Sahara case: Investors protest against Sebi in Jaipur

On the Call of Dr. Kirodi Lal Meena thousands of Investors and Workers of Sahara march against SEBI for not refunding Rs. 25,000 Crores

FPJ BureauUpdated: Thursday, June 16, 2022, 02:01 AM IST
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On June 13, on the call of Dr. Kirodi Lal Meena, Rajya Sabha Member of Bhartiya Janta Party thousands of people including the investors and workers of Sahara India Pariwar marched and protested against SEBI and they have also blocked the Agra – Jaipur Highway for unreasonably holding Rs. 25,000 Crore of Sahara. Under the leadership of Dr. Kirodi Lal, the huge march and protest (Gherao) against SEBI commenced from Bassi Chowk and reached the SEBI regional office in the Bhawani Singh Road, Jaipur and handed over the its demand and memorandum to the SEBI officials for taking immediate action.

Sahara has deposited more than Rs. 25,000 Crore including interest with SEBI to make refund to its investors. In Lokshabha SEBI admitted that it has took out 4 rounds of advertisements in regional and national newspapers and has repaid only Rs. 125 crores to the investors in last 9 years also in March 2018 SEBI further declared clearly that it will not entertain any repayment request from investors post July 2018. This

Rs. 25,000 Crore was for the repayment of the investors and as per the order of Supreme Court once it is done SEBI should refund the remaining money back to Sahara. SEBI is holding this money and sitting idle on it. This act of SEBI is against the interests of the investors and workers.

Leading the protest from the front Dr. Kirodi Lal Meena, Rajya Sabha Member of Bhartiya Janta Party said “SEBI is holding a huge sum of

Rs. 25,000 Crore of Sahara and has done nothing significant in the last 9 years. This unutilized money is not only hurting the interest of crores of investors and their hard-earned money but also the 14 Lakh workers of Sahara. This is also impeding the economic growth of our country. If SEBI does not act immediately to resolve the matter, the issue will be raised at different levels within the government and if required, I will raise the matter to Hon'ble Finance Minister, Government of India and Hon'ble Prime Minister.”

Dr. Kirodi Lal Meena raised the concerned that crores of investors and 14 lakhs of workers are linked with Sahara through some scheme or the other, and have been earning from Sahara for past 40 years but as

Rs. 25,000 crores stuck with SEBI, Sahara investors are facing severe and serious financial difficulties in their lives while on the other hand due to the inaction of SEBI, the embargo imposed on the movable and immovable properties of all Sahara companies due to which if Sahara sell or mortgage any of its assets the proceeds will go to SEBI-Sahara account resulting the future of 14 lakhs Sahara workers is in darkness and their lives are at stand still and many are now on the brink of starvation and unemployment.

Investors and workers are the victims of the current situation, when SEBI has no pending repayment left for any investor, SEBI should either refund the entire amount to Sahara so that the payments can be made to the public or it should immediately start making repayments to the investors so that their interests could be safeguarded. This is very unfortunate that SEBI is still holding Rs. 25,000 Crore of Sahara and sitting idle on it.

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