Sahara’s appeal to Sebi: Verify repayment to investors
Sahara has caught up in legal battle between Sebi and Supreme Court’s order to refund Rs 19000 crore to the investors. The firm is directed to deposit the amount with Sebi. In order to verify the authenticity of claims of repayment made by the two Sahara companies – Sahara India Real Estate Corporation and Sahara Housing Investment Corporation, Sahara wants to appoint a credible agency.
According to company’s executive, the firm has gone through huge redemption pressure after the Sebi case and the two companies have already repaid bulk of investment with the two companies.
The executive added that the claim has become a case of their word against Sebi’s claims and Sahara wants s credible agency to verify their claims.
He commented that a transparent process of identifying investors and checking repayments would be fair to investors and to the spirit of the SC’s verdict.
Sahara has already produced auditor’s certificate for the amount of outstanding liability and have also proposed that Sebi should publish public notices in news papers, at least twice in 10 days.
Some company officials said that the company has to finish repayments soon or else repayments to remaining investors would be at the rate of 15% interest, while the money with them earns at only about 9%.
When asked about its claims of redemption pressures, a company spokesman said, since April – May the company is facing problems and pressures across India following the order from SC. He added that the Sahara companies have made repayments immediately as non-payments could have jeopardized the field agents who live among the investor classes.
Related Real Estate News:
Centre allocates 17 crore for slum-free project
New land pooling policy awaits DDA approval
Delhi, Delhi NCR, Delhi Real Estate, Indian real estate, Real estate in India, Realty News, Sahara companies, Sahara companies in India, Sahara Group, Sahara Housing Investment Corporation, Sahara India Real Estate Corporation, SEBI
Amazing Post.thanks for share..alot more wait ..
[...] Sahara’s appeal to Sebi: Verify repayment to investors Centre allocates 17 crore for slum-free project googletag.cmd.push(function() { googletag.display('div-gpt-ad-1349265301547-19'); }); Tags: [...]