Subrata Roy pumps fresh impetus in staff, investors, business associates

Source: The Hitavada      Date: 24 Oct 2017 10:08:05

Business Bureau,

The group would bounce back, scale new high, assured the Saharasri to the mammoth gathering during a meeting

Unveils the logo for Sahara India Pariwar’s 40th anniversary celebrations

In an apparent bid to boost morale of its employees, investors and business associates, Subrata Roy, Managing Worker and Chairman of Sahara India Pariwar, on Monday held closed door meeting with them at Mankapur Indoor Stadium. Over 3,000 employees, investors and business associates representing various places across Vidrabha region attended the meet.

On the occasion, Roy announced commencement of Sahara India Pariwar’s 40th anniversary and unveiled logo designed for the year-long celebration. He praised the employees, especially investors, for showing faith in the group. He said, the group would soon bounce back and achieve new high.
A special film made with a sole objective of infusing fresh blood among the participants was also screened at the venue.

For quite long, the country’s biggest business conglomerates is fighting a legal battle with the Securities and Exchange Board of India (Sebi) which is slowing down its growth. According to one of the senior officers in Sahara India Pariwar, Roy keeps on motivating all. “He is head of our family of about 14 lakh persons and thus he asked us to be a good human being. He appealed to the participants to follow principles and ethics in businesses to keep the group’s flag flying high,” said the officer.

Some of the participants told ‘The Hitavada’ that Roy shared some of the incidents he mentioned in his books to encourage them. It is important to note that Roy wrote two books while he was in Tihar Jail - one on human values and another on problems the country is facing.
Roy’s visit to the city was part of his series of such meetings being held in 18 different cities all over the country.

Before reaching at Nagpur, he was in Raipur, Guwahati, Kolkata, Tirupati and Hyderabad. The company officials told ‘The Hitavada’ that Roy will conduct similar meetings in Ahmedabad, Jodhpur, Jaipur, Ranchi and Muzaffarpur among other cities.

In the meanwhile, the group released a statement of Sahara lawyer elaborating on the legal aspects of the matter. “We have pleaded in the Court that since 2012, Sahara has been continuously depositing money in Sahara-SEBI account under the direction of Hon’ble Court. Today, SEBI has around Rs 19,000 crore (including interest earned) of Sahara’s money. While on the other hand, SEBI has only repaid Rs 64 crore to the investors, in last 60 months. Also, SEBI holds Sahara’s original documents of landed properties of Sahara worth Rs 20,000 crore.

Sahara has paid Rs 19,000 crore despite the fact that they have already repaid 95 per cent of its OFCD investors and this payment is a double payment of single liability. Sahara has also provided documents proving repayments made by it which includes original vouchers, bond certificates and other maturity documents and receipts, etc. We are confident that once the verification is done by SEBI which we plead to be started soon as per the order of the Supreme Court, the entire money deposited will come back to Sahara as all its investors are genuine and Sahara has already refunded 95 per cent of our investors.”

Commenting on the huge cash flow issue due to the embargo by the Supreme Court for last four years, Sahara India Pariwar in a statement has stated, “The company is financially sound, fundamentals are intact and assets are way more than the liabilities. However, it is also true that we are facing a huge, short term liquidity problem. This problem is not because of the deposits made by the group in Sahara-Sebi account but it is due to the embargo that means .if we sell or mortgage any movable or immovable asset and raise funds, then that entire money shall go to the SEBI-Sahara account. In last four years we could not take a rupee also in company by selling or mortgaging any property.”

The statement by Sahara India Sahara India Pariwar, further said. “We like nation-loving citizens always has the highest regard and deep respect towards our judicial system and the esteemed courts. We have always dutifully strived to cooperate and follow the directives of the Hon’ble Court. Post verification when the money comes back, Sahara will be one of the biggest cash rich companies of the India and our growth will be phenomenal. This acute current cash flow issue is really severe but temporary in nature.”

Sahara Lawyer while explaining in Hon’ble Supreme Court said, “We have pleaded in front of the Hon’ble Court that SEBI should initiate ground verification of the investors of Sahara. Further, if SEBI is facing any problem in identifying any investors, Hon’ble Court in its August 2012 order has asked SEBI to take help of Sahara in verification. The fact is that verification has not even started till yet by SEBI, leave alone taking help of Sahara. In absence of verification of investors, any declaration of such kind is misleading.

Sahara has always professed, even challenged, that not even a single account is fictitious. In fact, Sahara has paid Rs 725.97 crore as TDS (Tax deducted at source) to Income Tax Departments on the interest which along with investment was repaid to 95 percent of the investors, between 2009-10 and 2012-13. The Income Tax Authorities had found the beneficiary investors existent and accordingly confirmed the repayments made in those particular years. If one government body has found investors why another cannot,’ he said.

Moreover, had Sahara group not paid to three crore of investors there would have been bloodbath in the country with murder and suicides but there is not even a FIR.