Sahara India Refund Status: How Many Have Received Their Money So Far? When Will the Remaining Investors be Refunded?
Billions of depositors who have invested their hard-earned money in Sahara India are waiting for their money back. Even after the launch of the CRCS-Sahara return portal on 18 July 2023, the wait is not over.The portal was launched on the orders of the Supreme Court to refund those who deposited money in Sahara. Investors in multi-state cooperative societies of Sahara India have raised many questions with the government and SEBI (Securities and Exchange Board of India) regarding the refund process. Minister of State for Finance Pankaj Chaudhary clarified the situation while replying on this issue in Parliament.
In Parliament, MP Sunil Kumar asked the government whether crores of poor people’s money is stuck in Sahara India Finance and whether the government has started any portal to return investors’ money? It was also asked how many investors have received their money back so far and when will the remaining investors be refunded? On this question Finance Minister Pankaj Chaudhary informed that the Supreme Court on 31 August 2012 ordered Sahara India Real Estate Corporation Limited (SIRCL), Sahara Housing Investment Corporation Limited (SHICL) and their promoters to deposit 25,781.37 crores money. As of 31 March 2024, SEBI has received Rs.15,775.50 crores.
How Much has Been Refunded So Far?
As directed by the Supreme Court, SEBI invited applications for refund from bondholders of CIRCLE and CHICL. A total amount of Rs.138.07 crore has been refunded to 17,526 eligible bondholders after verification of documents and verification of validity of applications. However, the process is ongoing and the SBI is constantly monitoring the situation. The Supreme Court ordered to return the remaining amount within 9 months.
Apart from this, an agreement has been proposed for the development of a plot of land located in Mumbai’s Versova, in which the companies concerned have been given a last chance to raise Rs 1,000 crore. The case of Sahara India Commercial Corporation Limited (SICCL) and its directors is currently pending in the Supreme Court. Further action will be taken in this case based on the order of the court.
Will Investors Get their Money?
The government and SEBI have said that the refund process is complicated and may take time. However, as per the order of the Supreme Court, all possible efforts are being made to return the money to the investors.
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