The transfer of unclaimed cash from the Sahara-Sebi Refund Account to the Consolidated Fund of India is being investigated by the government, with the intention of compensating investors who later file claims.
The Supreme Court, in 2012, upheld an order by the Securities and Exchange Board of India (Sebi), and directed group entities Sahara India Real Estate Corp and Sahara Housing Investment Corp to refund investors, with interest, depositing the funds with the capital markets regulator.
Sahara-Sebi refund account may be transferred to govt, says report business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.
Sahara Group founder Subrata Roy's death last week brought to focus the undistributed funds of over Rs 25,000 crore lying with the share market regulator for more than a decade.