Only Rs 138 Crore Refunded to Sahara Investors Out of Rs 25,000 Crore: Finance Minister

Finance Minister Nirmala Sitharaman on Monday said that so far only Rs 138.07 crore has been refunded to investors out of the total of over Rs 25,000 crore under the two Sahara schemes.

Replying to a question in the lower house, Sitharaman said that so far, the number of claims was 19,650. Of those, based on the eligibility criteria, 17,256 claims could be entertained, resulting in just Rs 138.07 crore being refunded.

Finance Minister Nirmala Sitharaman stated that repeated attempts through advertisements for public outreach are not yielding results.

“Repeated attempts by the Supreme Court to go for advertisements are not yielding results in this particular SEBI-related three-company case,” Sitharaman apprised the Parliament.

In 2012, the Supreme Court directed SEBI to refund to subscribers the money invested in the Optionally Fully Convertible Debentures (OFCDs) issued by the two Sahara companies — SIRECL and SHICL — after verifying their genuineness.

An estimated amount of about Rs 25,781.37 crore from 3.07 crore investors is due. The apex court had asked Sahara companies to refund the investors’ money with a 15 per cent interest.

“Despite the attempts made by SEBI advertising in 2013, 2014, and again in 2018, saying…that this is the last time (we are advertising, please whoever wants to claim, come forward). Three publicly-announced attempts (were made) to get people to come and claim the amount so that the disbursal can happen,” she said.

“So, repeated attempts by the Supreme Court to go for advertisements are not yielding results in this particular SEBI-related three-company case.”

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When asked by a member whether there are properties of SEBI that cannot be auctioned out to pay the investors, she said, “Yes, of Sahara, which SEBI can auction and reclaim the money.” However, she stressed that the primary aim should be the distribution of Rs 25,781 crore.

“So we would like more claimants to come. There is a portal created by the Ministry of Cooperation saying please put your names for those four cooperative-based organizations. Go to that portal, and register your name. That committee of three people, inclusive of a retired judge, will look into the claims and money will be distributed,” she said, urging parliamentarians to ask people to register for seeking refunds.

“But we are seeking more claims, I would request all the honourable members, if they have people who are approaching them, to please come, put a legitimate claim, show the papers, take the money.”

“We are waiting to clear it. But I just want to dispel this thought that the Government of India is not doing anything. We are constantly reporting to the Supreme Court. Three panels of retired Supreme Court judges are monitoring us. They are approving every claim which is getting money back. So let us not in this house doubt the intent and the interest with which the central government is working on this,” she added.

Another member asked whether the government has any mechanism to provide refunds to investors who invested through agents. The finance minister said the apex court-monitored committee will be able to look into such matters. She said she will put forward the member’s recommendation to the committee.

“For those who are rejected, it is not rejection. We are telling them to get further documents so that your claim will be further strengthened and we can give it,” she said.

(With ANI Inputs)

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