Finance Minister Nirmala Sitharaman reported on Monday that only Rs 138.07 crore has been refunded to investors out of the over Rs 25,000 crore owed under the two Sahara schemes. Speaking in the lower house, she explained that of the 19,650 claims received, only 17,256 were deemed eligible, resulting in the partial refund.
Sitharaman noted that efforts to reach out to the public through advertisements have been unsuccessful. “Repeated attempts by the Supreme Court to use advertisements for public outreach in this SEBI-related case have not yielded results,” she informed Parliament.
The Supreme Court had directed SEBI in 2012 to refund the money invested in Optionally Fully Convertible Debentures (OFCDs) issued by Sahara companies SIRECL and SHICL, after verifying their validity. Approximately Rs 25,781.37 crore is due to 3.07 crore investors, with a 15% interest as directed by the court.
Despite SEBI’s advertising campaigns in 2013, 2014, and 2018 urging investors to claim their refunds, the response has been inadequate. Sitharaman urged more claimants to come forward by registering on the Ministry of Cooperation’s portal, where a committee, including a retired judge, will review claims and facilitate refunds.
She emphasized that the government is actively working on the issue, with three panels of retired Supreme Court judges overseeing the process. Sitharaman also assured that rejected claims are not permanently dismissed; claimants are asked to provide additional documentation to strengthen their cases.
On inquiries about refunds for investments made through agents, Sitharaman said the apex court-monitored committee will address these concerns, and she will forward recommendations to them.