Sahara challenges ‘illegal money’ accusation
3 Sep 2012 5:45 AM GMT
The Sahara India Pariwar has challenged the authorities to prove any ‘illegal (benami) money within the group. It has also questioned the regulators for repeatedly questioning the source of all its public deposits and investments.
After the Supreme Court delivered on Friday, the judgment directing the group’s two companies, Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited (SHICL) to repay Rs 17,400 crore of investors’ money along with 15% interest, Sahara issued a late evening release, asked the regulators some penetrating questions and reassured its depositors by stating that there was no cause for anxiety, and that there wouldn’t be even a day’s delay in repayment. ‘Sahara is the most honest custodian of your money and by the grace of God, we are so healthy that there will be not even one day’s delay in any payment commitment of Sahara’, the release stated with confidence.
It also emphasised that in the last 33 years of the group’s existence, there has not been a single complaint of non-payment against it. On the contrary, it has paid around Rs 1,40,000 crore to about 12 crore investors.
‘In 2008, the RBI killed our financial inclusion-based RNBC (Residual Non-Banking Finance Company) activities and gave us seven years’ time to repay our depositors, which we cleared in just four years,’ it stated.
After the Supreme Court delivered on Friday, the judgment directing the group’s two companies, Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited (SHICL) to repay Rs 17,400 crore of investors’ money along with 15% interest, Sahara issued a late evening release, asked the regulators some penetrating questions and reassured its depositors by stating that there was no cause for anxiety, and that there wouldn’t be even a day’s delay in repayment. ‘Sahara is the most honest custodian of your money and by the grace of God, we are so healthy that there will be not even one day’s delay in any payment commitment of Sahara’, the release stated with confidence.
It also emphasised that in the last 33 years of the group’s existence, there has not been a single complaint of non-payment against it. On the contrary, it has paid around Rs 1,40,000 crore to about 12 crore investors.
‘In 2008, the RBI killed our financial inclusion-based RNBC (Residual Non-Banking Finance Company) activities and gave us seven years’ time to repay our depositors, which we cleared in just four years,’ it stated.
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