Sahara claims it paid Rs 700 cr TDS on interest payments

Sahara also accused Sebi or malice and its officers of carrying out personal vengeance against the group

The Sahara group claimed on Friday that it has deposited taxes on the interest paid to investors with the Income Tax Department.

“Sahara has deposited TDS on the interest paid to the investors on behalf of the two Sahara companies with the Income Tax authorities. The TDS deposited is more than Rs 700 crore,” said a statement from the group.

Sahara also accused the Securities and Exchange Board of India (Sebi) of malice and its officers of carrying out personal vengeance against the group.  

“Everyday, Sebi is maliciously leaking to media (reason best known to them!!!), one or the other news, without any substance, against Sahara Group, to wreck personal vengeance, by some officers involved in handling the matter,” said the statement entitled ‘Sebi’s Malicious Act.’

A query to a Sebi official on the accusations did not immediately elicit a reply.  The Sahara statement noted that Sebi has filed a status report and Interlocutory Application (IA) in the Supreme Court.

It claimed that Sebi has asked for civil detention, “knowing fully well that such provisions of Code of Civil Procedure, prescribing the same as a mode of execution of decree, do not apply to Sebi”.

The Sahara statement claimed that although the matter was mentioned before the Hon’ble Supreme Court it “did not find any urgency and advised for listing of the matter in due course, after Holi vacations”.  Sahara also maintained that all investors are genuine and that it has repaid all outstandings barring the Rs 5,120 crore it has paid to Sebi. It also stated that records of redemption made have been submitted for verification.

In its order last month, Sebi had stated that there was inadequate proof to establish the redemption.