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Dec 10, 2012

Sahara clearing confusion over Repayment Liability in Public PR

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Sahara has published a Public press release (PR) where it clearly stated about the actual repayment liability and clears the confusing media hoax over the 25,000 Crore liability among stake holders. This press release is probably published in every national and local newspapers of India where Sahara made some points on the actual liability. If you have not find the PR yet, then you can read the points below:

Sahara states [Courtesy - Sahara India Pariwar ]:
  • Total liability was around Rs. 25,000 Crores of both the OFCD companies.
  • Over a period of time, we have redeemed the OFCDs issued to the Investors and presently, the total outstanding liabilities of both the companies is Rs. 2,620 Crores only.
  • We have already paid to SEBI a sum of Rs. 2,620 Crores plus also Rs. 2,500 Crores as a buffer amount subject to physical verification of all documents, at company's end. The buffer amount has been paid so that at any stage if there a difference, Sahara should not face any element of embarrassment. 
  • SEBI and SAT (Securities Appellate Tribunal) had directed us to  clear all the liabilities of both the companies towards the OFCDs issued (around Rs. 25,000 Crores), but did not ask for double the amount meaning around Rs. 50,000 Crores.
  • But as per order, we have to pay SEBI around Rs. 25,000 Crores again in the next 2 months, which means we have to pay again the whole amount which has already been paid.
  • In last 34 years there has not been a single complaint of non-repayment against us though in last 34 years we have repaid liabilities of Rs. 1,70,636 Crores to 14.7 Crores account holders.
Sahara has been clearing confusion and also facing troublesome situations around times. Recent past Sahara chairman Mr. Subrata Roy has come to public himself to explain why Sahara will not be sponsoring the Indian cricket team anymore and from his explanation you can only blame the government and officials. Anyway, after some compromise Sahara agreed to sponsor India cricket team. We guess same fate happened here too and Sahara is taking the pain to maintain its image before the stake holders and investors.


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