You are here: Home » PTI Stories » National » News
Business Standard

Sebi has refunded Rs 91.52 cr to Sahara investors: Govt

Press Trust of India  |  New Delhi 

Markets regulator Sebi has so far refunded Rs 91.52 crore to investors, who had invested in companies, Parliament was informed today.

This included Rs 50.08 crore as Principal amount and Rs 41.44 crore as interest, of State for Finance Pon Radhakrishnan said in a written to the Lok Sabha.

The markets regulator has been making refund to investors of optionally fully convertible debentures (OFCDs) in two unlisted entities-- Sahara Real Estate Corporation and -- who are lodging their claims after the verification.

It has not completed the refund process yet, Radhakrishnan said.

"Sebi has so far received claims from investors in respect of 43,574 deposits accounts only. Sebi has made refunds in respect to 32,719 deposit accounts for a total of Rs 91.52 crore including principal and interest," he added.

The regulator initiated the process of refunding investors in May 2013 by uploading the format on its website. It followed up the case with two advertisements, in August and December 2014, asking investors to submit their claims with the required documents.

Further, the said that the Supreme Court, in April 2017, appointed the official liquidator of the Bomaby High Court to conduct the auction for sale of the group's Aamby Valley project near Pune, under the guidance of two judges of the

Accordingly, the official liquidator is taking steps in this regard.

"The (Sebi) has informed that the auction process is not completed and it is going under the aegis of the judicial mechanism," he added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, February 09 2018. 20:05 IST