Liquidity-short Sahara delays staff salaries
28 Feb 2015 12:38 AM GMT
The salary delays are mainly being faced by the staff members in the corporate offices of the crisis-hit group, while there are also delays on certain statutory payments and operating obligations or expenses related to day-to-day business due to difficulty in fund flows. When contacted, a Sahara spokesperson confirmed the delays in salary and other payments, while adding that the junior staff members are being given priority for the payments.
“We are working to diffuse this crisis, which has also created grave difficulties for our employees. Sahara India is one big Pariwar (family) and all the employees are its members, who are standing together in these difficult times. “With our dedicated employees and the strong fundamentals of the group, we are hopeful that we will soon come out of this crisis,” the spokesperson said.
The group has over 10 lakh full-time and part-time employees, including permanent staff at its various companies, permanent agents who get regular incentive payments besides a large number of part-time agents.
While the exact number of persons whose salaries and other payments have been delayed could not be ascertained, sources said their numbers could run into “tens of thousands”.
“The group is facing a liquidity crunch for past one year due to embargo and double payment (for investor refund), resulting into many problems like meeting the salary, statutory and other operating obligations/expenses in doing business,” the spokesperson said.
Sebi cancels Sahara AMC registration
In fresh troubles for crisis-hit Saharas, regulator Sebi on Friday ordered cancellation of Sahara Asset Management Company’s registration as portfolio manager, saying that “antecedents” of Subrata Roy and some group firms may cause “prejudice to the interests of investors”.
Rejecting Sahara AMC’s application for renewal of license, Sebi said it no more meets “fit and proper criteria” to continue as a portfolio manager in Indian securities market. Consequently, the Sebi said, it was ordering cancellation of its portfolio manager registration within 30 days, or transfer of its business to another portfolio manager, or allow investors to withdraw their funds and securities.
“We are working to diffuse this crisis, which has also created grave difficulties for our employees. Sahara India is one big Pariwar (family) and all the employees are its members, who are standing together in these difficult times. “With our dedicated employees and the strong fundamentals of the group, we are hopeful that we will soon come out of this crisis,” the spokesperson said.
The group has over 10 lakh full-time and part-time employees, including permanent staff at its various companies, permanent agents who get regular incentive payments besides a large number of part-time agents.
While the exact number of persons whose salaries and other payments have been delayed could not be ascertained, sources said their numbers could run into “tens of thousands”.
“The group is facing a liquidity crunch for past one year due to embargo and double payment (for investor refund), resulting into many problems like meeting the salary, statutory and other operating obligations/expenses in doing business,” the spokesperson said.
Sebi cancels Sahara AMC registration
In fresh troubles for crisis-hit Saharas, regulator Sebi on Friday ordered cancellation of Sahara Asset Management Company’s registration as portfolio manager, saying that “antecedents” of Subrata Roy and some group firms may cause “prejudice to the interests of investors”.
Rejecting Sahara AMC’s application for renewal of license, Sebi said it no more meets “fit and proper criteria” to continue as a portfolio manager in Indian securities market. Consequently, the Sebi said, it was ordering cancellation of its portfolio manager registration within 30 days, or transfer of its business to another portfolio manager, or allow investors to withdraw their funds and securities.
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