The Patna High Court has ordered the Securities and Exchange Board of India (SEBI) to file its response, in writing, no later than March 25, on the matter relating to repayment to Sahara investors.
He also ordered that a “responsible officer” from the market regulator’s Mumbai headquarters be present in court on March 28 to answer any questions posed by the court.
In a written response under the subpoena issued by the High Court, lead barrister Umesh Prasad Singh, appearing for the Sahara, told the High Court on Tuesday that more than Rs 24,000 crore remained idle with SEBI , but investors in Sahara Group companies have not been paid by the capital market regulator.
“SEBI has only reimbursed investors around Rs 128 crore over the past nine years. group,” Sahara India Pariwar said in a statement on Wednesday.
Further, Singh argued that there is no impediment or order issued by the Supreme Court or any other court preventing SEBI from reimbursing the investors of the other companies or companies, other than the said two Saharan companies which are frozen by the Supreme Court.
He also said that a writ petition had been filed in the High Court in Lucknow, with SEBI itself undertaking that the money received from the Sahara would be used to repay all the investors, including that of the Sahara ‘Q Shop’ company.
“However, despite this commitment by SEBI and a clear Supreme Court order dated December 5, 2012 that the excess amount be reimbursed by SEBI to Sahara, SEBI has neither paid the investors nor reimbursed Sahara, “, indicates the press release.
“As such, there is only the only avenue open for SEBI to either repay the full amount to Sahara or repay the investors.”