Workers and Esteemed Investors of Sahara protest against SEBI in Large Numbers

Bhubaneswar, November 29, 2021:Today the workers and esteemed investors of Sahara together protested against SEBIat the protest spot in Lower PMG.We the workers, and the esteemed investors are linked with Sahara through some scheme or the other, and have been earning from Sahara India for past 25-30 years. But due to the embargo imposed over the entire Sahara Group by the Hon’ble Supreme Court over the past eight years owing to the Sahara-Sebi dispute, a situation of delay in payments has arisen.This has impacted our earnings in a major way. So much so that our investors are not giving us new business as their old repayments are delayed. This has led to our income dwindling tonear negligible.As a result, lakhs of ourkaryakartas are now on the brink of starvation and unemployment.

Over the past 8 years, Sebi has repaid merely INR125 crores, with interest, despite taking out 4 rounds of advertisements in regional and national newspapers. In a status report submitted at the beginning of this year with the Hon’ble Supreme Court, Sebi has acknowledged it. In response to Sebi’s advertisement published on 26.03.2018, it received repayment applications from 19,598 investors. These came attached with original applications. In response, Sebi repaid 16,663 applications which came to, with interest, INR 125 crores. This in itself shows that all investors didn’t approach Sebi for repayment. And why would they when they have already received their dues!

But due to Sebi’s stubborn attitude, lakhs of ourkaryakartas are facing darkness in our lives. When Sebi has no pending repayment left for any investor at present, it should submit an affidavit that it has no investors awaiting repayments.  Then it may lead to the Hon’ble Supreme Court lifting the embargo placed over all the Sahara companies, and Sahara receiving the INR 24000 crores (with interest) from the Sahara-Sebi account. This will mean regular repayments to all esteemed investors and depositors.

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