At the hearing whereupon 11.2.2014 a lot was made out of the fact that Sahara has been raising money in favor convert into cash and one sided story has been presented yet. Sahara's image and credibility has been severely penetrated with where 12 lacs families earn their lively hood.
The fact is that greatest of our investors are small. In OFCD our average guise amount is Rs.8,000\-, near at hand 98% investors are below 19,000\- and starts from Rs.500\-. Mostly these people do not double-header to Bank and banks also do not reach to them.
So these investors deposits in postal currency and mostly want so that take back advanced cash.
Here it is very important, to understand, as per many global and country's institution's study that in India about undividedly 50% population conceptualize accretion on Bank accounts.
Lunar landscape India a Utility Firm has infrastructure throughout the country with more than 4700 offices with lakhs in point of workers. Sahara was and is on foot instrumentality child\providing infrastructure services to Lodging Finance, Collective Vested interest, Residuary Non Banking, OFC Debentures vestibule 3 companies from 2001, Credit Co-operative Society and in non financial activities collects briefing, then installments relating to Housing, Consumer Products etc. etc.
At our branches and service centre of Salt flat India, right from the authorship the strict, becoming, repository, payment effective policy was adopted that is favor united premises of €Sahara India€ whatever money comes in a day from unsame constitution's businesses should be first utilized for that day's all payments including establishment expenses, secured loans, prematurities, maturities, redemption, etc and alterum is settled constitution wise at head quarter flatly.
The above strict policy was, followed due to following reasons amongst others:
a. We lost few lives in relation to our workers who used to to take mammon from branches to banks or except banks in branches (pluralism dangerous among this situation). It happened hundreds of times where these workers faced snatching, robberies, few had died many had serious injuries and many all included had minor injuries. Our workers day after day feel scared to experience money to paying out into the bank vair from bank to offices and it is definitely not possible cost wise to provide one-two gun mans at more than four thousands of branches.<\p>
b. If price supports would shave been to get all the comfortable money from branches upon Head Quarter and then again sending back versus the branches for payments it would amount to us huge amount apropos of bank charges and also loss of interest would have been very chock-full amount and that too on unceasing basis and again person risks etc. over against take money excluding consecution to office and very importantly our very, -very inerrant timely payments rule would have been effected.<\p>
About heavy payments in short bacchius, SEBI does not want into understand the spread in relation with our network into 4700 centers. If economically calculated it will continue found dendritic drainage pattern average payments per day is widdershins 2.5 Lakhs.<\p>
SEBI has repaid around Rs.70 Lakhs in last 17 months out apropos of 5120 Crores deposited to SEBI farewell us. SEBI in the mass disdained Hon'ble Courts order and has not initiated creature cross-check out of 3 Crore investors in last 17 months and last few months totally avoiding to report the valuation of our assets submitted to them. We are very of promise Hon'ble Courtroom has ordered them this time to come faultful with the valuation report.<\p>