The Sahara Group thanked the Supreme Court for lifting the freeze on its moveable and immovable assets so that it can raise the Rs10,000 crore for part payment of dues. However, it said that Sahara has already repaid 93 per cent of the investors mostly in cash, and has submitted all the repayment vouchers, receipts and other documents in original with SEBI, which SEBI has to verify.
“Today we are reassured of justice of the Indian judiciary, wherein over the last 37 years we have always got justice on merit. We confidently know that the Indian judiciary can never go wrong,” Sudeep Seth, Sahara’s lawyer, said in a statement on the behalf of the group after the Supreme Court gave it the go-ahead Wednesday for sale of its assets in India.
From November 2013, all Group’s bank accounts, Group’s every inch of immovable properties and every gram of movable properties were frozen and were under embargo of the Hon’ble Court/SEBI and Sahara was not in a situation to get or raise even Rs100/-. The question arises as to why Rs5000 crores cash + Rs5000 crores Bank Guarantee Bail Order was given without lifting any embargos and also Rs10,000 crores bail amount has become a world record for bail, added the statement
The demand of Rs20,000 crores plus interest to be paid to SEBI is not for even one single payment due to any esteemed investors. Actually Sahara is to pay twice for one liability (double payment for the same liability) to honour the order of Hon’ble Court, and not at all for public. No financial institution can repay twice for one liability, said the statement
Actual repayments pending are around Rs2500 crores only.The truth is that there is not even one complaint against Sahara, while Rs5600 croresis lying with SEBI from Sahara. Of course, all money shall ultimately come back to Sahara after verifications, added the statement.