Sahara
complained that SEBI Chairman Sri U.K. Sinha neither gave time to meet our
Chairman since last one year nor he accepted the invitation for appearing with
our Chairman in T.V. Channel for informing people the truth and torture given
to Sahara. Such a big responsible person should not give irresponsible
statements that how and why Rs.20,000 crores repayments were made in 4 months
and 90% was paid in cash. Well, he
should have asked these questions to Sahara first.
Repeatedly
we have written to SEBI and everywhere that our investors are very small and
mostly living in small townships and rural areas. These investors do not go to
Banks and Banks do not come to them.
Our investors
profile on the basis of principal amount.
Upto Rs. 5,
000/- = 1.33 crores, upto Rs.10,000/- another
0.88 crores, upto Rs.15,000/- another 0.42 crores, upto Rs.20,000/-
another 0.36 crores. This totals to 2.99 crores out of total investors of 3.07
crores. We genuinely hope that the SEBI Chairman should kindly send an amended
statement to Media with realisation and apologies that why cash repayments to
around 90% investors have been made and the 90% cash payments are totally
justified.
Upto Rs.
20,000 repayments (including interest) it is cash payments only as per
country’s law.
It should also be clear that 90% amount of
investors in both the companies have come from investors upto Rs.20, 000 that
is 2.99 Crores. So any logical but unbiased mind shall be convinced, accept and
understand our challenge in the past also that there cannot be any case of
fictitious, fake investors in Sahara.
He has also
mentioned about paying Rs. 20,000 crores in 4 months. But majority payments are
in 5 months plus time.
SEBI knows
the reason very well that upto April 2012, esteemed investors through our
committed and highly concerned field workers in Lakhs, knew that Hon’ble
Supreme Court is likely to give 5 – 6 years against security of properties. We
have submitted the valuation reports of properties to Hon’ble Supreme Court.
In fact in
case of RNBC under regulation of Reserve Bank in 2008, RBI had given 7 years
time to repay. This 7 years time was
given within 10 days from the date of Prohibitory Order. So there was no chance, no reason of big rush
demands of any nature.
Again the
same profile of investors in RNBC also that is deposit of around Rs.20,000
crores with 3 crores plus investors. Important to note that we had almost
repaid all liabilities 3 years in advance in RNBC.
But all of
sudden in May 2012, 1st Week, Hon’ble Supreme Court ordered for continuous
hearing in June 2012 and decision had to be given the same time.
During
April 2012, one news was probably infected by some interested party which
spread like wild fire in our field, Countrywide that in case of Golden Forest
Company which was exactly similarly initiated and fought by SEBI. After Hon’ble
Supreme Court’s decision in 2004 in this Golden Forest Company for repayment,
not a single rupee has been paid to any investors till today that is in 8 – 9 years.
Workers and Investors also knew that there were dozens of other Companies
where, SEBI’s had taken action but not a single investor have received one
rupee till now.
Also,
company as sole custodian of Investors money from last 34 years got concerned about
Esteemed very small investors.
Then there
was big rush with demands for repayments. There were big – big queues in front
of offices throughout the country. We had to repay big sum but could contain to
a great extent the rush by around middle of June. So almost 60% repayments had
to be done in around 45 days only.
Really a very difficult time for Sahara for no fault of ours.
No fault of
ours since we did this OFCD business after we got all valid permissions in
writing from Central Government through Ministry of Corporate affairs as our
regulator who continuously used to inspect and investigate, all Balance Sheets
etc. were regularly to be submitted to them etc. etc. for last 10 – 11 years as
our regulator but we faced and are facing very difficult days with
retrospective effect punishments. Government departments who gave us written
permission are not accused at all. Had they not given these permissions we
would not have collected even one rupee and we would not have faced any
problem. Well we are Prajas and they are Rajas.
One thing SEBI
should understand that, had there been any hanky – panky by Sahara as accused
by Chairman SEBI, then why we could not manage 5000 Crore which we have paid to
SEBI.
Humble
request to SEBI to act judiciously like a very responsible and very big Regulator
as big brother of society.
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