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Sahara chief addresses workers in Guwahati

Sahara chief addresses workers in Guwahati

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  7 Oct 2017 12:00 AM GMT

Guwahati, Oct 6: Saharashri Subrata Roy said that since 2012, Sahara has been continuously depositing money in Sahara-SEBI account under the direction of the Court, even in conditions where the real estate was and even today is in stress. Today SEBI has around Rs. 19,000 crores (including interest earned) of Sahara’s money, while SEBI has only repaid Rs. 64 Crore to the investors, in last 60 months. Also, SEBI holds Sahara’s origil documents of landed properties worth Rs.20, 000 crores. Sahara has paid this Rs. 19000 crore despite the fact that they have already repaid 95% of their investors and this payment is nothing but a double payment of single liability. These documents contain the proof of repayment as it includes origil vouchers, Bond certificates and other Maturity Documents,and receipts, etc. Had Sahara not paid 3 crores of investors there would have been bloodbath in the country with murder and suicides but there is not even an FIR.

Roy further said that Sahara fundamentals are very strong. However, it is also true that they are facing a huge, short term liquidity problem, but it is not because they have to deposit the money in Sahara Sebi account but it is due to the embargo, which is imposed on them. If they sell or mortgage any asset and raise funds, then that entire money shall go to the SEBI-Sahara account. They cannot raise even a rupee for the group due to embargo. Even if, only the cash amount which Sahara has deposited to SEBI, which stands to Rs.19,000 crores, and if it is considered as a cash reserve, Sahara will stand 19th on the September 2017 chart of top cash rich companies of India, where first 17 are banks.

But they are confident that once it is lifted which they believe will happen soon and they have also not the slightest doubt that the entire money deposited by them will come back to Sahara after the verification process which Sebi has to initiate and conclude as per the order of Supreme Court. Once this money is back, Sahara will be one of the biggest cash rich companies of India and their growth will be phenomel. This acute current cash flow issue is really severe but temporary in ture. The company is fincially sound, fundamentals are intact and assets are way more than the liabilities.

Saharashri said that in Hindi there is a proverb – ‘Saanchkokyaaanch’ (Truth has no fear of examition). SEBI has to initiate verification that they should start ground verification. Further, if SEBI is facing any problem in identifying any investors, Courts in its August 2012 order has asked SEBI to take help of Sahara in verification. Where is the problem then? The fact is that verification has not even started till yet by SEBI, leave alone taking help of ours. In absence of verification of investors, any declaration of such kind is misleading. Sahara has always professed, even challenged, that not even a single account is fictitious. Infact, we have paid Rs 725.97 crore as TDS (Tax deducted at source) to Income Tax Departments on the interest which along with investment was repaid to 95 percent of the investors, between 2009-10 and 2012-13. The Income Tax Authorities had found the beneficiary investors existent and accordingly confirmed the repayments made in those particular years. If one government body has found investors why another cannot.

The strength in Sahara’s claim is well evident from the fact that SEBI is avoiding investor verification process because they know that after due verification, Sahara will be proved to be correct without a shadow of doubt. That shall indeed be a huge embarrassment for SEBI as the case will then be closed in favour of Sahara and all the money will come back to Sahara.This was stated in a press release.

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