Sahara will not let anybody siphon off its investors’ earned money- Advocate

Business No Comments on Sahara will not let anybody siphon off its investors’ earned money- Advocate 572

Jamshedpur: Sahara is still unrelenting in its fight with Sebi. In a statement, Keshav Mohan, advocate, has stated that Sahara will not let anybody siphon off its investors’ earned money. A statement by the advocate is being reproduced here in toto.

Very misleading news has been circulated by SEBI stating that Sahara’s investor’s are untraceable and on Sebi’s quest to locate genuine Sahara investors has become a very costly affair for the regulator and its expenses may rise further next year from about Rs 60 crore estimated for the current fiscal. It further says that SEBI has sought a permission to use a portion of Rs 5,120 crore, deposited by Saharas for refund to its investors, for settling expenses incurred or to be incurred in the matters for carrying out directions of the apex court.

Sahara has reacted strongly to this news and has shown its suspicion that a highly malicious and tactical campaign has been initiated by SEBI with a very clear intention to siphon off money from the funds that Saharas have deposited with SEBI, purely for the repayment to its investors. It is really unfortunate of a regulator, the way SEBI is blowing hot and cold, both, at a time.

Only on 13.03.2014, counsel for SEBI argued before the Hon’ble Supreme Court that Saharas issue was a public issue, being subscribed by 3.03 crores of investors and as such a largest issue, while now SEBI takes a plea that Saharas’ investors are untraceable. We ask SEBI to disclose the basis of their such contention, else withdraw their statement.

The fact is that, when SEBI sent about 20 thousand letters to the investors and asked that many of them were not responded, we immediately got affidavits from a large number of such investors and submitted it to the SEBI. The submitted documents includes affidavits, authentic KYC documents and photographs of almost all those investors to whom SEBI had sent the letters, of whom those who were already paid, also confirmed that they had received redemption of their investments, to their full satisfaction.

The claim of SEBI that Saharas’ investors are untraceable is an irresponsible statement, being false and baseless. In any event, as per SC order, SEBI has to associate Sahara, where it is unable to find any investor. It is not known, why SEBI is not following this direction, and why it is only interested in extracting money from Sahara, when it has not been able to refund even One Crore rupees to the investors, in more than last 15 months, out of Rs 5120 crores paid by Sahara to SEBI for this purpose. SEBI’s intentions are unfair and heavily loaded with acute malafide.

In order to achieve this sinister goal, SEBI is maligning Sahara’s name by stating that there are no investors while on 4th March, 2014 the council of SEBI admitted before Hon’ble Supreme Court that they have just completed the scanning and digitization of the 3.03 crore investor’s documents provided by Sahara. Therefore the verification process has still not started.

Sahara has provided full details of all its depositors, including those whom Saharas have repaid. The monies Rs 5120 crore that has been given to SEBI by Sahara is purely for repayment to its investors and not for any kind of miscellaneous expenses to be incurred by any party. The Minister of Finance, Shri Namo Narayan Meena answering to a question on the floor of the parliament has clearly stated that the money given by Saharas is only for refund to Saharas’ investors and the money would not be utilized for any other purpose.

The money received by SEBI will only be used for the repayment of the investors and till now SEBI has only refunded only Rs. 1 crore. This is a sinister attempt by SEBI to eat away investors’ money. Till now, in Saharas’ case SEBI has not shown any intention to protect the interest of investors, for which it has been constituted. How can SEBI even think of usurping investors’ money?

We will not let SEBI make this another Golden Forest Case where investors have still not got their hard earned money and will stand and fight till the end in the interest of our Hon’ble investors.

We request you to carry our objection with the same prominence and in its entirety.

Keshav Mohan


Related Articles

Back to Top

Copyright © 2013 The Avenue Mail. All Rights Reserved. Online edition of The Avenue Mail published by Vimal Agarwal. Editor: Vimal Agrawal. Telephone: +91 657 2442826.
%d bloggers like this: