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Sahara says Rs 3,226 crore paid to over 10 lakh cooperative society members in 75 days

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NEW DELHI: Beleaguered Sahara group on Monday mentioned it has paid Rs 3,226 crore to greater than 10 lakh members of its 4 related cooperative credit score societies within the final 75 days, together with some funds towards requests from individuals who had complained about delayed payouts. The group mentioned there was some delay in funds, primarily on account of an embargo imposed for final eight years by the Supreme Court, whereas roughly Rs 22,000 crore of its funds, together with curiosity quantity, are deposited within the Sahara-Sebi account, which was created to refund bondholders of two group companies.

In a press release, Sahara mentioned Sebi has been capable of repay solely Rs 106.1 crore to the traders in these eight years regardless of repeated makes an attempt, which the group mentioned solely affirms its view that there aren’t any claimants left as most bondholders had been already repaid earlier than it was requested by the regulator to deposit the cash.

The group mentioned it’s hopeful that this quantity of Rs 22,000 crore would finally come again to it after due verification, as per directives of the apex courtroom.

Referring to the embargo on it, Sahara mentioned, “If any money is generated through selling or mortgaging assets of the group (including co-operatives) or from its joint ventures the same has to be deposited in the Sahara-Sebi account, as per the directives of Supreme Court.”

“We cannot use even a single rupee for organisational work, not even for repayment to the esteemed investors,” it added.

In its assertion, the group additional mentioned the entire quantity of Rs 3,226.03 crore paid to its members within the final 75 days consists of 2.18 per cent in direction of requests from the delayed-payments complainants.

“The total delayed-payment complainants are 0.07 per cent of the total 8 crore investors Sahara has across India,” it mentioned.

“Sahara in the last 10 years has made maturity payment of Rs 1,40,157.51 crore to 5,76,77,339 esteemed investors. Out of this only around 40 per cent cases are of reinvestment, the rest have been paid in cash,” it mentioned.

The Central Registrar of Cooperative Societies had lately sought a probe by the Serious Fraud Investigation Office (SFIO) into investments made by 4 cooperatives related to the Sahara group from over Rs 86,600 crore collected by them, however the credit score societies had refuted the fees and mentioned all their investments have been made as per the regulation.

The societies had additionally mentioned they’ve contested the allegations on the “appropriate forum”.

In its assertion, the group additional mentioned some media studies are creating the impression that Sahara is in chit fund enterprise however that was “completely wrong and misleading information”.

“Sahara was never in chit fund business, neither in the past nor is in present. Sahara has always worked under the regulatory legal framework,” it mentioned.

The group mentioned it has all the time paid every depositor and the curiosity of traders has all the time been paramount to it.

“Whatever cash has been obtained from the members has been taken by absolutely following the authorized procedures. But, due to the impression of the directive of the Supreme Court, we’re making a bit delayed repayments. However, we’re giving curiosity for the delayed interval. The identical has been communicated by way of newspaper commercials to our esteemed traders.

“Sahara India Pariwar has assets three times its liability. Therefore, every investor should rest assured regarding their repayment,” it mentioned.

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