Finance Minister Nirmala Sitharaman reported only Rs 138.07 crore has been refunded to Sahara investors out of the over Rs 25,000 crore due under two Sahara schemes.
Addressing the Parliament, Sitharaman noted that of the 19,650 claims received, only 17,256 met the eligibility criteria, leading to the modest refund amount.
Sitharaman highlighted that repeated public outreach efforts, including advertisements, have not been successful. “Despite numerous attempts by the Supreme Court and SEBI through advertisements, we are still struggling to gather all eligible claimants for the Sahara refund case,” she explained.
In 2012, the Supreme Court directed SEBI to refund the money invested in Optionally Fully Convertible Debentures (OFCDs) issued by Sahara companies SIRECL and SHICL, following verification. The total amount due is approximately Rs 25,781.37 crore, with a 15 per cent interest obligation. However, despite several public announcements in 2013, 2014, and 2018 urging investors to come forward, the response has been limited.
On whether SEBI could auction Sahara properties to recover funds, Sitharaman confirmed that such a possibility exists but asserted that the immediate goal is to distribute the Rs 25,781 crore to claimants. She urged Parliament members to encourage potential claimants to register through the Ministry of Cooperation’s portal.
“We are actively working to clear the claims and assure you that the government is committed to this process,” Sitharaman stated, adding that the efforts are closely monitored by three panels of retired Supreme Court judges. She also addressed concerns about claims made through agents, noting that the apex court-monitored committee will handle such cases and further documentation may be required.
Sitharaman reassured that the government is diligently reporting to the Supreme Court and is determined to ensure all legitimate claims are processed. “We are continuously working on this matter and ask Parliamentarians to assist in spreading the word to potential claimants,” she concluded.
