On Friday, the Supreme Court ruled that SEBI has jurisdiction over the OFCDs issued by 2 unlisted Sahara Group companies, raising almost Rs 24,000 crore. The apex court ordered the Sahara companies to refund the outstanding Rs. 24,000 crore. The refund process is to be handled by SEBI and will be monitored by retired Justice Agarwal.
Sahara has maintained that the sale of OFCDs was done via a private placement and since the companies never intended to list them, SEBI's jurisdiction did not apply. Here below is Sahara's response to the Supreme Court order.
'Emotionally Speaking' is their title to the release.
1. In 2008-2009 Sahara filed its RHP under the provisions of the Companies Act with the Ministry of Corporate Affairs, which was duly registered and approved by them for raising money for Real Estate Business on the same basis as was done in 2002 for an earlier issue of Sahara. The earlier issue was duly closed and registered with the competent authority in 2008 along with the list of all investors running into millions.
2. Any country’s system will collapse if after getting clear, clean permissions from country’s competent Government’s Regulator, the company is so severally punished. Meaning, lawful bona-fides are severely punished with retrospective effect.
3. Here we want to inform all our Hon’ble Depositors and investors that you need not worry about anything and be at absolute peace since as Sahara the most dutiful and absolute honest custodians of your money and by the grace of God, we are so healthy with all-round strength that there cannot be even one day delay in any payment commitment of Sahara.
4. In the last 33 years there is not a single complaint of non-payment, whereas we have paid around Rs.1,40,000 crores maturity/redemption and against the enrollment of around 12 crores investors.
5. People cannot accept Sahara’s super-fast growth. All along we have been getting beatings and beatings from all authorities, whereas we should be appreciated.
6. All along for the past 7-8 years we have felt and faced the onslaught of various authorities since they concluded whimsically without any verification that the deposits, investments we have received from the public are fictitious and bogus as they feel the money with us is ill-gotten, from politicians etc.
7. Firstly, Income Tax Department held on to our refund for decades to the tune of around 2000 crores, but ultimately it was truth that prevailed, they verified and verified and ultimately they had to pay us back the entire amount in the year 2011.
8. Reserve Bank of India, in 2008, killed our Financial Inclusion based RNBC activities and gave us 7 years’ time to repay our depositors, which we cleared in just 4 years.
9. Of course we shall never blame the Respected Judges of Hon’ble Courts of our beloved country. However, it is the fault of the machinery which presents the facts incorrectly and in such a manner so as to create a false and negative perception so as to convince the Hon’ble Courts that Sahara has collected unbelievably large sums of money from public which are actually ill gotten and fictitious.
10. And the fact is that there is not a single benami money and this statement is Sahara's challenge to all authorities of our country
Further we claim with challenge that each and every rupee we have accepted in last 33 years is always against receipt from the company and with an application form duly signed by the Hon’ble depositors/investors. Every rupee which has come to Sahara can be verified by the authenticity of the depositors/investors. We invite the concerned authorities of this country to come and verify.
11. Further challenge of Sahara to entire authority of the country to come and verify our claim that Sahara has not done anything ever against the law or spirit of law, Sahara has not done one rupee black money business, not ever gone to any authority for undue favour (whether through licensing or beneficial quotas) for even one rupee earning. We only believe in hard work with absolute honesty and dedication.
12. Even we would like to mention that all along MCA, RoCs and Sahara were lawfully (as per the Company’s Act) absolutely right, everyone’s problem is why and how can Sahara raise so much of funds from public. Irresponsible people only conclude that this is all ill-gotten money and from the politicians, whereas probably 90 per cent of our depositors, investors are those very small investors, who never go to banks and banks too never reach them.
13. We should rather always get a pat on our backs for such good social work. Had our committed ten lakh workers not gone to those small depositors they would have spent those monies in alcohol or gambling etc., we are saving their monies and bringing them to the nation’s mainstream and thus helping those poor people for their better future out of forced savings.
14. The saddest part is sitting on the chair in air conditioned offices, they imagine and allege and never bother for any sort of verification.
15. If we continue to write about the injustice we have faced from so faulty a system of our country, probably huge space will be required. Let us not go for those, but we should write here that for the future interest of our country these totally unjustified tortures are responsible for India’s corporates (Big, medium or small) continuously developing business outside the country and good brain run away from the country. Of course, we at Sahara, we are not escapists. We shall fight against the system and grow in our beloved country for the growth of our country.
Through our expansion programs in next 2 to 3 years we shall provide permanent salaried employment of around 3 lakhs people apart from around 5 lakhs new introduction of field workers, meaning, Sahara shall be providing livelihood to around 18 lakh families.
We Stand Committed
Sahara India Pariwar