Crores of people of the country had invested in Sahar Group and Sahar Group had cheated all those investors, but now the Supreme Court has ordered Sahara Group to return the money of all the investors in the coming 9 months.
After the order of the Supreme Court, the government said on Wednesday that 10 crore investors of four cooperative societies of Sahara Group will be returned their money in nine months. The Supreme Court has 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 Centre’s plea to transfer Rs 5,000 crore to the central registrar out of Rs 24,000 crore deposited by Sahara Group with the Securities and Exchange Board of India (SEBI) for payment to depositors.
The Center had given this application to the court in a public interest litigation. The PIL was filed by a person named Pinaki Pani Mohanty and in it, a direction was sought to pay depositors who had invested in various chit fund companies and Sahara Credit companies from this amount.
A bench of Justice MR Shah and Justice CT Ravikumar said that this amount should be distributed among the depositors who were cheated by the co-operative societies of Sahara group. It said that the entire process would be monitored by apex court judge Justice R Subhash Reddy.
The Ministry of Cooperatives said in its statement that while giving this historic verdict, the Supreme Court has directed to return 10 crore investors of four cooperative societies of Sahara group from the Sahara-SEBI refund account. He said that with the help of Gaurav Agarwal, Justice Reddy would complete this payment process in nine months.
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