New Delhi: After the order of the Supreme Court, the government said on Wednesday that their money is going to be returned to 10 crore investors in four cooperative societies of the Sahara Group in nine months. The Supreme Court has also directed that an amount of Rs 5,000 crore be transferred from the Sahara-SEBI Refund Account to the Central Registrar. The court allowed the Central Government's plea to transfer Rs 5,000 crore to the Central Registrar out of the Rs 24,000 crore deposited by Sahara Group with the Securities and Exchange Board of India (SEBI) for payment to depositors. This has been carried out.
Central has also submitted this application to the court in a public interest litigation. The PIL was filed by a person named Pinaki Pani Mohanty, and an appeal has also been made to direct the depositors who have invested in various chit fund companies and Sahara Credit companies to pay from this amount. A bench of Justice MR Shah and Justice CT Ravikumar has said that it is necessary to distribute this amount among the depositors duped by the co-operative societies of the Sahara Group. In which it was said that the apex court judge, Justice R Subhash Reddy, is going to supervise this entire process.
The Ministry of Cooperation has said in its statement that, while making this historic decision, the Supreme Court has also directed to return 10 crore investors from four cooperative societies of the Sahara Group from the Sahara-SEBI refund account. He has said that with the help of Gaurav Agarwal, Justice Reddy is going to complete this payment process in nine months.
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