Saharasri hopes group will come on track in 2020


Lucknow: Embattled Sahara Group’s chief Subrato Roy Sahara has said two large foreign investors have been roped in for real estate and city development businesses and nearly Rs 22,000 crore deposited with regulator Sebi will also eventually come back. Roy has also assured all Sahara investors that they would get their invested amount with full interest and an additional interest would be paid even for a day’s delay.

In a letter to investors on the occasion of the group’s 42nd Foundation Day, celebrated on February 1, Roy said the group always kept intact its tradition of timely payments and excellence in services but there has been delay in payments during the last seven years at certain places due to “some undesirable circumstances”.

Referring to a long-running dispute with capital market regulator Sebi over funds garnered by two group firms through issuance of certain bonds, Roy said the entire amount generated through sale or mortgage of assets or from joint ventures had to be deposited in a Sebi-Sahara account due to an embargo imposed by the Supreme Court.

 


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