SEBI’s Rs 62,000 Cr Demand Wrongful: Sahara

November 20, 2020

The Sahara group has alleged that markets regulator is “acting biased” and is raising a “wrong demand” asking Sahara group to pay Rs 62,600 crore or $8.48 billion.

“It is absolutely wrong demand by SEBI. Hon’ble Supreme court has in the past directed us to deposit the principal amount which is around Rs 24,700 Crore and already there are more than Rs. 22,000 Crore deposited. SEBI has mischievously added 15% interest from the beginning so they are very wrongfully mentioning $8.48 billion,” Sahara said in a statement.

“In fact SEBI had advertised throughout the country through around 150 newspapers inviting claimants but they could only pay around Rs. 107 Crore to investors. Also, SEBI has mentioned in the last advertisement which appeared almost a year back that they would not entertain any more claimants. Which means that there are no more claimants at all. How can there be claimants since Sahara has already paid back, long time back. SEBI is acting biased. It is a typical case of double payment,” Sahara group said.

SEBI has petitioned the Supreme Court to direct Sahara Group chief Subrata Roy to pay Rs 62,600 crore immediately, or cancel his parole if he doesn’t yield.

The markets regulator said the outstanding liability of the Sahara India Parivar group’s two companies and the group’s chief Roy stand at Rs 62,600 crore, including interest.

Also Read: Indian stock markets set for ‘mother of bull run’: Report

Also Read: Indian Banks’ NPLs near FY14 levels: Report

Previous Story

Pep Guardiola To Stay With City Till 2023

Next Story

India’s GDP Contraction Rate Narrows to 9.5% in Q2

Latest from BUSINESS

India’s Job Market Surges

With hiring levels on the rise, compensation is expected to increase by 12-15% in metro cities and by 18-22% in emerging cities

India Inc Eyes Upswing

Private equity (PE) remained comparatively stable in Q2, clocking 357 deals worth $7.4 billion — the second-highest volume since Q4 2022. However,

Microsoft Cuts Deep

The fresh job cuts come less than two months after Microsoft announced it was laying off more than 6,000 employees…reports Asian Lite