Sahara investors asked to submit claim
In a last-ditch effort to locate Sahara investors eligible for refunds, regulator Sebi has asked all such persons to submit their claims by next month, while the group claims to have returned the outstanding dues to almost all the concerned bondholders directly.
Those having invested in various bonds issued by two Sahara firms, Sahara India Real Estate Corp Ltd (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL), have been asked by Sebi to submit their refund applications along with necessary documentary proof by September 30, 2014.
This follows directions from the Supreme Court, which has asked Sebi 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 nearly three crore investors across the country.
Once all the investors submit their claim the things will be looked in properly and analysed. After this the Sahara group will have to answer to the claims that have been made by the investors. This might take up some time but hopefully the problem that the Sahara Group has been lurking in is soon to be over.
Source: Financial Chronicle
Sahara firms, Sahara Housing Investment Corp Ltd, Sahara India Real Estate Corp Ltd, SEBI, SHICL, SIRECL, Supreme Court
