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All problems to be resolved in 2020 : Sahara Chief

All problems to be resolved in 2020 : Sahara Chief


Hopeful of all its problems getting resolved this year, embattled Sahara group’s chief Subrata Roy has said two large foreign investors have been roped in for real estate and city development businesses and nearly Rs 22,000 crore deposited with regulator Sebi will also eventually come back.

In a letter to investors on the occasion of the group’s 42nd Foundation Day, celebrated on February 1, Roy said the group always kept intact its tradition of timely payments and excellence in services but there has been delay in payments during the last seven years at certain places due to “some undesirable circumstances”.

Referring to a long-running dispute with capital market regulator Sebi over funds garnered by two group firms through issuance of certain bonds, Roy said the entire amount generated through sale or mortgage of assets or from joint ventures had to be deposited in a Sebi-Sahara account due to an embargo imposed by the Supreme Court.
He, however, said these problems would be resolved soon as “two esteemed foreign investors with huge funds are coming with us in our real estate and city development businesses”.

“Keeping in mind the directions of the Supreme Court, certain agreements have been signed, which will resolve Sahara’’s problems within this year, that is 2020,” Roy said.

Giving an update on the Sahara-Sebi matter, the government informed Parliament this Monday that Sahara group has deposited Rs 15,448.67 crore to “Sebi-Sahara Refund” account as on February 1, 2020, while a cheque of Rs 41.59 crore has also been given by the group in late January, which the court has directed to be accepted without prejudice.


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