SEBI asks Sahara investors to submit claims for refund by Jan.15
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The Securities and Exchange Board of India (Sebi), in a fresh effort to locate Sahara investors eligible for refunds, has asked bond-holders to submit their claims by January 2015 along with necessary proof of their investments.
The latest exercise follows a similar attempt made by Sebi in August, wherein the eligible bondholders were asked to submit their refund claims to the regulator by September 30, 2014.
The market regulator said it received 4,900 refund claims during that exercise from the bondholders of two Sahara companies - Sahara India Real Estate Corp (SIRECL) and Sahara Housing Investment Corp (SHICL), which had raised over Rs 24,000 crore from about three crore investors.
"In the interest of those bondholders of Sahara who could not submit their refund claims before the last date, this advertisement is being issued to enable those bondholders to submit their refund claims," Sebi said in its fresh public notice in this regard.
The Supreme Court had asked the capital market watchdog to facilitate refund to the bondholders of the two companies in connection with a long-running dispute involving raising of funds to the tune of over Rs 24,000 crore from investors across the country.
While Sahara maintains it has already repaid over 93 per cent of the outstanding dues directly to the concerned bondholders and the remaining amount was just about Rs 2,500 crore, it deposited Rs 5,120 crore to Sebi in December 2012 towards theinvestor refunds as per orders by the apex court.
A further amount of Rs 3,117 crore was deposited with the regulator by Sahara Group in June 2014. The conglomerate is now in the process of selling certain domestic properties to garner funds and deposit the same to Sebi. At least two such property sales have already taken place and a few others are in the offing.
In its latest annual report for the financial year ended March 31, 2014, Sebi had disclosed having received 3,612 refund applications involving 13,948 deposit accounts till that time in the Sahara matter.
Of those applications, the capital market watchdog made refunds in case of 445 applications involving an equal number of deposit accounts for an aggregate amount of about Rs 1.25 crore including interest of about Rs 43.83 lakh. The other applications had deficiencies or fell under either 'mismatch' or 'multiple investment' category.
The new notice, wherein Sebi has asked the bondholders to submit their refund applications by January 31, 2015, applies to investors holding Real Estate, Abode and Nirmaan Bonds of SIRECL, as also the Multiple, Income and Housing Bonds issued by SHICL, the regulator said.
The investors would need to submit their applications in a prescribed format, along with original bond certificates or passbooks, self-attested copies of identity and address proof and a self-attested copy of the first page of a bank account passbook or a cancelled cheque leaf. The refund amount would be credited to the bank account of the investor, Sebi said. (Business Today)
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