Lok Sabha Question No. 183 (STARRED), answered on 2024-08-05
Subject: Refund of Money Deposited in Sahara Group and PACL Limited
Ministry: FINANCE
Asked by: Shri Amra Ram

## GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS

## LOK SABHA STARRED QUESTION NO. *183

## TO BE ANSWERED ON MONDAY, 5 TH  AUGUST, 2024/ SRAVANA 14, 1946 (SAKA)

## Refund of Money Deposited in Sahara Group and PACL Limited QUESTION

## †183   SHRI AMRA RAM

Will the Minister of FINANCE be pleased to state:

- (a) the proposed plan of action of the Government to refund the money deposited by the investors in Sahara Group and PACL Limited along with the savings institutions; (b) the number of investors who have been refunded their deposited funds; (c) the time by which the said deposited funds are likely to be refunded to their investors; and
- (d) if not, the reasons therefor?

## ANSWER

## MINISTER OF FINANCE

## (SMT. NIRMALA SITHARAMAN)

- (a) to (d): A Statement is laid on the Table of the House.

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Statement referred to in the reply to part (a) to (d) of the LOK SABHA Starred Question no. *183 raised by Shri Amra Ram due for reply on 5 th August 2024 regarding 'Refund of Money Deposited in Sahara Group and PACL Limited'. (a) to (d):  In terms of the Hon'ble 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  Securities  and  Exchange  Board of  India  (SEBI),  within  a  period  of three  months  from  the  date  of  the  order.  Pursuant  to  various  orders  passed  by  the  Hon'ble Supreme Court and the attachment orders of SEBI dated 13.02.2013, an aggregate amount of Rs. 15,775.50 crore was deposited with SEBI as on 31.03.2024. 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  Hon'ble  Supreme  Court,  advice  rendered  by  Justice  (Retd) B.N.Agarwal  appointed  by  the  Hon'ble  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 Hon'ble Supreme Court in the matter.  The Hon'ble Supreme Court has constituted a three Judges' special bench for further proceedings. SEBI,  in  its  order  dated  31.10.2018,  directed  Sahara  India  Commercial  Corporation  Limited (SICCL) and its directors to refund the money collected to its bondholders. The matter is subjudice before the Hon'ble Supreme Court. A  committee  was  constituted  under  the  Chairmanship  of  Justice  (Retd)  R  M  Lodha,  on  the directions of Hon'ble Supreme Court for disposal of the properties of PACL Ltd, so that the sale proceeds can be distributed to the investors. After considering the amount of funds available for distribution with the Committee, it has decided to make payments, with due verifications, to the investors in a phased manner, starting from small investors. As on 31.03.2024, the Committee has  effected  aggregate  refunds  of  Rs  1,021.84  crore  to  20,84,635  eligible  investors  with outstanding claim amount upto Rs. 19,000.

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