Sahara Group to make comeback? Subrata Roy led firm unveils road map; pegs losses at Rs 10,000 cr
Sahara Group chief Subrata Roy has been battling a case in Supreme Court regarding his company not refunding about Rs 24,000 crore deposits to investors.
Being a largely unlisted firm, the Subrata Roy backed Sahara India Pariwar has been facing much criticism over the last few years. Their leader Subrata Roy has been taking turns in jail since 2012. Sahara Group chief Subrata Roy has been battling a case in Supreme Court regarding his company not refunding about Rs 24,000 crore deposits to investors. Sahara is huge. It has been called the second largest employer after Indian Railways. However, some recent moves indicate Sahara may have received its confidence back in tackling their financial issues. Now, guess what! Sahara Group has hinted at a comeback and not only this, it is gunning for primacy in India in the coming two years.
Sahara group, in a detailed newspaper advertisement named as ‘Financial Issues’, listed out a roadmap to jump over its hurdles. Sahara stated that, over the past 5 years, the company has been banned from raising any funds not even a rupee could be raised.
Sahara explained that the ban (embargo) means if the group sells (even a house/flat to its esteemed customers), mortgages any asset or goes in for joint venture, the entire money received shall go to the Sahara Sebi account and not a single rupee towards the need of the company.
“We were compelled by the Sebi/SAT orders, to repay maturity of around Rs 22,000 crores in just 6-7 months (in the year 2012),” Sahara said. It added that, instead of 6-7 months, as per Sahara’s financial scheme the sums would have been repaid in small-small amounts every month over 16-17 years.
However, this has definitely resulted in negative impact on Sahara’s cash flow by around Rs 15,000 crores.
Because of such ban, Sahara has lost opportunities of earning up to Rs 10,000crore in last five years.
According to Sahara, more than Rs 20,000 crores are lying idle in their Sebi account, whereas the market regulator has paid only around Rs 91 crores to their esteemed investors in past 5 years.
The company said, “Because Sahara has already repaid its esteemed investors. All monies in the Sahara Sebi account will come back to Sahara after document verification as per the order of Hon’ble court.”
Interestingly, Sahara showed confidence by saying, their future is indeed bright and prosperous.
According to Sahara, their assets are three times higher than their liabilities. It said, “So everybody should feel absolutely secure in every situation.”
Lastly, Sahara’s advertisement mentions, “By 2019 - 2020, clearing all the obstructions and hurdles, Sahara shall attain a key position in India.”