Saharasri offers gratitude to all who stood by Sahara in difficult times

Sahara has already deposited more than Rs.14,000 crores with SEBI, but  in the last 43 months, SEBI has repaid only around Rs.50 crores to the esteemed Investors, ofcourse after verification all these monies shall come back to Sahara

Mumbai, 17^th July, 2016: ‘Saharasri’ Subrata Roy Sahara, Managing Worker and Chairman, Sahara India Pariwar, culminates his gratitude journey today at Mumbai. ‘Saharasri’ Subrata Roy Sahara had commenced the ‘Abhaar Yatra’ – an emotional gratitude journey to offer his thanks and appreciate the unprecedented support extended by crores of esteemed members, associates and over 12 lakhs workers of Sahara India Pariwar. During his journey which started on 27^th May, 2016 from Hyderabad he travelled across India including cities like Vijayawada, Raipur, Nagpur, Delhi, Kolkata, Guwahati, Lucknow, Kanpur, Gorakhpur, Patna, Muzaffarpur, Ranchi, Varanasi, Bhopal, Jodhpur, Jaipur and Ahmedabad. 

While addressing the meeting of over five thousand managers, here at Mumbai Saharasri said, “I feel utmost proud to see the faith shown by you which has always been the real strength of Sahara India Pariwar.”  The event saw the emotional outburst of many workers who were reduced to tears on seeing Saharasri among them.  People wanted to touch him and shake hands with him, or take his photographs.

He further emphasized, “Sahara India Pariwar has always had absolute faith in the Indian Judiciary and we strongly believe that justice may get delayed for various genuine reasons but will prevail and it does, in the end and same will happen in Sahara SEBI case as well.”

For further information please contact:

Ghulam Zeeshan

Corporate Communications

Sahara India Pariwar

Mob: 9792982666; Off.: 0522 - 2724545

email id : ghulam.zeeshan@gmail.com 

A Positive Influencer in My Life

Not because she was my mother but all the human being who knew her will definitely say that she had tons and tons of affection for others which is not commonly seen.

 It is her influence that we brothers and sisters understood the world with absolutely positive mind.

 It is her teaching that ingrained in me to always remain positive minded for others and in all circumstances be positive yourself.

 She used to always say that learn and practice to see positive aspect of all human being.

 I never feel tension and it is my mother's teaching and influence.

 Every day her phone calls were on an average used to be 40-50.

 Her contact circle was huge.  She knew distressed people amongst relatives, amongst Sahara India Pariwar people (who she used to meet) and she will make it a point to help those distressed people.

 On her command we used to help such relatives whom we never knew.

 I enjoy in giving others.  She cultivated this wonderful and very enjoyable characteristic that giving is in my hand and expectation of getting depends on others.  So she taught to adopt the giving characteristics since that is in our hand.

 She was most affectionate mother, teacher, philosopher etc.etc. but she was very difficult in the matter of girl friend.  That fundamentalism was there that you can be friend or touch any girl who you shall marry.

 But she was a mother beyond definition and I pray God that everybody get mother like her then I can confidently say that every sons and daughter will grow most positive minded with gratitude character and the strong desire to help others.  What a wonderful world it will be.

                      From the pen of ‘Saharasri’ Subrata Roy Sahara

The Subrata Roy case: What’s happening to the billionaire who couldn’t get away?

The nationwide bust up over how a certain liquor baron made bankers kiss dirt, walking away with bagful of cash through a VIP channel, possibly to an undisclosed city in Europe, is making headlines and triggering breaking news almost every day now.

But questions need to be raised about the curious case of billionaire Subrata Roy who paid loads of cash to the market regulator and last week completed two years behind bars in Delhi's maximum security prison.

Roy, who recently wrote a tome on his life experiences, is now called a philosophical author by many .

Jokes apart, someone seriously needs to scrutinise the case again, especially at the way the Securities and Exchange Board of India (SEBI) handled it and the way Sahara group demonstrated considerable resilience. A few days ago, a handful of Sahara employees protested the delay in payment of salaries; they were in their undergarments. The idea was to be visible  on television.

But what's happening in the case?

On 31 August, 2012, the apex court had asked SEBI to return money to Sahara's investors. In the last 40 months, it has been able to pay Rs 50 crores. The Mumbai-based market regulator advertised four times in as many as 144 newspapers, inviting demands for repayment. Worse, the fourth advertisement said it was the last opportunity for raising demand for repayment.

Does that mean that - under any circumstances - SEBI won't be able to pay over Rs 100 crores? And what has it got in its kitty? It has received a whopping Rs 12,000 crores and even earned interests on FDs. Also, SEBI has the property papers of Sahara's land bank worth Rs 40,000 crore in its custody. There are chances it will have another Rs 5,800 crore ( Rs 800 crore cash and Rs 5,000 crore bank guarantee) by the time Roy and his two directors walk out of the prison gates. Sahara, which sought time for raising the stipulated cash from its assets for SEBI, was given a 45-day extension that ended in November 2015. The group claimed it had five "solid offers" for its properties.

The slugfest between the market regulator and Sahara has been described as corporate India's best known samudra manthan. SEBI disputes Sahara's claim that it has paid 95 per cent of its investors from whom it had collected Rs 24,000 crores through optionally fully convertible debentures (OFCD) in 2009-10, after the written permission from 2 Registrars of Companies. The Supreme Court however, upheld SEBI's plea and directed that Saharas' investors have to be refunded the money along with interest through SEBI.

The billion dollar question that needs to be raised is when will SEBI verify the authenticity of these investors? If four advertisements have failed, doesn't it become obligatory for SEBI to verify Sahara's repayment claim? After all, the Supreme Court says the the final decision on the issue of unpaid investors lies with SEBI. The market regulator, which said in January 2013 that it wanted to hire a verification agency, has reportedly failed to organise one. So who will help ascertain the genuineness of bondholders in the Sahara case.

Look at the way the events have progressed. SEBI has not given any reason for withholding its notice inviting the tenders. The first tender to seek a verification agency was floated on 2 November, 2012. SEBI asking for applications by 22 November, 2012. It did not happen and so the deadline was extended to 21 December, 2012, and again extended till 15 January, 2013. After the expiry of this last deadline, SEBI decided to withhold the tender notice.

It is now March 2016. Someone must ask questions, either in court or on televised debates. Otherwise, the billionaire, will have no option but to write the second sequel of his planned trilogy.

Saharasri Subrata Roy Sahara’s book – ‘Life Mantras’ hits number one spot in the best seller chart of Nielsen

Lucknow, February 29, 2016: ‘Life Mantras’ – An exhaustive and thought provoking treatise by Shri Subrata Roy Sahara, Managing Worker & Chairman, Sahara India Pariwar, is ranked number one and has become best seller in the non-fiction category of Nielsen BookScan. According to Nielsen best-seller list, recently unveiled ‘Life Mantras’ which is published by Rupa Publication has topped the non-fiction book list this week and left popular Manorma Yearbook 2016 on the second spot.

The Nielsen BookScan service is the world’s largest continuous book sales tracking service operating in India, the UK, Ireland, Australia, US, South Africa, New Zealand, Italy, Brazil and Spain. It collects total transaction data at the point of sale directly from the tills and dispatch systems of all major book retailers. Nielsen BookScan collects data from online and offline booksellers including Bookadda, Crosswords, Connexion, DC Books, Flipkart, Indiatimes, Infibeam, Landmark, Landmarketail, Capital Book Depot, Rediff, Odyssey, Pageturners, TV18 Homeshopping, WH Smith India, ebay, Mahindra Retail, Relaince Timeout, Snapdeal etc.

‘Life Mantras’ has walked upright in the chart within a month of its launch and became a best seller. In his book Shri Subrata Roy Sahara elaborately details out the various psychological and emotional aspects of life vis-à-vis the basic instincts inherent in all human beings so that the gift of ‘Life’, bestowed upon us by the Almighty, emerges out in its true beauty.

‘Life Mantras’ happens to be the first book in the  ‘Thoughts from Tihar’ trilogy and is available in all leading book stores across India and abroad, at all leading online portals and also in the form of an e-book. The forthcoming books of the said trilogy are 'Think with Me - How to make our country ideal’ and 'Reflections from Tihar - A book on Tihar Jail’. These other two books of the trilogy will also be released soon. 

For further information please contact:

Ghulam Zeeshan

Corporate Communications

Sahara India Pariwar

Mob.: 9792982666; Off.: 0522 - 2724545

email id : ghulam.zeeshan@gmail.com

Life Mantras - The voice of Saharashri Subrata Roy

With a background as strong as his you can be sure of the fact that whatever Subrata Roy has to say it will be worthwhile and a good read. He is the brain as well as vision behind the great Sahara Empire and was also responsible for driving it to its landmark achievements. What’s more he successfully managed over 12 lakh employees! Managing such a large number of employees is no joke, it sure takes a certain amount of wisdom, skill, and discernment to work in the skill-set and motivations of so many employees and incorporate it into the growth and progress of building Sahara. In his book Life Mantras, Saharashri Subrata Roy talks about what experiences in life have taught him. His book is part of a trilogy and covers a wide variety of topics, which are segmented clearly for the easy understanding of the reader. Apart from the contents of the book is the fact that the author completed this book while in still in jail. For most people, getting involved in a trail and custody would not be digested positively but here is an individual who chose to turn the situation around and look at the silver lining in cloud – he took to completing a book that he started writing much earlier.

Only a self-made man can credibly talk of the power of depending on yourself to make accomplish and fulfil his ambitions. He talks of how one must not depend on others to help one to achieve something or become something in life, this in a nutshell can be called as being ‘made of substance’. Many an entrepreneur/ businessman could draw strength from this brutally true yet motivational line. Subrata Roy also talks of the three jewels of life that make it more fulfilling and make the most of it. Life Mantras just like its name suggests is a mantra of things that one should take into account to make the most of this gift called life. 

Subrata Roy reveals the secret to success

Some men succeed by what they know, some by what they do, and a few by what they are. Life Mantras is a success story written by one of the most successful man in India, Subrata Roy. They say that a successful man is the one who lays a firm foundation with the bricks that others have thrown at him. With great struggle and constant hard work Saharasri laid the foundation of the Sahara India Pariwar and has ever since been the guardian to his over 1.2 million fellow employees. He has always been a profound thinker, a mentor, and a guide to his subjects.

Life Mantras has become the talk of the town. Everybody wants to be successful, and knowing what it takes to reach that point where the air is crisp has become a necessity for people who strive hard to achieve success. Subrata Roy has written his lifetime experiences, observations and insights on the daily issues of people at altered corporate establishments of the conglomerate across India and also abroad. He further elaborates the details and various psychological and emotional aspects of life. He tells about the basic instincts that inherent in human beings as a gift of life, and how to respect it and grow more.

Along with the success story he you will also realize of what it takes to attain peace, true happiness, contentment, and continuous progress in life in terms of material gains, respect and love. The key is in your hand. Because only you can write your own success story.  

The inspiration behind Subrata Roy Sahara’s Life Mantras

Life is unpredictable and can often serve to shock you by upsetting your regular lifestyle. One moment everything is going smoothly and the next second all is upturned by a sudden storm. And perhaps this sums up the happenings of Subrata Roy’s life. Also known as Saharasri, he is a man who is self-made and single-handedly setup the great Sahara empire. The experience of being roped in a judicial custody and confined to a dingy prison cell can shake any individual’s foundations, but it is not the case with a strongly rooted person as Subrata Roy. Instead of focusing on the darkness of the hour, Subrata has chosen to bring light into this bleak moment of his life and completed the book he had been writing titled Life Mantras. In his book, he has highlighted his musings and wisdom that has stemmed from his experiences. It focuses on a way to acquire three jewels in life, namely, happiness, contentment, and peace. Any man with these three jewels of life stands to be rich no matter what the situations in his life look like. In spite of being separated from loved ones, home, and the good lifestyle he always enjoyed, Saharasri Subrata chose to remind himself of his beliefs and morals and pen them down in a book that might help others in getting new perspective. There are few people who would like to remain positive and productive even when situations don’t let them do so, and Subrata Roy stands tall among such people. In spite of the claims charged against him, Subrata Roy has yet again proved his point by writing a book with a philanthropic philosophy that can benefit others. Apart from these philosophies, Subrata Roy has conveyed to his readers that the power to make something of themselves lies within their own hands. This book is sure to be a brilliant read. 

Why I want to read Subrata Roy’s book titled Life Mantras

A wise person once said, “situations can make or break you”. You can either let the situation affect you and your outlook or you can see how to make the most of it. Life Mantras written by Saharasri Subrata Roy isn’t an autobiography but rather a philosophy of sorts derived from his current as well as past life scenarios. Having been imprisoned since 2014, Subrata Roy has indeed faced hardships. The judicial case launched against him has not only shaken his empire but also the perception people have of him. It may seem hard to form an idea of who Saharasri really is but as the saying goes ‘as a man thinketh so he is’. Life Mantras is Saharasri Subrata Roy’s reflection of his mind and the life experiences/ jewels that he dwells on. Being in jail may have confined him physically but Subrata decided that four walls could not confine his free-spirited mind and his generous heart to share his knowledge with the world. Managing a business as large as Sahara India not only helped Subrata Roy perfect his business skills but also helped him gather knowledge on understanding human life. Having successfully managed over 12 lakh workers under him he also strove to implement his philosophy of ‘Collective Materialism’, which propagates collective growth. Although now in jail and not heading his employees, Subrata has not stopped putting forward this philosophy and has completed a trilogy titled Thoughts from Tihar. The books in this trilogy are titled as Life Mantras, Think with Me, and Reflections from Tihar, all of which are philanthropic in nature and shed light on how to have a more fulfilling life full of happiness, contentment, and peace. Although not an autobiography, his book talks of his real-life experiences and involves you in their rawness. It may seem as one among many books but I’d like to hear the thoughts of a man who has gone through so much and still chooses to follow his philanthropic heart.

Why I want to read Subrata Roy’s book titled Life Mantras

A wise person once said, “situations can make or break you”. You can either let the situation affect you and your outlook or you can see how to make the most of it. Life Mantras written by Saharasri Subrata Roy isn’t an autobiography but rather a philosophy of sorts derived from his current as well as past life scenarios. Having been imprisoned since 2014, Subrata Roy has indeed faced hardships. The judicial case launched against him has not only shaken his empire but also the perception people have of him. It may seem hard to form an idea of who Saharasri really is but as the saying goes ‘as a man thinketh so he is’. Life Mantras is Saharasri Subrata Roy’s reflection of his mind and the life experiences/ jewels that he dwells on. Being in jail may have confined him physically but Subrata decided that four walls could not confine his free-spirited mind and his generous heart to share his knowledge with the world. Managing a business as large as Sahara India not only helped Subrata Roy perfect his business skills but also helped him gather knowledge on understanding human life. Having successfully managed over 12 lakh workers under him he also strove to implement his philosophy of ‘Collective Materialism’, which propagates collective growth. Although now in jail and not heading his employees, Subrata has not stopped putting forward this philosophy and has completed a trilogy titled Thoughts from Tihar. The books in this trilogy are titled as Life Mantras, Think with Me, and Reflections from Tihar, all of which are philanthropic in nature and shed light on how to have a more fulfilling life full of happiness, contentment, and peace. Although not an autobiography, his book talks of his real-life experiences and involves you in their rawness. It may seem as one among many books but I’d like to hear the thoughts of a man who has gone through so much and still chooses to follow his philanthropic heart.

Saharasri’s Life Mantras to become successful

Life is never easy; you have to fight through some bad days to earn the best days of your life. If there are ups, then there are downs too, but by staying positive you open the windows of opportunity to determine your goals and values. In hard times, it is important to realize that only you can help yourself, so push yourself harder to achieve contentment and to become successful in your personal and professional life. Subrata Roy’s Life Mantras demonstrates a way to be happy, satisfied and peaceful by enjoying every moment of the beautiful gift of the Life. He believes that to achieve true happiness, you have to trust in yourself. It all depends on you. Success is only in your hands. This book will enlighten you with the basic truths with which we are born, and will help you self-motivate every day.

There is so much to learn from the life of Saharasri. He started off as an ordinary man and ended up becoming the most successful businessman in the world. He laid the foundation of Sahara India in 1978 with a capital of only Rs.2000, and within a short span of 37 years this company is worth of Rs.1,80,000 crores. Now, even in his times of adversity he hasn’t given up. He believes in himself completely and thus he looks forward to achieve more and more success each day of his life. He has been a guardian to over 1.2 million fellow workers, and so he credits his success to his philosophy of ‘Collective Materialism’.

Everyone faces hardship and obstacles in life. It's a matter of how you learn to overcome the obstacles and look forward towards growth. Learn to face the challenges in life, believe in yourself, and rise up with self-confidence like the pioneer of the great Sahara India Pariwar, Subrata Roy.

Sahara Latest News

Huge -Sahara News Network- News Room --we learn a lot from here मानो या न मानो मगर है सच -----हमारी कर्मभूमि इंडिया का सबसे बड़ा मीडिया परिवार और सबसे बड़ा न्यूज़ रूम The most wonderful part of all our lives,job tasks, experiences were spent at this place. We treasure the Sahara News Room सबसे बड़ा और सुंदर न्यूज़ रूम , our reporters,editors, our senior trainer our canteen, print area , 15 Aug parade,26 jan and bharat parva and many more activities, the fun moments, the free time, the assignments and shoot trip and now a days some crises be there we have to tackle it very sincerely. old employees keeps on coming frequently in happy hrs and recall/share those sweet memories and couple of days that they spent here & join and Stay in touch with old frenz who are still wating for good days. very soon or in very near future we all are expecting good for Sahara TV / News Print and Parivar and & Sahara been marching forward on the path of success, adding new milestones on each coming days . Our knowledge improved greatly every day .The great reporting & journalism Team we have & Technically IT Division/AV, very strong team too ..All are filled with joy in hearts,in such a financial crises but we went to play again in this calm and beautiful environment. सहारा प्रणाम

Sahara news

सूर्य उगना भूल सकता है, पानी प्यास मिटाना छोड़ सकती है , लेकिन सहारा इण्डिया परिवार के 12 लाख कार्यकर्ता जब तक साथ हैं तब तक कोई भी "सहारा" को झुका नही सकता है! मोदी भक्त होने के नाते चिंतित हू कि कहीं दिल्ली ना बन जाये "बिहार चुनाव" भाजपा के लिए !! क्योकि कोन्ग्रेसी बन चुकी है "सेबी" !! वास्तव में बिहार में 1 लाख सहारा कर्मी और 1 करोड सम्मानित जमाकर्ता हैं जबकि दिल्ली में इसकी 30% उपस्तिथि थी क्या बिल्कुल ही नासमझ हैं भाजपा के कर्णधार !!! मेरे इशारे को समझो जैसे कोन्ग्रेस दफ़न कर दी वैसा ही भाजपा के साथ ना हो जाये ना तब सहारा श्री जी से किसी ने पूछा था ना अब कोई पूछेगा बस तब अच्छे दिनो की आस में किया था और अब आस टूटने के डर से कर देंगे कोन्ग्रेसी हो चुकी सेबी को हिंदी में समझाओ भाजपा के कर्णधारो !!!!!

Sahara Breaking news

12 लाख लोगो का समूह देखकर सेबी को सहारा की शक्ति का अंदाजा लगाना चाहिये।-।सहारा श्री ने अकेले अपने बलबूते पे लाखों रोजगार दिये हैं और वो भी बड़े सुख शांति और संतुष्टि पूर्ण वातावरण में -ऐसा उदाहरण कहीं नहीं देखने को मिलेगा ,इतनी कठिन परिस्थिति में भी सीना तान के खड़ा है सहारा और लोगों को भी नहीं निकाला गया ----सहारा के समर्थन में उतरे थे बाबा रामदेव जिन्होने कहा की सहारा श्री के साथ पक्षपात पूर्ण तरीका अपनाया गया हैं सलमान खान 15 साल से जमानत पे बहार है वो भी 5 साल की सजा सुनाने के कोर्ट के आदेश के बाद,ऐसा ही जया ललिता के साथ हुआ,ये सब अन्याय है . .और महा घोटेले बाज महाठग लालू यादव 940 करोड़ के बाद फ्री में , बहार आ गया - और ये तीनों सही मायने में अपराधी हैं और सहारा श्री एक कट्टर देश भक्त. इंसान

Wishing Hon'ble Saharasri Subrata Roy a very Happy Birthday.

Hon'ble Saharasri has inspired thousands of people to dream higher, so his birthday is marked as “Prerna Diwas” and celebrated by people who believe in his philosophy. Today, on this auspicious occasion we want to wish Subrata Roy a very Happy Birthday.

Subrata Roy is one among the top 10 most powerful businessman India can ever have. He is the founder and chairman of the famous Sahara India and has achieved more than fifteen awards for being the best Industrialist.

On 10th June, 1948, Subrata Roy was born in the district of Araria, Bihar. He was a very bright child, he also holds a diploma in Mechanical Engineering. Before he founded Sahara, he had already gathered 32 years of precious experience in business development along with 18 years of experience in real estate business. 

He opened his first office in Gorakhpur, which consisted of a table and two chairs along with a staff of one clerk and a runner boy. Initially he single headedly took up the business of Deposits and Para banking. But his life took a new turn in 1990s when he moved to Lucknow and set his business empire which is now over Rs.50, 000 crore. From there, it went on to become the largest conglomerate of India with a diversified range of business interests.

Apart from his business skills, he is also a humanitarian, he contributed to the relief efforts in flood hit Uttarakhand region by providing them the basic amenities along with free medical facility. He always believed in creating a family rather than a company. Which he did successfully, in a span of just 29 years, Sahara India has seen enormous growth as Roy was the driving force behind this success.

Statement from Sahara Counsels Ayush Chaudhary & Abhinav Mani Tripathi

We are thankful to the Hon’ble Court for giving us permission to raise funds via mortgage and sale of certain properties. Looking at the magnitude of the transactions involved, the Hon’ble Court has allowed us 90 days time to work from the conference room within Tihar Jail court premises, extending the facilities of video conferencing and meeting with various parties.

Apart from the mortgage of the three foreign properties, court has also allowed sale of ten domestic properties and a land parcel of Aamby Valley City. We are in a very advanced stage with many parties and shall execute these deals at the earliest. We have already deposited nearly Rs. 4,000/- crores in the ‘Sahara-SEBI Account’ and we shall be very shortly depositing the remaining amount along with the Bank Guarantee.

Sahara Counsel

Ayush Chaudhary & Abhinav Mani Tripathi

Sahara to take legal action against Mirach

Sahara India Pariwar went on the offensive on Thursday accusing Mirach Capital of cheating and forgery in the failed $2.05-billion loan arrangement.

As reported earlier by Mail Today, it has now initiated legal action against the US-based firm and is now working on a new deal to raise funds to secure bail for its chief Subrata Roy.

The crisis-hit group alleged that Mirach and its CEO Saransh Sharma's criminal conduct and lack of financial capabilities to honour such huge commitments led to the breaking down of its deal, leading to precious loss of time, resources and position of Sahara.

"... Sahara is now taking legal action, both of civil and criminal nature, against such gross criminal conduct of MCG (Mirach Capital Group) and their officers, both in India as well as in the US," a Sahara spokesperson said.

He said that an FIR has already been filed in this regard, while adding that the group is now working on another deal and Sahara will comply the order (of the Supreme Court) very soon.

Mirach had on Wednesday formally called off its $2.05-billion loan financing for Sahara and said it has returned the entire due diligence fees of $2.625 million to them. It also accused Sahara of being an unwilling seller for the three overseas properties - The Plaza and Dream Downtown in New York and the Grosvenor House in London.

Shockingly, on January 9, Sharma along with a woman officer was also present in the Supreme Court when Sahara's counsel presented the said letter purportedly issued by Bank of America, based on which the apex court approved the transaction and permitted Sahara to apply to the Reserve Bank of India (RBI) for getting inward remittance in India.

Later on, Bank of America branch manager Nuno Marques informed through his e-mail dated January 31, 2015 that the said letter purportedly issued by him was neither issued nor signed by him. Hence, the letter turned out to be forged.

Subsequently, Sahara sent its officer to the US to confirm the veracity of Bank of America's letter and on February 2 filed an affidavit in the Supreme Court, informing it about these disturbing developments.

Meanwhile, upon inquiry, the Sahara officer confirmed that the Bank of America's letter was a fake, not issued or signed by the branch manager concerned. Thereafter, Sahara confronted Saransh, who was not been able to confirm the veracity of the said BOA letter.

Sebi makes fresh bid to find Sahara Investors

Sebi had received 4,900 refund claims during the August-September exercise from the bondholders of two Sahara companies --Sahara India Real Estate Corp Ltd (SIRECL) and

Sahara HousingInvestment Corp Ltd (SHICL), which had raised over Rs 24,000crore from about three crore investors.

While Sahara maintains it has already repaid more than 93per cent of the outstanding dues directly to the concerned bondholders and the remaining amount was just about Rs 2,500 crore, it deposited Rs 5,120 crore to Sebi in December 2012towards the investor refunds as per Supreme Court orders. Further money has been deposited by the group with Sebi subsequently and it is currently in the process of raisingmore funds to ensure release of its chief Subrata Roy from the jail.

Sebi began the refund process in May 2013, while asking eligible investors to submit their claims. However, the refunds made so far remain minuscule, although the regulator

has not so far made public the quantum of all such payments. Sahara has been maintaining that Sebi should verify the refunds made by it directly and claims to have submitted to

the regulator proof for nearly 75 per cent of refunds. It also says that the remaining 25 per cent refund proof is lying in its Mumbai godown to be given to Sebi.

Sahara also contends that bulk of its investors didn't have bank accounts and other formal financial papers, the details of which have been sought by Sebi. On the identification on Sahara's investors, Sebi has contested in the court that addresses of many investors given

by Saharas were incomplete as only village name, district and state is given without any house number or street/lane names.

On its part, Sahara has maintained that most investors are from rural India and had no house numbers or street names. In the new refund application form, Sebi had given a new

address format for rural investors, asking only village name, post office, district and state as against additional details like house number and street name for urban addresses.

In its latest annual report for the year ended March 31, 2014, Sebi had disclosed having received 3,612 refund applications involving 13,948 deposit accounts till that time in the Sahara matter.

Of those applications, Sebi made refunds in case of 445 applications involving an equal number of deposit accounts for an aggregate amount of about Rs 1.25 crore including interest

of about Rs 43.83 lakh. The other applications had deficiencies or fell under either 'mismatch' or 'multiple investment' category. "Out of the remaining 3,167 applications, in respect of

424 applications involving 1,683 deposit accounts, certain deficiencies were observed in the applications/supporting documents submitted by the applicants which were brought to

the notices of the applicants for their clarification/rectification, and replies are awaited from

them," Sebi said. Sebi also could not process 1,260 applications involving 7,159 deposit accounts as these were in multiple investment category, while 92 cases involving 92 accounts did not meet

the extant refund methodology adopted by the regulator. Besides, 1,776 applications involving 4,395 accounts could not be processed because of being 'mismatch category'.

STATEMENT FROM SAHARA’S COUNSEL, GAUTAM AWASTHI

In today’s hearing, the Hon'ble Supreme Court with a view to enable Sahara’s to raise money for fulfilling the bail condition, allowed the prayer of Sahara’s for taking over of the Bank of China loan on foreign Hotels by another creditor and it also permitted the raising of US $ 650 Million junior loan on second charge basis. Though, there is no requirement of RBI approval under the FEMA Regulations in the concerned transaction, yet on the objections of Amicus and SEBI Counsel, the Hon'ble Court has directed Saharas to seek RBI clarification, if its approval is needed at all or not. The Hon'ble Court made it clear that it has not expressed any opinion on the subject. In effect, the transactions can be taken forward till the point of parking the money in the accounts of Ambey Valley Mauritius Ltd., a 100% subsidiary of Ambey Valley Ltd. The Hon’ble Supreme Court also took note of the fact that the required money for the transactions is already available in the account of creditors which was certified by Bank of America. Further, with a view to give flexibility to the Sahara’s in expeditiously completing the above-mentioned transactions, the Hon'ble Court was also pleased to grant the facilities of housing to Saharasree and other two directors in a separate premises with the facilities of video conferencing telecommunication, Secretarial assistance, etc. which were earlier granted vide order dated 1st August, 2014. These facilities would be available till 20.02.2015.

Further, the Hon'ble Court has asked SEBI to explain the expenses it is stated to have incurred for disbursing Rs.2 Crore to investors. The SEBI wanted the approval of the Court on its expenditure of Rs.48 Crore for disbursing an amount of Rs.2 Crore to investors. The Hon'ble Court has granted liberty to Sahara’s for filing its objections on the expenditure incurred by the SEBI which will ultimately be borne by the Saharas.

SEBI versus Sahara: Rs. 22 crores versus Rs. 18000 crores

Today, Sebi has around Rs.11,500 crores of Sahara's money, including bank interest.

By the time our Chairman shall come out, that is, when full bail amount is paid, our money lying with SEBI will be Rs.18,000 crores cash.  Since no bank is ready to give Bank Guarantee to us without 100% cash margin, it is going to be Rs.18,000 crores of cash with Sebi.

While in the last 26 months,Sebi had to pay only around Rs.2 crores.

More importantly, Sebi came out with an All-India Media Advertisement, twice, inviting investors for repayments. But till now, they have received from all over India, a demand of Rs.20 crores only.

A question can now arise that whether the investors exist or do not exist; meaning, are these all fictitious accounts?

Only verification can clarify this point, as mandated in Hon'ble Court's order of 2012. Since then, in almost past 26 months, Sebi has not started verification; the reason best known to them. 

About fictitious account, we would like to mention here another issue pertaining to the Reserve Bank of India (RBI) which is as follows:

Between 2008 and 2012, on RBI's order, Sahara paid back Rs.18,000 crores under the command of RBI's two Statutory Auditors and 3 RBI nominated Directors.  The bank account of that amount was controlled by the RBI.  A strict rule was followed that when RBI auditors finally checked the identity of all investors (KYC), only then the next months' payments were allowed by the RBI and during the process, in 4 years, RBI did not find any fictitious account; not even one.

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Regards,

Corporate Communications,

Sahara India Pariwar

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