November 20, 2020
1 min read

SEBI’s Rs 62,000 Cr Demand Wrongful: Sahara

The Sahara group has alleged that markets regulator is “acting biased” and is raising a “wrong demand” asking Sahara group to pay Rs 62,600 crore or $8.48 billion.

“It is absolutely wrong demand by SEBI. Hon’ble Supreme court has in the past directed us to deposit the principal amount which is around Rs 24,700 Crore and already there are more than Rs. 22,000 Crore deposited. SEBI has mischievously added 15% interest from the beginning so they are very wrongfully mentioning $8.48 billion,” Sahara said in a statement.

“In fact SEBI had advertised throughout the country through around 150 newspapers inviting claimants but they could only pay around Rs. 107 Crore to investors. Also, SEBI has mentioned in the last advertisement which appeared almost a year back that they would not entertain any more claimants. Which means that there are no more claimants at all. How can there be claimants since Sahara has already paid back, long time back. SEBI is acting biased. It is a typical case of double payment,” Sahara group said.

SEBI has petitioned the Supreme Court to direct Sahara Group chief Subrata Roy to pay Rs 62,600 crore immediately, or cancel his parole if he doesn’t yield.

The markets regulator said the outstanding liability of the Sahara India Parivar group’s two companies and the group’s chief Roy stand at Rs 62,600 crore, including interest.

Also Read: Indian stock markets set for ‘mother of bull run’: Report

Also Read: Indian Banks’ NPLs near FY14 levels: Report

Previous Story

Pep Guardiola To Stay With City Till 2023

Next Story

India’s GDP Contraction Rate Narrows to 9.5% in Q2

Latest from Business

SBI Simplifying KYC Process

SBI’s research arm noted that the RBI’s decision to maintain the policy rate reflects a balanced approach amid global uncertainties, supported by stable liquidity and external conditions State Bank of India (SBI)

UPI Powers Digital Revolution

New innovations such as LiteX (offline payments), tap-and-pay, credit card integration, UPI Autopay, and UPI for IPO subscriptions are pushing the platform from a payment tool to a full-fledged embedded finance ecosystem Unified

RBI Holds Rates, Boosts Outlook

One of the most significant announcements was the upward revision of India’s GDP growth forecast for FY 2025–26—from 6.5% to 6.8% In a move reflecting cautious optimism, the Reserve Bank of India

Nykaa Expands Global Footprint with UK Debut

To commemorate this significant global debut, Nykaa’s leadership hosted an exclusive soiree at the George Club in Mayfair, London Nykaa, India’s leading beauty and lifestyle destination, is set to make a grand
Go toTop