Lok Sabha Question No. 68 (STARRED), answered on 2022-12-12
Subject: Investors of Sahara India Group
Ministry: FINANCE
Asked by: Mahabali Singh, Shiromani Ram

## *68.

## Government of India Ministry of Finance Department of Economic Affairs

## LOK SABHA STARRED QUESTION NO. *68

## TO BE ANSWERED ON MONDAY, DECEMBER 12, 2022/AGRAHAYANA 21, 1944 (SAKA)

## Investors of Sahara India Group

## Shri Mahabali Singh: Shri Ramshiromani Verma

Will the Minister of FINANCE be pleased to state:

- (a) whether  the  Sahara  India  Group  has  been  delaying  the  payment  of  money  to  crores  of  its investors which includes many poor farmers and labourers in the country;
- (b) if  so,  the  details  thereof  including  the  number  of  investors  and  the  quantum  of  money invested by them;
- (c) the steps taken by the Government in the direction of paying back money to the investors;
- (d) the number of investors who were undergoing medical treatment and lost their lives due to non-payment by the Sahara India Group so far;
- (e) the number of people who have committed suicide due to non-payment by the Sahara India Group so far; and
- (f) whether the Government is formulating any plan in this regard so that poor farmers, labourers could get money back?

## ANSWER MINISTER OF FINANCE (SMT. NIRMALA SITHARAMAN)

(a) to (f) : A statement is laid on the Table of the House.

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Statement  referred  to  in  the  reply  to  part  (a)  to  (f)  of  the  LOK  SABHA  Starred Question no *68 raised by Shri Mahabali Singh and Shri Ramshiromani Verma due for reply on 12 th December, 2022 regarding 'Investors of Sahara India Group'.

- (a) to (f):  The details of the number of investors in various Sahara entities are given in the table below-

|   S.No | Name of the Sahara Entity                              |   No. of Investors (in crore) | Total deposits (in Rs. crore)   |
|--------|--------------------------------------------------------|-------------------------------|---------------------------------|
|      1 | Sahara India Real Estate Corporation Limited, (SIRECL) |                          2.33 | 19,400.87                       |
|      2 | Sahara Housing Investment Corporation Limited (SHICL)  |                          0.75 | 6,380.50                        |

Source: SEBI

2. In  terms  of  the  Supreme  Court  order  dated  31.08.2012,  Sahara  India  Real  Estate Corporation  Limited  (SIRECL),  Sahara  Housing  Investment  Corporation  Limited  (SHICL) and  their  Promoters  and  Directors  were  directed  to  deposit  an  aggregate  amount  of  Rs. 25,781.37 Crore with SEBI, within a period of three months from the date of the order.  In pursuance  of  the  said  directions,  Rs.  15,553.59  Crore  were  deposited  with  SEBI  by  the Sahara group.
3. Hon'ble  Supreme  Court  also  directed  SEBI  to  refund  the  amount  to  bondholders  of SIRECL  and  SHICL  along  with  interest  on  production  of  relevant  documents  evidencing payment  and  after  counter  checking  the  records  produced  by  SIRECL  and  SHICL.  SEBI, accordingly, invited applications for refunds through various press releases and advertisements. Based on directions issued from time to time by the Supreme Court, advice rendered by Justice (Retd) B.N.Agarwal appointed by the Supreme Court and validation of the  applications  received,  SEBI  has  made  refunds  to  17,526  eligible  bondholders  for  an aggregate amount of Rs. 138.07 crore. SEBI has, further, filed an Interlocutory application dated 21.12.2021 seeking further directions from the Supreme Court in the matter.
4. No  data  related  to  impact  on  individual  investors  due  to  non-payment  by  the  above Sahara entities is available.

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