Last Tuesday, Sahara Group founder Subrata Roy died at the age of 75. After the death of Subrata Roy, there is suspense regarding Sahara Group and the money of the investors stuck in it. Till now it is not clear on whose shoulders will be the responsibility of the company after Subrata Roy. Due to the absence of sons Sushanto and Seemanto at the funeral of Subrata Roy, these questions have started being asked even more loudly.
Many people believe that Subrata Roy’s business can now be handled by his wife Swapna Roy or the responsibility can be given to trusted people of the Sahara family. It is believed that Subrata Roy’s close associate OP Srivastava or Subrata’s brother JB Roy can play a big role in taking this group forward.
Sahara case to continue: Meanwhile, Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch said the capital markets regulator will continue the case against the group even after the death of Sahara founder Subrata Roy. Buch said that for SEBI the matter is about the conduct of an entity and it will continue whether any person is alive or not. On the question of refund being very less, Buch said that the money has been returned through a committee appointed by the Supreme Court on the basis of evidence of claims made by the investors.
How many rupees stranded: Only Rs 138 crore has been refunded to investors, while Sahara Group was asked to deposit over Rs 24,000 crore with SEBI for refund to investors. Let us tell you that in 2011, SEBI had approved the sale of two Sahara Group companies Sahara India Real Estate Corporation Limited (SIREL) and Sahara Housing Investment Corporation Limited (SHICL) through certain bonds alternatively known as Fully Convertible Bonds (OFCD). Order was given to return the money collected from about three crore investors. The regulator had said in the order that both the companies had raised funds in violation of its rules and regulations.
Court ordered: After a long legal battle, the Supreme Court on August 31, 2012 upheld SEBI’s instructions and asked both the companies to return the money raised from investors with 15 percent interest. After this, Sahara was asked to deposit an estimated Rs 24,000 crore with SEBI to return the money to investors. However, the group continued to maintain that it had already paid more than 95 per cent of investors directly.