We object to misleading statements made by Sebi lawyer, Mr. Arvind Dattar in public and media. His statement in media tends to mislead by creating an impression as if 'Saharasri' Subrata Roy Sahara wanted to go abroad before incarceration. The fact however is that, 'Saharasri' was abroad and immediately returned to the country on being summoned. In November, 2013, the Hon’ble Supreme Court had restrained ‘Saharasri’ and other directors from leaving the country without permission. It is very important to state that subsequently Saharasri was granted permission by Hon’ble Supreme Court to travel abroad for two weeks, yet he did not go abroad. It is therefore clear that the statement given by SEBI’s senior lawyer Mr. Dattar is absolutely incorrect.
In 2012 Sahara has repaid to 95% of its Investors. Nobody believed that.
But now Sebi in their 4th all India Advertisement through around 144 publications has clearly said that this is the last chance esteemed Investors to lodge their claims with SEBI seeking refund.
For last 43 Months uptil, now demand of repayment to public is only Rs.52.80 crores whereas Sebi already has Sahara's around Rs.13700 crores (with interest earned) available with them and till now Sebi has refunded to public only Rs.51.84 crores. Above all we have to pay Rs.5300 crores (including B.G. of Rs.5000 crores) more to get the bail of chairman and two directors. Also Sebi is holding land asset worth around Rs.40000 crores.
So Sahara is giving security of Rs.59000 crores for only around 104 crores repayment to public to be done by Sebi ever. Sebi do not agree worth of land asset as Rs.40000 crores, They say it is Rs.20000 crores. Even then it is 39000 crores security against Rs.104 crores requirement for repayment to public.
The fact also remains, that Sahara did everything as per law prevailing at that time. Sahara did this OFCD business with written permission of 3 Registrar of Companies under Ministry of Corporate Affairs. For continuously 7-8 years registrar of companies took our balance sheets etc, received the submission of prospectus, did dozens of inspections and investigations, we filed our return every year with registrar of companies etc.
Then why the case is against Sahara by Sebi. Sebi should lodge case against 3 registrar of companies, Ministry of Corporate affairs.
Advocate On Record Gautam Awasthi
Supreme Court
In 2012 Sahara has repaid to 95% of its Investors. Nobody believed that.
But now Sebi in their 4th all India Advertisement through around 144 publications has clearly said that this is the last chance esteemed Investors to lodge their claims with SEBI seeking refund.
For last 43 Months uptil, now demand of repayment to public is only Rs.52.80 crores whereas Sebi already has Sahara's around Rs.13700 crores (with interest earned) available with them and till now Sebi has refunded to public only Rs.51.84 crores. Above all we have to pay Rs.5300 crores (including B.G. of Rs.5000 crores) more to get the bail of chairman and two directors. Also Sebi is holding land asset worth around Rs.40000 crores.
So Sahara is giving security of Rs.59000 crores for only around 104 crores repayment to public to be done by Sebi ever. Sebi do not agree worth of land asset as Rs.40000 crores, They say it is Rs.20000 crores. Even then it is 39000 crores security against Rs.104 crores requirement for repayment to public.
The fact also remains, that Sahara did everything as per law prevailing at that time. Sahara did this OFCD business with written permission of 3 Registrar of Companies under Ministry of Corporate Affairs. For continuously 7-8 years registrar of companies took our balance sheets etc, received the submission of prospectus, did dozens of inspections and investigations, we filed our return every year with registrar of companies etc.
Then why the case is against Sahara by Sebi. Sebi should lodge case against 3 registrar of companies, Ministry of Corporate affairs.
Advocate On Record Gautam Awasthi
Supreme Court
