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Corporate Feb 14, 2013

No loans to troubled Sahara firms, Rs 800 cr in deposits: Chaudhuri

Mumbai: State Bank of India today said it does not have any exposure to Sahara group companies but have deposits of Rs 700-800 crore from the firms.

"I think some of our branches have their (Sahara companies) deposits ... so if they get pulled out it will be Rs 700-800 crore. But we don't have any advances to them," SBI chairman Pratip Chaudhuri told reporters when asked about its exposure to Sahara group.

SBI chairman Pratip Chaudhuri. PTI

SBI chairman Pratip Chaudhuri. PTI

The bank has not yet received any notice or circular from the Sebi or other enforcement agencies for freezing Sahara accounts, another senior bank official said.

"It (Sebi notice) will come. It takes two or three days for them to send the notice (after the order has been passed). The moment it comes we will take action," the official said.

Sebi on Wednesday ordered freezing of bank accounts of two Sahara Group companies and attaching all investments and properties of Sahara Housing Investment Corporation and Sahara India Real Estate Corporation and their top executives, including group chief Subrata Roy with regard to the investor refund case involving over Rs 24,000 crore.

Passing separate orders against the Sahara Housing Investment Corp and Sahara India Real Estate Corp, Sebi said these companies had raised Rs 6,380 crore and Rs 19,400 crore respectively from bondholders and "various illegalities" were committed in raising of these funds.

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