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Sahara launches fresh attack against SEBI

Last Updated: Fri, Feb 28, 2014 12:05 hrs
Subrata Roy challenges Indian regulators to prove legal lapses against group

Hours after Sahara chief Subrata Roy was taken into custody by the UP police, the group has launched a fresh attack against market regulator, SEBI. In its latest press statement, Sahara claims that Sahara has repaid all the liabilities of OFCD (optionally fully convertible debentures) except around Rs 2000 crores.

The group has blamed SEBI for its inability to verify truckloads of investor documents that were sent to them. Interestingly, SEBI had accused the group during the court proceedings of sending them improper and fictitious documents.The regulator had informed the court that most of the investors only existed on paper.

Following is the full statement of Sahara

It has been wrongly communicated in some reports in media that Sahara has to pay Rs.20,000 crores and Sahara could not prove its claim that Sahara has repaid. The fact is, Company has repaid all the liabilities of OFCD except around Rs.2000 crores.

Further, the following will clarify all doubts about the above issue.

1. Company has given SEBI all original payment vouchers, receipts and all other documents containing all details of esteemed investors more than 100 truck loads. Rest 20-30, truck load documents are lying in Mumbai godown and Sahara tried their best but all in vain and SEBI did not receive these documents.These documents are absolute proof of our payments that even a child can see and get convinced. But SEBI will not go through the same and that is SEBI's great strategy against Sahara.

2. Sahara deposited with SEBI Rs.5120 crores and lying with SEBI for last 16 months for repayments (with buffer amount) and SEBI could disburse only 1 crore till now in last sixteen months.Meaning no payment demand is there in all over the country.Anybody will say and agree that if there were dues that Sahara did not pay, then in last 16 – 17 months there would have been at least one complaint against Sahara. Had there been non payment situation there would have been bloodbaths and suicides.

3. In fact Rs.20000 crore is demanded as security, since 31st August order says that after verification of SEBI if there are partially or fully fictitious accounts then that amount will go to Government account.But in last 17 months SEBI has not done even 1% verification. It is a great strategy of SEBI and that is why the sword is continuously hanging on us.


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