Despite paying off 95 per cent of investors, Sahara India had to pay Rs 19,000 crore to market regulator Sebi which is nothing but a double payment of single liability, Chairman of the firm Subrata Roy said in Guwahati on Friday.
"Sebi has around Rs 19,000 crore (including interest earned) of Sahara's money, while Sebi has only repaid Rs 64 crore to the investors in the last 60 months and it also holds Sahara's original documents of landed properties worth Rs 20,000 crore," Roy said while announcing the commencement of Sahara India Pariwar's 40th anniversary.
Sahara knows very well that all this money will return to it as per the Supreme Court's order, as it has already repaid 95 per cent of its Optionally Fully Convertible Debentures (OFCD) investors, he said. '"Sahara's fundamentals are very strongo but it is also true that we are facing a huge short-term liquidity problem, but it is not because we have to deposit the money in Sahara-Sebi account but due to the embargo imposed on us," he said.
The entire Sahara Group is under an embargo which means that if any asset is sold or mortgaged to raise funds, then that entire money shall go to the Sebi-Sahara account. "Even if only the cash amount which Sahara has is deposited to Sebi, which stands at Rs 19,000 crore, and if it is considered as a cash reserve, Sahara will stand 19th on the September 2017 chart of top cash-rich companies of India, where the first 17 are banks," Roy added.
Once the embargo is lifted and the money is back, Sahara will be one of the biggest cash rich companies of India and its growth will be phenomenal, Roy said. "This acute current cash flow issue is really severe but temporary in nature. The company is financially sound, fundamentals are intact and assets are way more than the liabilities," he added.