Speed up the refund process in a high-profile case of the Sahara, the market regulator SEBI today asked two Sahara's "genuine investors to provide their personal and investment details, take back the money directly into their bank accounts.
A bank account is a must to get a refund and those without it had asked Sebi plans to open a bank account. The money will be refunded after verification investors and claims that the documents submitted will have to make refund purposes format designed by the SEBI, the regulator said in a statement.
"According to the Supreme Court order dated May 8, 2013, India's Securities and Exchange Commission (Securities and Exchange Board of India) has started the refund process, who are the real investors have been / will be submitted to their required format , after verifying the authenticity of documents, SEBI said. "
Cases involving refunds of 'illegal' two Sahara companies, Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corporation (SHCIL), the amount of certain bonds issued to raise estimated at more than 24,000 crore.
The Supreme Court requested Sebi to facilitate the refund verify their credentials, two company's real investors.
Saharas require the court with Sebi they bring money into the whole, so that the regulator can make the repayment to investors. However, Saharas claims to have returned more than 20,000 crore, direct investors and total outstanding liabilities on the refund process far less than 5,120 crore deposited with SEBI.
Although the court is still determined by the Saharas manufacturer claims, it requires Sebi May 8 so far kept to the real investors' money refunded. Regulators said, as long as there are multiple deposits genuine investors, they said it would remain until the Supreme Court's further instructions.
From their investors to seek a refund application form for more information, including name, address, account number the Sahara, number of bonds, the amount of investment and investment (cash, check or money order). Investors are also required to provide their own photographs, proof of identity, proof of address, bank account details and the original bond certificate.
The bondholders also be required to provide a bank certificate prescribed format, to the electronic transfer of funds to their account details. "Please note that the refund amount will be deposited directly into your bank account the circumstances described in the certificate holder does not have a bank account, they are advised to open a bank account and obtain a certificate of receipt of refund amount," SEBI said.
Investors are also required to provide relevant supporting documents, if they have been to their address or any change in marital status, because of its investment in time.
In addition, SEBI said will be deducted at source, income tax, where applicable, unless received the required forms, claim exemption from deduction of tax sources in accordance with the Income Tax Act apply for a refund, "the relevant provisions.
In addition, Pan forces claiming exemption from tax deduction at source.
SEBI is already verified that they have produced a huge cost, including the initial cost of about 5.6 billion rupees for storage, scanning and payment systems, the task is to promote mountain of Rs 24,000 - crore rebate two Sahara companies Bondholders credentials Sahara clear bill.
The regulator has signed the Joint Holding Company India (SHCIL) the investor's file storage, digitization and scanning work, and build a database.
This contract alone was worth 2.597 billion rupees. In addition, there are 2.988 billion rupees contract to UTI infrastructure, technology and services, redemption-related activities, in this case, the relevant work.
The Supreme Court also appointed a retired judge to oversee the matter in addition to a monthly salary of 50,000 rupees travel, accommodation and other expenses, all of which are assumed by the SEBI recoverable Sahara.
Sahara Group claims that it has repaid the vast majority of investors and total liabilities to repay bondholders will be far less than the 5,120 crore to Sebi on the refund process.
Sahara after the company was informed by the Supreme Court to hand over documents to SEBI investors, regulators, is headquartered in Mumbai, more than 31,000 boxes of papers, the group sent 128 trucks. Looking impossible to store them in any office, SEBI decided to let them in a warehouse SHCIL Engineering Co., Ltd., a subsidiary of SHCIL.
To August 31, the Supreme Court allowed Sebi to engage in surveys, other experts and investors refund process validation and support staff. The Court also ruled that all of these costs will Saharan bear and pay to Sebi.
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