Funds Worth ₹ 24,000 Crore Lying Unused With SEBI: Sahara Group
Sahara Group has said it is unreasonable to ask it to deposit more money as funds worth ₹ 24,000 crore are lying unutilised with SEBI for nine years Sahara Group on Wednesday said it is unreasonable to ask it to deposit more money as funds worth Rs 24,000 crore are lying unutilised with markets regulator Securities and Exchange Board of India (SEBI) for the last nine years and it was hurting the business interests of the group. The statement comes a day after SEBI chairman Ajay Tyagi had said that Sahara is yet to fully deposit the money ordered by the Supreme Court in August 2012 and that the group has so far given only around ₹ 15,000 crore while the total amount due to be deposited is ₹ 25,781 crore. According to SEBI’s 2020–21 annual report, the regulator had paid back only ₹ 129 crore to bondholders and that it was maintaining an escrow account with over ₹ 23,000 crore. In a statement, Sahara Group said Supreme Court had ordered on August 31, 2012 to deposit principal a...