SEBI versus Sahara: Rs. 22 crores versus Rs. 18000 crores
Sebi has around Rs.11, 500 crores of Sahara‘s money, including bank interest.
By the time Saharasri Subrata Roy shall come out, that is, when full bail amount is paid, Money of Sahara India Pariwar Company lying with Sebi will be Rs.18, 000 crores cash. Since no bank is ready to give Bank Guarantee to Sahara India Pariwar without 100% cash margin, it is going to be Rs.18, 000 crores of cash with Sebi.
While in the last 26 months, Sebi had to pay only around Rs.2 crores. More importantly, Sebi came out with an All-India Media Advertisement, twice, inviting investors for repayments. But till now, they have received from all over India, a demand of Rs.20 crores only. A question can now arise that whether the investors exist or do not exist; meaning, are these all fictitious accounts?
Only verification can clarify this point, as mandated in Hon’ble Court’s order of 2012. Since then, in almost past 26 months, Sebi has not started verification; the reason best known to them.
About fictitious account, it must be mentioned here another issue pertaining to the Reserve Bank of India (RBI) which is as follows:
Between 2008 and 2012, on RBI’s order, Sahara paid back Rs.18, 000 crores under the command of RBI’s two Statutory Auditors and 3 RBI nominated Directors. The bank account of that amount was controlled by the RBI. A strict rule was followed that when RBI auditors finally checked the identity of all investors (KYC), only then the next months’ payments were all owed by the RBI and during the process, in 4 years, RBI did not find any fictitious account; not even one.
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