Hi Friends,

Even as I launch this today ( my 80th Birthday ), I realize that there is yet so much to say and do. There is just no time to look back, no time to wonder,"Will anyone read these pages?"

With regards,
Hemen Parekh
27 June 2013

Now as I approach my 90th birthday ( 27 June 2023 ) , I invite you to visit my Digital Avatar ( www.hemenparekh.ai ) – and continue chatting with me , even when I am no more here physically

Friday, 15 September 2023

Sahara Refund Case – as Scripted

 Context :

Sahara refunds: Sebi gets request for only Rs 138 crore against Rs 25,000 crore attached  … IE  / 08 Aug 2023

 

Extract :

 

The Securities and Exchange Board of India (Sebi) has made refunds of Rs 138.07 crore to investors of two Sahara companies in 11 years, while the amount deposited in specially-opened bank accounts for the repayment has surged to more than Rs 25,000 crore, the regulator in its Annual Report.

 

In the absence of claims from a majority of the bondholders of the two Sahara companies, which were asked to return the money to nearly 3 crore investors along with interest in August 2012 through a Supreme Court order, the total amount refunded by Sebi inched up by just about Rs 7 lakh during the last fiscal, 2022-23, while the balance in Sebi-Sahara refund accounts rose by Rs 1,087 crore during the year.

 

Sebi said it received 19,650 applications involving 53,687 accounts as on March 31, 2023. Sebi said pursuant to various orders passed by the Supreme Court and the attachment orders passed by the regulator, an aggregate amount of Rs 15,646.68 crore has been recovered by it as of March 31, 2023.

 

My Script :

 

Ø  Be-Sahara Shree ?  ……………………….. 05 June 2014

Extract :

Then within a few weeks , Supreme Court wants him to hand over to SEBI , Rs 24,000 Crores that SEBI claims he raised illegally from " Public "

But Subroto says ,

 

" What public  ?

 

I am ready to pay-off all of my depositors , if only , they would come forward to

claim their deposits

  

I have raised , a few rupees each ( Rs 5 - Rs 10 ), from millions of small

depositors , all of whom , gave their postal address as , " Delhi-Agra Road ", or

Kanpur - Lucknow Road "

 

 I just can't find them  "

 

 Now , all of us ( Supreme Court and SEBI included ) , know that ,

 

 >  Those Rs 24,000 Crores belong to politicians ( - most who got defeated in

 

     recent Lok Sabha elections ) , businessmen / bureaucrats / film stars etc

 

 

>  Each of them have given this in CASH to Sahara-Shree ( Range : Rs 10 –

 

    100 crores )

 

 

>   Sahara-Shree knows that they don't dare to publicly ask him to return

 

     their deposits . He managed to render them be-sahara  !

 

 

>   Neither Sahara, nor SEBI have true addresses of those fake depositors

 

  

So , what happens now  ?

  

>   Subroto will be forced to sell most of his properties to raise money

 

 >   To ensure that there is no hanky-panky in sale of these properties ,

 

      Supreme Court may appoint some world-famous Real Estate

 

      Consultants to conduct e-Auctions for each of these assets

 

 

>    SEBI will have a windfall of Rs 24,000 Crores that no one wants  !

 

 >    SEBI will deposit it with banks and earn a fat interest - for ever

 

हेमेन उक्तवान् : मया भवद्भ्यः एवम् उक्तम् आसीत्

Hemen said : I had told you so

 

With regards,

 

Hemen Parekh

www.hemenparekh.ai  /  09 Aug 2023

 

Related Readings :

 

Ø  Convert black to white - sebi way ………………………… 15 June 2016

 

Ø  Small Creditors : finally no more Be-Sahara ?  ……. 18 July 2023

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