New Delhi (Aryavarth): The Ministry of Cooperation has recently announced a significant development in the longstanding case concerning the Sahara group of cooperative societies. As per the disclosures made by the four Sahara group societies during the hearings between November 2019 and December 2020, it was revealed that a total of Rs. 62,643 Crore had been invested in Aamby Valley Ltd. Additionally, Rs. 2,253 Crore had been withdrawn from the Sahara Credit Cooperative Society Ltd and deposited with the Securities and Exchange Board of India (SEBI).
In the case of WP (C) No. 191/2022 –PinakPani Mohanty vs UoI & ors., the Supreme Court of India, on 29th March 2023, made a decision that will significantly impact the depositors of the Sahara Group of Cooperative Societies. The court ordered that Rs. 5000 Crores from the total amount of Rs. 24,979.67 Crores, currently in the “Sahara-SEBI Refund Account”, be transferred to the Central Registrar of Cooperative Societies. The Registrar is tasked with disbursing the amount against the rightful dues of the Sahara Group depositors.
To ensure the transparent and fair disbursement of the funds, the process will be supervised by Justice R. Subhash Reddy, former Judge of the Supreme Court, and advocate Gaurav Agarwal, who has been appointed as Amicus Curiae to assist in the process. The manner and modalities for making the payment will be determined by the Central Registrar of Cooperative Societies, in consultation with Justice Reddy and Advocate Agarwal.
The court directed that the repayments be made to the genuine depositors of the Sahara Group of Cooperative Societies out of the allocated Rs. 5,000 Crores as soon as possible, but no later than nine months from the date of the order. Any remaining funds will be returned to the “Sahara-SEBI Refund Account.”
In compliance with the court’s order, Rs. 5000 Crore has already been transferred from the Sahara-SEBI Refund Account to the Central Registrar of Cooperative Societies. An online portal, “Sahara-CRCS Refund portal,” has been established for the genuine depositors of the Sahara Group’s four Multi-State Cooperative Societies to submit their refund claims. The portal was launched on 18th July 2023.
Depositors wishing to claim a refund need to log in to the portal, fill out an online application, and upload the required documents as proof of their deposits and claims. Payments will be credited to the depositors’ Aadhar-linked bank accounts within 45 days after filing their online claims, subject to the availability of funds. Depositors will be notified about the status of their claims via SMS or through the portal.
The Minister of Cooperation, Shri Amit Shah, announced this in a written response to a question in the Rajya Sabha, the upper house of the Parliament of India.
