Ranchi : Sahara has absolute faith in the Indian Judiciary. Since 1978, Sahara has always been found on the right side of the law.
Sahara believes that justice may get delayed for various genuine reasons but prevails; it does, in the end.
In the Sahara- SEBI issue, in the last 43 months, SEBI has repaid only around Rs.50 crores to the investors.
That too, after it advertised through 144 newspapers across the country to invite demands of repayment.
Total repayment demand received by SEBI after 4 such nationwide advertisement rounds was barely Rs.50 crores.
Furthermore, no more such demands will now come to SEBI because in its last advertisement, SEBI has already mentioned clearly that it was going to be the last such opportunity for raising a repayment demand.
So SEBI’s total such repayments add up to only around Rs.100 crores, whereas Sahara has already provided SEBI with more than Rs.14,000 crores (including interest earnings on FDs).
Also, SEBI holds Sahara’s original documents of landed properties worth Rs.20,000 crores.
On the other hand, in response to SEBI’s contention that all investors are fictitious Sahara claims that not even a single account of Sahara is wrong or fictitious.
The gravity in Sahara’s claim is well established from the fact that SEBI is avoiding investor verification process because they know that after due verification, Sahara will be proved to be correct without a shadow of doubt.
That shall be indeed a huge embarrassment for SEBI as the case will then be closed in favour of Sahara and all the money will come back to Sahara.
It is also pertinent to note here that Shri Subrata Roy Sahara was neither a Director nor did he ever hold any executive role in these two companies against whom the judgment of 31.08.2012 was passed by the Hon’ble Supreme Court.
He was, and is, just a shareholder. He was taken in custody as promoter shareholder. As per the Companies Act or any other rule, a shareholder cannot be arrested for any wrongdoings on the company’s part.
After his case, now any magistrate can arrest any promoter shareholder because every promoter is always a shareholder.
For the last 30 months, the entire Sahara Group is under an embargo. Meaning thereby, if Sahara sells or mortgages any asset and raises funds, then that entire money shall go to the SEBI-Sahara account.
Hence, Sahara cannot raise even a rupee for its group. It is really a very difficult stage. It is due to this reason that Sahara is facing difficulties in paying salaries to its employees and in fulfilling other regulatory obligations.
Actually, Sahara is expected to move while its hands and legs are tied up and then questions are raised as to why Sahara is not moving.
In 2006, Sahara filed returns for about 1.98 crore OFCD (Optionally Fully Convertible Debenture) investors (the number was far more than 50) with the Registrar of Companies, Kolkata, with their due permission and approval.
After that, in 2008, Sahara got written permission from the Registrar of Companies,UP, and the Registrar of Companies, Maharashtra,to raise funds for Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited (SHICL) through OFCDs.
The Registrar of Companies is one of the most important government departments working directly under the Ministry of Corporate Affairs.
Sahara always filed its balance sheets and returns, etc. with the Registrar of Companies, following the due procedures.
They also inspected and investigated Sahara on a regular basis. SEBI was never a party to this bonafide process.
So, in issuing these OFCDs (Optionally Fully Convertible Debentures) with due government permissions, Sahara decidedly and most definitely followed all the prescribed rules and regulations and thus Sahara was in full compliance of the applicable legal provisions.
