Lok Sabha Question No. 1252 (UNSTARRED), answered on 2023-12-11
Subject: Sahara India Group
Ministry: CORPORATE AFFAIRS
Asked by: Sukanta Majumdar

## GOVERNMENT OF INDIA

## MINISTRY OF CORPORATE AFFAIRS

## LOK SABHA

UN-STARRED QUESTION NO. 1252 ANSWERED ON MONDAY, 11 th  DECEMBER 2023 Agrahayana 20, 1945 (Saka)

## SAHARA INDIA GROUP

## QUESTION

1252.  DR. SUKANTA MAJUMDAR:

Will the Minister of CORPORATE AFFAIRS कारपोरेट कार्य मंत्री be pleased to state:

- (a) the Government's reaction after the death of the Sahara India Group Chief recently with regard to line of investigation of chit fund scam done by the Sahara Group;
- (b)  whether  the  Government  is  proposing  to  seize  the  land  and  other assets of the Sahara Group and if so, the details thereof;
- (c) the current status of the investigation by SFIO and steps being taken by  SEBI/Government  to  return  the  investors  money  parked  with  SEBI since the last Eleven years;
- (d) the Government's line of action thereto as Sahara Chief is no more now and SEBI too have failed to return the investments to the public; and (e) the other corrective steps being taken by the Government to return the crores of investment to their real depositors?

## ANSWER

Minister of State (Independent Charge) of the Ministry of Statistics and Programme Implementation; Minister of State (Independent Charge) of the Ministry of Planning and Minister of State in the Ministry of Corporate Affairs.

सांख्यिकी और कार्यक्रम कार्ायन्वर्न मंत्रालर् क े राज्य मंत्री ( स्वतंत्र प्रभार ) ; र्ोजना मंत्रालर् क े राज्य मंत्री ( स्वतंत्र प्रभार ) और कॉपोरेट मामलों क े मंत्रालर् में राज्य मंत्री।

(Rao Inderjit Singh) ( राव इंद्रजीत ससंह )

(a) to (e):  The Ministry has ordered an investigation into the affairs of following  three  companies  of  Sahara  Group  under  the  provisions  of Companies  Act,  2013  and  assigned  it  to  Serious  Fraud  Investigation Office (SFIO) on  31.10.2018 :

- 1) Sahara Housing Investment Corporation Limited
- 2) Sahara Q Shop Unique Products Range Limited
- 3) Sahara Q Gold Mart Limited.

Further, investigation u/s 219 of Companies Act, 2013 of following six companies was ordered on 27.10.2020:

- 1) Aamby Valley Limited.
- 2) Qing Ambay City Developers Corporation Limited
- 3) Sahara India Commercial Corporation Limited
- 4) Sahara Prime City Limited
- 5) Sahara India Financial Corporation Limited
- 6) Sahara India Real Estate Corporation Limited

Ongoing aforesaid investigations would not be impeded by the death of any person.

The Securities and Exchange Board of India (SEBI) has informed that the Hon'ble Supreme Court has passed various orders in respect of Sahara Group Companies namely Sahara India Real Estate Corporation Limited, (SIRECL) and Sahara Housing Investment Corporation Limited (SHICL), thus refund is being carried out as per orders of the Apex Court by the order dated 21.11.2013, the Hon'ble Supreme Court directed Sahara Group of Companies not to part with any movable and

SEBI. Further vide immovable properties.

SEBI received 19,650 Applications in total involving 53,687 accounts.  On the basis of verifiable documents, SEBI made refunds with respect to 17,526 eligible bondholders involving 48,326 accounts for an aggregate amount of Rupees 138.07 Crores (i.e., Rupees 70.09 Crores as Principal and Rupees 67.98 Crores as an Interest)

An  I.A. No. 56308 of 2023 in W.P. 191 of 2022 has been  filed by Ministry of  Cooperation  before the  Hon'ble  Supreme  Court .    On  29.3.2023,  the Hon'ble Supreme Court directed  Rs. 5000.00 Crores be transferred to the Central Registrar of Cooperative Societies, who, in turn, shall disburse the same against the legitimate dues of the depositors of the Sahara Group  of  Cooperative  Societies  which  shall  be  paid  to  the  genuine depositors.  In  accordance  with  the  aforesaid  Order    an  amount  of Rs.5000  Crores  has  been transferred  from  'SEBI -Sahara  Refund Account' to the Central Registrar of Cooperative Societies.

****************