Govt says Rs 370 cr released to Sahara cooperative societies’ depositors through portal

New Delhi, Jul 29 (PTI) The government on Monday said that so far nearly Rs 370 crore has been released to more than 4.29 lakh depositors of Sahara Group of Cooperative Societies through the online portal.

Following a Supreme Court order, the CRCS-Sahara refund portal was launched on July 18, 2023, for submission of claims by the genuine depositors of Sahara Group’s four multi-state cooperative societies for refund of their legitimate deposits.

The societies are Sahara Credit Cooperative Society Ltd., Lucknow; Saharayn Universal Multipurpose Society Ltd., Bhopal; Humara India Credit Cooperative Society Ltd, Kolkata, and Stars Multipurpose Cooperative Society Ltd., Hyderabad.

The disbursement of money digitally is being monitored by Justice R Subhash Reddy, a Supreme Court judge.

“So far, an amount of Rs 369.91 crore has been released to 4,29,166 depositors of Sahara Group of Cooperative Societies through the portal. Hon’ble Supreme Court has granted extension till 31.12.2024 for implementation of Supreme Court order dated 29.03.2023,” Minister of State for Corporate Affairs Harsh Malhotra told the Lok Sabha in a written reply.

In accordance with a Supreme Court order dated March 29, 2023, an amount of Rs 5,000 crore was transferred from the Sebi-Sahara Refund Account to the Central Registrar of Cooperative Societies (CRCS) on May 19, 2023.

The apex court had delivered its verdict in the legal battle between markets regulator Sebi and Sahara Group on August 31, 2012. It had directed Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) and their promoter-directors to refund Rs 25,781.37 crore collected from around 3.07 crore Optionally Fully Convertible Debenture holders, along with a 15 per cent annual interest to Sebi.

“Pursuant to various orders passed by the Supreme Court and the attachment orders of Sebi dated 13.02.2013, an aggregate amount of Rs 15,775.50 crore (against the principal amount of Rs 25,781.37 crore) has been realised by Sebi as on 31.03.2024.

“The amount realised from Saharas is being invested/re-invested in FDs of nationalised banks on periodical basis. The total amount invested along with interest as on 31.03.2024 is Rs 20,894 crore,” the minister said.