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SEBI slaps Rs 41.5 crore on Sahara for verifying 127 truckloads of documents

For, the SEBI (Securities and Exchange Board of India) has now passed on a bill of Rs 41.5 crore to Sahara, towards the expenses incurred on various counts for scrutinising the voluminous documents pertaining to investors.

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If the Sahara Group felt that it was having the last laugh by transporting 31,669 cartons of documents, mounting it on 127 trucks, after the Supreme Court asked the market regulator SEBI to verify its claim, it has been proved the other way round.

For, the SEBI (Securities and Exchange Board of India) has now passed on a bill of Rs 41.5 crore to Sahara, towards the expenses incurred on various counts for scrutinising the voluminous documents pertaining to investors.
Sahara chief Subrata Roy, is already languishing in jail, struggling to scrape together Rs 10,000 crore required to be deposited as bail bond and has subsequently got to pay off another 26,000 crore to clear investor liability.

Filing an application before the Supreme Court, SEBI said a total amount of Rs 41,42,98,374 has been spent on various counts including storage charge, digitalisation of documents including scanning and creation of database, salary towards staff for supervision and other related work and also issuance of advertisement inviting the investors.

Sahara had claimed that it had refunded the money to more than three crore applicants for its housing scheme, following which the apex court directed SEBI to scrutinise the documents and ascertain the authenticity.

According to SEBI, it had to engage the services of a warehouse facility near Mumbai owned by Stock Holding Corporation of India Ltd (SHCIL) – which is the largest custodian under the Department of Economic Affairs of the finance ministry – for storage of documents. For digitalisation of the documents, the service of UTI-ITSL was taken and handling of verification work were done by a large number of staff for which huge expenses incurred.

Roy, along with two of his directors, have been languishing in prison since March 4 last year after their failure to comply its orders to refund the investors money.

Last month, the court had fixed the liability of Rs 36,000 crore and asked Roy to pay within 18 months.

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