Sahara chief talks of new schemes at agents’ meet

Nagpur: Out on parole, Sahara India chief Subrato Roy addressed nearly 3,000 employees and agents attached to the group at Mankapur indoor stadium. Even as it remained a closed door affair, persons coming out of the day long meeting revealed Roy had talked about certain new schemes the company was going to come up with. The agents were asked to bring new customers into Sahara fold and maintain the existing ones.

"It was informed that the tenure for the growth of funds parked by the existing investors had been reduced. Value of invested funds would multiply two and half times in six and a half years instead of eight and half years earlier. In seven and half years the amount will grow three times," said an agent requesting anonymity. Roy also talked of a scheme to double the investment in five years and four months.

"Saharashri said, for new customers funds would multiply three times in nine and half years. The scheme will be applicable with immediate effect," said another agent who attended the meeting. The rate of returns in some schemes have been increased.

However, officials from Sahara's corporate communication department refused to comment saying that was not the agenda of the meet.

Meanwhile, a statement by Sahara India after the meeting said the company was financially sound with intact fundamentals. Its assets are way more than its liabilities. However, it is also true it was facing a huge short term liquidity problem. This was due to the embargo by supreme court, the statement read.

"If we sell or mortgage assets and raise funds, the entire money will go to Sahara-SEBI account. Post verification, when the money comes back, Sahara will be one of the most cash rich companies of India," the statement said.