Sahara co-operatives’ investors to get money back in 9 months
The government said money will be returned to 10 crore investors of 4 cooperative societies of Sahara group within 9 months following a Supreme Court order directing transfer of Rs 5,000 crore from Sahara-SEBI refund account to the Central Registrar.
Earlier in the day, the Supreme Court allowed a plea by the Centre seeking allocation of Rs 5,000 crore, out of Rs 24,000 crore deposited by the Sahara group with market regulator Sebi, to repay depositors of the cooperative societies.
The direction came on an application filed by the Centre in a PIL by a person, named Pinak Pani Mohanty, who sought a direction to pay the amount to the depositors who invested in several chit fund companies and Sahara credit firms.
A bench of Justices M R Shah and C T Ravikumar said the amount shall be disbursed to depositors duped by the Sahara group of cooperative societies.
The entire process will be monitored by former apex court judge Justice R Subhash Reddy, the bench said.
In a statement, the Ministry of Cooperation said the Supreme Court, while giving a historic decision, ordered to return the deposits of about 10 crore investors of 4 cooperative societies of Sahara group from the Sahara-SEBI refund account.
Justice Reddy, with the assistance of Gaurav Agarwal, will complete the payment process in 9 months, the ministry said.
