Home Minister Amit Shah will hold a meeting on the Sahara matter today, which will see representatives from the Ministry of Finance, Ministry of Corporate Affairs (MCA) and Ministry of Cooperation. The government is exploring ways to ensure that investors who put their money in Sahara get their investments back.
Yesterday, Finance Minister Nirmala Sitharaman held a meeting with officials from the MCA to review the matter in detail. The MCA and Securities and Exchange Board of India (SEBI) have been tasked with finding ways to ensure that all investors get their money back.
According to sources, around Rs 1 lakh crore of investors' money is stuck in three cooperatives of Sahara, which had 523 companies with investments totalling Rs 24,000 crore.
The investors who put their money in various schemes floated by Sahara through these companies are mainly from Uttar Pradesh, Bihar, West Bengal, Madhya Pradesh and Rajasthan.
Rajasthan and Madhya Pradesh are poll-bound states with assembly elections due this year.
SEBI has already managed to get refunds for investors of Sahara Indian Real Estate and Sahara Housing Investment Corporation Limited, and the government is exploring ways to ensure that all investors get their money back.
Back in November 2022, investors of Sahara India Pariwar staged a massive protest and shouted slogans against Chairman Subrata Roy outside the company's head office in Patna. Simultaneously, individuals in Guwahati also protested against Roy over the non-payment of pending salaries.
First Published: Mar 15, 2023 12:54 PM IST
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