The government requested funds from the Sahara-SEBI escrow account, which was established following a Supreme Court ruling in August 2012. The court had instructed two Sahara companies, Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing India Corporation Limited (SHICL), to reimburse investors.
Press Trust of India
UPDATED: 24 MAY 2023 12:48 PM
On Wednesday, the government announced that the funds will be reimbursed to 100 million investors of four cooperative societies belonging to the Sahara group. This action comes as a result of a Supreme Court ruling, which has directed the transfer of Rs 5,000 crore from the Sahara-SEBI refund account to the Central Registrar. The repayment process is expected to be completed within a period of nine months.
Earlier today, the Supreme Court granted approval to a request made by the Centre to allocate Rs 5,000 crore from the total sum of Rs 24,000 crore deposited by the Sahara group with the market regulator SEBI. The purpose of this allocation is to reimburse depositors of cooperative societies. The decision was made in response to an application filed by the Centre in a Public Interest Litigation (PIL) initiated by an individual named Pinak Pani Mohanty. Mohanty sought a directive to ensure that the aforementioned amount is paid to the depositors who invested in various chit fund companies and Sahara credit firms.
A panel consisting of Justices M R Shah and C T Ravikumar announced that the funds will be distributed to the depositors who were deceived by the cooperative societies under the Sahara group. The entire disbursement procedure will be overseen by former Supreme Court judge Justice R Subhash Reddy, as stated by the panel. The Ministry of Cooperation, in a statement, mentioned that the Supreme Court, in a momentous ruling, has directed the repayment of deposits to approximately 100 million investors from four cooperative societies affiliated with the Sahara group. The funds for this refund will be sourced from the Sahara-SEBI refund account.
According to the ministry, Justice Reddy, along with Gaurav Agarwal’s assistance, will finalize the payment procedure within a span of 9 months. The payment will be carried out in a transparent manner, directly to the eligible investors of Sahara Societies, who have provided evidence of their legitimate identity and deposit, through their respective bank accounts.
The Central government requested funds from the escrow account established by Sahara-SEBI. This account was created following a directive from the Supreme Court in August 2012, which ordered two Sahara companies, Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing India Corporation Limited (SHICL), to repay investors.
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FAQ About Sahara India Pariwar ?
Providing new details, the PIB release says the central registrar of cooperative societies (CRCS) has ordered four cooperative societies to stop accepting deposits and to repay depositors. The Sahara group has not honoured the repayment orders, since it has no funds.
June 2012 – SEBI informed the Supreme Court that the real estate division of Sahara India Pariwar had no right to mobilize Rs. 27,000 crore from investors through OFCD without complying to the norms of the market regulator – SEBI.
नए विवरण प्रदान करते हुए, पीआईबी की विज्ञप्ति में कहा गया है कि सहकारी समितियों के केंद्रीय रजिस्ट्रार (सीआरसीएस) ने चार सहकारी समितियों को जमा स्वीकार करने और जमाकर्ताओं को चुकाने से रोकने का आदेश दिया है। सहारा समूह ने पुनर्भुगतान आदेशों का सम्मान नहीं किया है, क्योंकि उसके पास कोई धन नहीं है।
