The Sahara India matter would continue even after the death of the group’s founder and chairman Subrata Roy, Securities & Exchange Board of India (SEBI) chairperson Madhabi Puri Buch said on Thursday, a day after Mr. Roy passed away following illness in Mumbai.
“The matter was with the entity as a whole, the Sahara Group. The matter does not end if one person is alive or not. The investors [of Sahara] will get their money back going forward,” Ms Buch said on the sidelines of an event organised by FICCI at the National Stock Exchange (NSE) on Thursday.
The SEBI had in 2011 passed an order asking two Sahara Group companies – Sahara India Real Estate Corporation Ltd. and Sahara Housing Investment Corporation Ltd. – to refund money to 3 crore people who had invested in their optionally fully convertible bonds.
SEBI had held that the funds were raised in violation of its rules and regulations. Though Sahara had contested the order, it had to deposit money with SEBI by liquidating its assets. So far, more than ₹25,000 crore has been deposited with SEBI, though only an amount of ₹138.07 crore has been refunded in all these years.
Meanwhile, the last rites of Mr. Roy were conducted at Lucknow on Thursday amid the presence of large number of people including group’s employees.
Published - November 16, 2023 09:26 pm IST
