Lok Sabha Question No. 372 (UNSTARRED), answered on 2024-02-05
Subject: Refund of Money Stuck in Sahara India Pariwar
Ministry: FINANCE
Asked by: Mahabali Singh

## GOVERNMENT OF INDIA MINISTRY OF FINANCE

## DEPARTMENT OF ECONOMIC AFFAIRS

## LOK SABHA

## UNSTARRED QUESTION NO. 372

## TO BE ANSWERED ON MONDAY 05 TH  FEBRUARY, 2024/ MAGHA 16, 1945 (SAKA)

## Refund of Money Stuck in Sahara India Pariwar

## QUESTION

## 372 SHRI MAHABALI SINGH

Will the minister of FINANCE be pleased to state:

- (a) Whether  the  Government  has  decided  to  refund  the  money  stuck  in  Sahara  India Pariwar;
- (b) The number of investors to whom the money is likely to be refunded;
- (c) Whether only 10,000 INR amount will be refunded to the investors as of now;
- (d) If so, whether the Government has any plan to refund the money of big investors: and
- (e) If so, the details thereof?

## ANSWER

## MINISTER OF STATE FOR FINANCE

## (SHRI PANKAJ CHAUDHARY)

(a) to (e): 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 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. 15,646.68 Crores has been realized by SEBI as on 31.03.2023.

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.  A special bench has been constituted to hear the matter.

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.

In accordance with the Order dated 29.03.2023 of the Hon'ble Supreme Court, an amount of Rs.5000 Crores have been transferred from 'SEBI-Sahara Refund Account' to the Central Registrar  of  Cooperative  Societies  on  19.05.2023.  An  Online  Portal  has  been  launched  on 18.07.2023 for submission of claims for refund by the genuine depositors of four Multi-State Cooperative  Societies  of  Sahara  Group  namely  Sahara  Credit  Cooperative  Society  Ltd., Lucknow,  Saharayn  Universal  Multipurpose  Society  Ltd.,  Bhopal,  Humara  India  Credit Cooperative  Society Ltd.,  Kolkata and  Stars  Multipurpose  Cooperative  Society Ltd., Hyderabad.

The entire process of disbursement is being carried out under the supervision and monitoring of Justice R. Subhash Reddy, Former Judge of Hon'ble Supreme Court. Presently, payment only upto Rs.10,000/- is being disbursed to each genuine depositor of the Sahara Group of Cooperative Societies against verified claims through Aadhaar seeded Bank account. A total of around 1.21 Crore applications have been registered on the 'CRCS-Sahara Refund Portal' and an amount of Rs.258.47 Crore has been released to 2,77,607 depositors of Sahara Group of Cooperative Societies upto 31.01.2024.

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