Mumbai: In a late-evening media statement on Wednesday, Subrata Roy-promoted Sahara Group said trucks carrying “voluminous data” have been waiting outside the Mumbai office of the Securities and Exchange Board of India (Sebi) since the evening of 10 September.
“Despite several requests, Sebi refused to take delivery of the said documents/ information and hence the documents/ records/ information could not be delivered to Sebi even on 11 September,” it said.
The data on around 30 million investors in the optionally fully convertible debentures (OFCDs) of two group companies—Sahara India Real Estate Corp. Ltd and Sahara Housing Investment Corp. Ltd— was stored in the data rooms and godowns of Sahara at Lucknow, the statement said.
A Sebi official said the regulator can’t accept data in installments. India’s highest court had directed the Sahara Group to furnish all data within 10 days on 31 August. The deadline expired on 10 September. The official declined to be named.
The Supreme Court has directed Sebi to verify the documents and ensure that around Rs.24,000 crore that was collected through OFCDs by the two firms are refunded within three months. Along with compounded interest, the actual amount could be around Rs.40,000 crore.The court has appointed retired judge B.N. Agrawal to oversee whether its order is being complied with by Sebi. The capital market regulator is expected to inform Agarwal about the development on this front.
“Our simple calculation says that with 500 people working round the clock in three shifts with 20 photocopying machines, it may take years to complete the photocopying. Even if 50 photocopying machines are installed with 1,500 persons deployed, it will probably still take around 275 days to complete the task,” Sahara said.