Sahara India Refund 2022: Your money is it stuck in Sahara India? When will the money be returned?

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Sahara India Refund 2022

Sahara India Refund 2022: There is good news if you are similarly worried by your money getting stuck in Sahara India. Actually, the government has taken action in relation to Sahara India’s refund. The government has also made a number of important decisions.

The market regulator SEBI has also levied a hefty fine of Rs 12 crore against two Sahara Group companies, Subrata Roy, and three other people. When Sahara India investors will receive their money back was previously disclosed by the government.

Sahara India Refund 2022 Status: Government gave information

The government provided details regarding Sahara India, stating that just Rs 138.07 crore, including interest, has been refunded to Sahara investors thus far by SEBI. Sahara Housing Investment Corporation Ltd. raised Rs. 6380.50 crores from 75.14 lakh investors, while Sahara India Real Estate Corporation Limited (SIRECL) collected Rs. 19400.87 crores from 232.85 lakh investors. That is, people who have invested crores of rupees are still stuck.

How many refunds have you already recieved?

Sahara India was ordered by the Supreme Court on August 31, 2012, to deposit Rs 15,503.69 crore in the “SEBI-Sahara Refund” account through December 31, 2021, in place of the principal sum of Rs 25,781.37 crore withheld from investor payments.

The Minister of State for Finance reported that SEBI had received 19,644 applications pertaining to 53,642 original bond certificates or passbooks, totaling Rs 81.70 crore in principal. Of these, SEBI has returned 48,326 original bond certificates or passbooks, totaling Rs. 138.07 crores, to 17,526 qualified bondholders.

When will the money be given to investors?

The Finance Ministry stated that the Securities and Exchange Board of India has issued orders relating to two special Sahara companies, Sahara India Real Estate Corporation Limited and Sahara Housing Investment Corporation Limited, in response to the question of when the investors in Sahara India will receive their money back.

Apart from this, the government said that the other applications could not be found in the records and information provided by SIRECL or SHICL, and the SEBI’s investigations were closed as a result of the bondholders’ failure to respond.

Also read: Senior Citizens Savings Scheme: Check Interest Rates, Tax Benefits, Who Can Invest

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