate firms have already refunded the amount.
A December 9 advertisement showed that both Sahara firms – Sahara India Real Estate and Sahara Housing Investment – have paid SEBI Rs.2,620 Cr. The real estate firms have paid an additional Rs.2500 Cr as well in defense in form of buffer amount.
Last week Supreme Court has granted more time to both Sahara group firms to refund. The SC has given 3 months’ time to refund. As per the SC order the Sahara real estate firms are to pay the entire amount back in two installments. They are given the time up to February first week.
Meanwhile Sahara India Pariwar gave a colorful advertisement which stated that the firms’ liability is a mere Rs.2,620 Cr. The advertisement was given in some top newspapers.
As per the published advertisement the group has redeemed the Optionally Fully Convertible Debentures –OFCDs over a period of time. The Sahara advertisement further stated that both Sahara India Real Estate and Sahara Housing Investment together have a liability of Rs.2,620 Cr.
In fact this amount is slightly more than 10% of the actual fine of Rs.24,000 Cr. The amount is said to be collected from three crore investors across the country.
The provisional financial statement of Sahara India Pariwar was published on December 3. The statement showed that the repayments on the OFCDs of both Sahara firms were begun in 2008-09. It further stated that the Sahara India Real Estate Corporation Ltd. as well as Sahara Housing Investment Corporation Ltd. have nearly cleared around Rs.33,000 Cr liability.
Sahara has proposed to pay of a sum of Rs.5,120 Cr to the Apex Court. This will be enough to clear the unresolved OFCD liability, added the statement.
December 9 advertisement has claimed that the Sahara firms have paid Rs.2,620 Cr to SEBI. An additional amount of Rs.2500 Cr is also paid. The advertisement states that this additional amount is meant to avoid all sorts of embarrassment to the firms.
The Supreme Court ordered Sahara to pay the entire amount in installments on December- 6. As per the SC order the real estate firms are to finish the repayments by the first week of February. SC bench, with Chief Justice Altamas Kabir as its head, ordered Sahara to deposit Rs.5,120 Cr initially.
Meanwhile the SEBI’s demand to have the bench of Justices K.S. Radhakrishnan and J.S. Khehar to hear the case was not granted. Bench of Justices K.S. Radhakrishnan and J.S. Khehar were the judges who made the verdict on August 31. According to the Aug 31 order of Supreme Court the Sahara firms had to refund the amount of Rs.24,029.73 Cr to the investors.