SEBI seeks investor details for refund of Sahara bonds
28 May 2013
The Securities and Exchange Board of India (SEBI) has sought personal and investment detail of ''genuine investors'' of the two Sahara realty firms' optionally fully convertible bonds, in order to refund the monies directly into their bank accounts.
SEBI said it would initiate the process of refund after verifying the genuineness of the documents submitted by the investors.
The Supreme Court, in its order dated 8 May 2013, had permitted SEBI to refund the money so far deposited with it by Saharas to the genuine investors with interest, after proper verification.
As far as genuine investors with multiple deposits are concerned, SEBI said their claims would be kept on hold till further directions from the Supreme Court.
For getting the refund, an investor must have an account with a scheduled bank and SEBI has asked those without a bank account to open one.
The case relates to refund of an estimated amount of over Rs24,000 crore raised through 'various illegalities' by two Sahara firms, Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHCIL), by issuance of certain bonds.
The Supreme Court has asked the Sahara group to deposit the entire amount raised through the OFCs to SEBI to facilitate the refund to the genuine investors of the two firms after verifying their credentials.
Saharas, however, deposited only Rs5,120 crore with SEBI against the SC order to refund the entire amount of Rs24,000 crore collected from some 30 million people across the country.
Sahara claims to have directly refunded around Rs20,000 crore to bondholders of two Sahara firms directly. This claim, however, is yet to be verified independently.