The Sahara Group, which has been facing attack from sections of the media, has issued a statement to set the record right. Some of these media outlets have asked why Sahara's claim that its outstanding liability is Rs 3,663.93 crore plus interest should be considered authentic.
This figure of outstanding liability is based on the Statutory Auditor’s certificate, Sahara has pointed out. All its branch managers have given notarised certificates about the payments made also with the declaration that each and every esteemed investor can be produced if a need arises It is getting certificates of payments from more than 300 CAs throughout India who regularly undertake physical verifications etc.
It is now appointing a highly credible agency for verification of its repayments made initially through the most scientific pattern of sample checking. Sahara has asked why its request that Sebi should come up with a public notice, maybe twice in 10 days, at Sahara’s cost for inviting the claims of claimants left in these companies, has not been heard.
There were also unsubstantiated allegations that Sahara was continuously redeeming its OFCDs but from May onwards up to almost October repayments were heavy. From April – May Sahara has been facing pressure from the field all over India after the SC order for continuous hearing following the judgement. Before that, field workers and investors knew the company was giving sufficient security of land etc. and the Hon’ble Court 'shall definitelyallow three-four years for repayment, meaning up to redemption time'. But in first week of May, the SC denied the involvement of security of land, etc, and ordered continuous hearing and a judgement by vacation judge in May-June.
During March-April, the story of Golden Forest went all around. All field workers and the Investors learnt that Sebi interfered in the scheme of Golden Forest in 2000 and ultimately everything was banned in 2004-2005. 'Exactly as in our case, judges were appointed for making repayments. And in last eight years after closure of business, not a single person has received even one rupee as repayment,' said Sahara
'So investors got panicky to get back their payments because they thought their money without any interest earning would get stuck with Sebi and they could never approach Sebi. The two companies Sahara India Real Estate Corp Ltd and Sahara Housing Investment Corp Ltd of are closely held unlisted public limited companies, whose main objective is the development of real estate and infrastructure projects in India. These two firms have raised money by way of private placement against issuance of OFCDs and invested them in various real estate projects, JVs, securities of real estate firms, through subsidiaries or through outside parties.
Further to repaying its OFCD holders on pre maturity and maturity, these two companies repaid them from internal accruals, own cash flow and also generated the liquidity of fund by way of disposing off various investments like sale of investment in equity shares, cancelled various Joint venture agreements and surrendered development rights of various real estate projects. All sales, transactions mentioned here were done before the judgement of 31st August 2012. Sahara has said that Sebi should appoint a credible agency for a quick and scientific sample verification of authenticity of repayment claim, including KYC.
This figure of outstanding liability is based on the Statutory Auditor’s certificate, Sahara has pointed out. All its branch managers have given notarised certificates about the payments made also with the declaration that each and every esteemed investor can be produced if a need arises It is getting certificates of payments from more than 300 CAs throughout India who regularly undertake physical verifications etc.
It is now appointing a highly credible agency for verification of its repayments made initially through the most scientific pattern of sample checking. Sahara has asked why its request that Sebi should come up with a public notice, maybe twice in 10 days, at Sahara’s cost for inviting the claims of claimants left in these companies, has not been heard.
There were also unsubstantiated allegations that Sahara was continuously redeeming its OFCDs but from May onwards up to almost October repayments were heavy. From April – May Sahara has been facing pressure from the field all over India after the SC order for continuous hearing following the judgement. Before that, field workers and investors knew the company was giving sufficient security of land etc. and the Hon’ble Court 'shall definitelyallow three-four years for repayment, meaning up to redemption time'. But in first week of May, the SC denied the involvement of security of land, etc, and ordered continuous hearing and a judgement by vacation judge in May-June.
During March-April, the story of Golden Forest went all around. All field workers and the Investors learnt that Sebi interfered in the scheme of Golden Forest in 2000 and ultimately everything was banned in 2004-2005. 'Exactly as in our case, judges were appointed for making repayments. And in last eight years after closure of business, not a single person has received even one rupee as repayment,' said Sahara
'So investors got panicky to get back their payments because they thought their money without any interest earning would get stuck with Sebi and they could never approach Sebi. The two companies Sahara India Real Estate Corp Ltd and Sahara Housing Investment Corp Ltd of are closely held unlisted public limited companies, whose main objective is the development of real estate and infrastructure projects in India. These two firms have raised money by way of private placement against issuance of OFCDs and invested them in various real estate projects, JVs, securities of real estate firms, through subsidiaries or through outside parties.
Further to repaying its OFCD holders on pre maturity and maturity, these two companies repaid them from internal accruals, own cash flow and also generated the liquidity of fund by way of disposing off various investments like sale of investment in equity shares, cancelled various Joint venture agreements and surrendered development rights of various real estate projects. All sales, transactions mentioned here were done before the judgement of 31st August 2012. Sahara has said that Sebi should appoint a credible agency for a quick and scientific sample verification of authenticity of repayment claim, including KYC.