Legal proceedings against Sahara Group to go on: Sebi chairperson
Sebi) will continue with its legal proceedings against the Sahara Group even after the death of its founder Subrata Roy, its chief Madhabi Puri Buch said.
“The passing of one individual does not change anything,” Buch said. “The case is against the group or entities and not against one individual.The investor refund process will continue.”
She was speaking on the sidelines of a capital market conference organised by industry body FICCI.
Sebi is yet to recover Rs 62,000 crore from the Sahara Group.
As on March 31, 2023, Sebi has received 19,650 applications involving 53,687 accounts. Refunds have been made with respect to 17,526 applications involving 48,326 accounts for an aggregate amount of Rs 138.07 crore.
Buch said the refund process was happening as per the directions of the committee appointed by the Supreme Court.
“Our actions are dependent on the directions of the Supreme Court-appointed committee.
As per its recommendations, multiple rounds of advertisements have happened,” she said.
«Disbursements have happened to whoever is coming ahead with proof of investment,” Buch said. As on March 31, 2023, Sebi has recovered Rs 15,646.68 crore from the Sahara Group.
This amount along with the accrued interest after due refunds to the eligible bondholders, was deposited in nationalised banks.
