Sahara cooperative society refund

In a landmark decision on March 29, 2023, the Supreme Court ordered the transfer of Rs 5,000 crore from the Sebi-Sahara refund account for the compensation of depositors in four Sahara cooperative societies, Sahara Credit Cooperative Society, Humara India Credit Cooperative Society, Saharayn Universal Multipurpose Society, and Stars Multipurpose Cooperative Society. This decision was made in a public interest lawsuit brought by Cuttack-based Pinak Pani Mohanty. Sebi established this account to receive the Rs 25,781 crore that two Sahara Group companies were required to refund. The two had issued optionally entirely convertible bonds in order to illegitimately raise money. The Central Registrar will conclude the reimbursement method in nine months under the direction of retired judge R Subhash Reddy, who was appointed by the Supreme Court, and with the aid of attorney Gaurav Agarwal. The bench ruled that Justice R Subhash Reddy, a former judge of this court, and Gaurav Agarwal, a knowledgeable amicus curiae, should each receive Rs. 15 lakhs per month as part of their honoraria. Justices CT Ravikumar and MR Shah's bench made the observation that the money was sitting in the "Sahara-SEBI Refund Account" unused. Who is Pinak Pani Mohanty? Since 2014–2015, Mohanty has been paying close attention to the struggles faced by investors in phoney investment schemes. He claims to be in the business of supplying potato chips to Cuttack. It has not been simple for a man who claims to ea...

Premium 10 crore investors of 4 Sahara group’s cooperative societies to get back money within 9 months: Government 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. The government on Wednesday 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 inve...

GOOD NEWS for Sahara customers: Depositors to get their money back I Check Details The apex court said the prayer sought in the present application seems to be reasonable and which shall be in the larger public interest and interest of the genuine depositors of the Sahara Group of Cooperative Societies. Image Source : FILE Representational Image Sahara row: The Supreme Court on Wednesday 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 dues of the depositors of the Sahara Group of 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 MR Shah and CT Ravikumar noted that the amount was lying in the "Sahara-SEBI Refund Account" unutilised. Court decision came in the public interest The apex court said the prayer sought in the present application seems to be reasonable and which shall be in the larger public interest and interest of the genuine depositors of the Sahara Group of Cooperative Societies. "Out of the total amount of Rs. 24,979.67 crores lying in the 'Sahara-SEBI Refund Account', Rs. 5000 crores be transferred to the Central Registrar of Cooperative Societies, who, in turn, shall disburse the same against the legitimate dues of the depositors of...

Sahara Cooperative Society - On maturity amount not given Open I went to Sahara office for the maturity amount of my fixed deposit bonds issued by Sahara * years and a half year ago. when they was not able to give me my maturity amount at that time in ****, there executive asked me to make bonds of it. And now they are also asking me to do that again to make bonds for * years and wait but this time I want my money back. For how many years I have to wait. It's been * year * months nearly from the date of maturity of my bonds. Are you brand? Are you Lawyer?

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In a historic decision, on the petition of the Ministry of Cooperation, the Supreme Court has ordered the refund from Sahara-SEBI refund account to about 10 crore investors of 4 cooperative societies of Sahara Group, ending the long pending woes of Sahara investors. What other ministers would have taken ages to achieve, was achieved in no time due to Union Cooperation minister Amit Shah’s clout who personally oversaw the entire process. Shah held several meetings with the Department of Economic Affairs, Department of Revenue, SEBI, SFIO and ED etc to find a solution, according to sources with knowledge of the matter. On the petition filed by the Ministry of Cooperation, the Supreme Court ordered that out of the balance amount in the Sahara-SEBI Refund Account, Rs. 5,000 crores to be transferred to the Central Registrar for refund to the investors of Cooperative Societies of Sahara Group. Under the supervision of the Supreme Court-appointed Retired judge Shri R. Subhash Reddy and with the assistance of Mr. Gaurav Agarwal, Advocate, the Central Registrar will complete the payment process in 9 months. The payment to the investors will be made through a transparent process to the legitimate investors of Sahara Societies through their bank accounts on the basis of proper proof of their identity and deposit. The Ministry of Cooperation, under the supervision of Hon’ble Supreme Court appointed Retired Judge Shri R.K Subhash Reddy, will soon start the process of payment to the leg...

The Union government has requested the Supreme Court to release an amount of ₹5,000 crore deposited by the Sahara group in a separate proceeding pending in the top court for clearing dues of innocent depositors of four Sahara credit cooperative societies who were cheated of their investment. A PIL has sought a probe by the Central Bureau of Investigation (CBI) against the Sahara firms (Representative Photo) An application was filed in this regard by the ministry of cooperation in a pending public interest litigation (PIL) filed by one 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. The PIL also sought a probe by the Central Bureau of Investigation (CBI) against the Sahara firms and demanded the amount seized so far by the agency, while probing the case against chit-fund companies, to be used to give back to investors. Also Read: ₹8.54 lakh along with compensation Solicitor General Tushar Mehta representing the government of India appeared in the PIL proceeding before a bench of justices MR Shah and CT Ravikumar to mention the application filed pursuant to a high-level meeting chaired under the ministry, with representatives from 18 other departments and investigating agencies including Securities Exchange Board of India (SEBI), Serious Frauds Investigation Office, Income Tax, Enforcement Directorate, CBI, ministry of corporate affairs, among others. The bench agreed to take u...

Premium 10 crore investors of 4 Sahara group’s cooperative societies to get back money within 9 months: Government 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. The government on Wednesday 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 inve...

The Union government has requested the Supreme Court to release an amount of ₹5,000 crore deposited by the Sahara group in a separate proceeding pending in the top court for clearing dues of innocent depositors of four Sahara credit cooperative societies who were cheated of their investment. A PIL has sought a probe by the Central Bureau of Investigation (CBI) against the Sahara firms (Representative Photo) An application was filed in this regard by the ministry of cooperation in a pending public interest litigation (PIL) filed by one 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. The PIL also sought a probe by the Central Bureau of Investigation (CBI) against the Sahara firms and demanded the amount seized so far by the agency, while probing the case against chit-fund companies, to be used to give back to investors. Also Read: ₹8.54 lakh along with compensation Solicitor General Tushar Mehta representing the government of India appeared in the PIL proceeding before a bench of justices MR Shah and CT Ravikumar to mention the application filed pursuant to a high-level meeting chaired under the ministry, with representatives from 18 other departments and investigating agencies including Securities Exchange Board of India (SEBI), Serious Frauds Investigation Office, Income Tax, Enforcement Directorate, CBI, ministry of corporate affairs, among others. The bench agreed to take u...

In a historic decision, on the petition of the Ministry of Cooperation, the Supreme Court has ordered the refund from Sahara-SEBI refund account to about 10 crore investors of 4 cooperative societies of Sahara Group, ending the long pending woes of Sahara investors. What other ministers would have taken ages to achieve, was achieved in no time due to Union Cooperation minister Amit Shah’s clout who personally oversaw the entire process. Shah held several meetings with the Department of Economic Affairs, Department of Revenue, SEBI, SFIO and ED etc to find a solution, according to sources with knowledge of the matter. On the petition filed by the Ministry of Cooperation, the Supreme Court ordered that out of the balance amount in the Sahara-SEBI Refund Account, Rs. 5,000 crores to be transferred to the Central Registrar for refund to the investors of Cooperative Societies of Sahara Group. Under the supervision of the Supreme Court-appointed Retired judge Shri R. Subhash Reddy and with the assistance of Mr. Gaurav Agarwal, Advocate, the Central Registrar will complete the payment process in 9 months. The payment to the investors will be made through a transparent process to the legitimate investors of Sahara Societies through their bank accounts on the basis of proper proof of their identity and deposit. The Ministry of Cooperation, under the supervision of Hon’ble Supreme Court appointed Retired Judge Shri R.K Subhash Reddy, will soon start the process of payment to the leg...