New Delhi, Dec 8, 2008 : .On Wednesday, the workers and investors from Sahara staged a demonstration against SEBI at Jantar Mantar. Workers and investors have been working in Sahara India for 25-30 years and are connected to Sahara through one or another scheme.They claimed that the Supreme Court has placed an embargo on the entire Sahara Group for the past eight years due to the Sahara-SEBI conflict.
This has led to a delay in payments, which has had a major impact on their earnings.
“So much so, that our investors aren’t giving us new business because their old repayments are delayed.
Our income has been dwindling to almost nothing.They added that as a result, thousands of our ‘karyakartas are now at the brink of starvation or unemployment.”
In the eight years since its inception, SEBI has only repaid Rs 125 crore with interest, despite having placed four rounds of ads in national and regional newspapers.
Sebi acknowledged this in a status report that he submitted to the Supreme Court at the start of the year.
Sebi published an advertisement on March 26, 2018.It received repayment applications from 19598 investors.
These were attached to the original applications.SEBI responded by resolving 16,663 applications.
This amount was Rs 125 crore plus interest.This alone shows that SEBI did not approach all investors for repayment.
“But because of Sebi’s stubborn approach, lakhs Sahara karyakartas face darkness in their lives.If SEBI has no pending repayment for any investor, it should submit an affirmation that there are no investors awaiting repayments.
It may then be possible for the Supreme Court to lift the embargo on all Sahara companies and Sahara to receive the Rs 24,000 crore (with Interest) from the Sahara–SEBI account.Protesters stated that this would mean regular repayments to all investors and depositors.”
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