Lok Sabha Question No. 1331 (UNSTARRED), answered on 2023-12-11
Subject: Sahara India
Ministry: FINANCE
Asked by: Mahabali Singh

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

## LOK SABHA UNSTARRED QUESTION NO. 1331

## TO BE ANSWERED ON MONDAY, 11 TH  DECEMBER, 2023/ AGRAHAYANA 20, 1945 (SAKA)

## Sahara India

## QUESTION

## 1331   SHRI MAHABALI SINGH

Will the Minister of FINANCE be pleased to state:

- (a) The number of account  holders of Sahara  India  in  the  country  and  the  quantum  of money deposited in the accounts;
- (b) Whether  Sahara  India  is  delaying  the  payment  of  money  to  its  crores  of  account holders of the country and if so, the details thereof and the reaction of the Government thereto;
- (c) Whether the Government is aware of the number of account holders who have so far lost  their  lives  for  want  of  medical  care  and  of  those  who  have  committed suicides just  because of the failure of Sahara India in making payment and if so, the details thereof; and
- (d) The steps taken/being taken by the government to ensure the payment of the account holders?

## ANSWER

## MINISTER OF STATE FOR FINANCE (SHRI PANKAJ CHAUDHARY)

- (a) to (d): The details of the number of investors in the Sahara entities regulated by SEBI are given in the table below:
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. Pursuant to various Orders passed by the Supreme Court and the attachment Orders of SEBI dated  13.02.2013,  an  aggregate  amount  of  Rs.  15,646.68  Crores  (against  the  Principal Amount Rupees 25,781.37 Crores) has been realized by SEBI as on 31.03.2023.
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.  A special bench has been constituted to hear the matter.
4. 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 sub-judice before the Securities Appellate Tribunal and Hon'ble Supreme Court.

|   Sr.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                        |
|        3 | Sahara India Commercial Corporation Limited (SICCL)   |                          1.98 | 14,106.00                       |

Source: SEBI

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