Sahara row: The Supreme Court on Wednesday allowed a plea by the Centre looking for 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 route got here on an utility filed by the Centre in a PIL by an individual named Pinak Pani Mohanty, who sought a route to pay the quantity to the depositors who invested in a number of chit fund firms and Sahara credit score companies.
A bench of justices MR Shah and CT Ravikumar famous that the quantity was mendacity within the “Sahara-SEBI Refund Account” unutilised.
Court determination got here within the public curiosity
The apex court docket mentioned the prayer sought within the current utility appears to be affordable and which shall be within the bigger public curiosity and curiosity of the real 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 the Sahara Group of Cooperative Societies, which shall be paid to the genuine depositors in the most transparent manner and on proper identification,” the bench mentioned.
Disbursement course of shall be monitored
The high court docket additionally directed that all the disbursement course of shall be monitored by former apex court docket choose R Subhash Reddy with the help of advocate Gaurav Agarwal, who has been appointed as amicus curiae to help Justice Reddy in addition to the Central Registrar of Cooperative Societies.
“The method and modalities for making the fee are to be labored out by the Central Registrar of Cooperative Societies in session with Justice Reddy and Agarwal.
“Rs. 15 lakhs per month be paid to Justice R Subhash Reddy, Former Judge of this Court and Rs. five lakhs per month be paid to Gaurav Agarwal, learned Amicus Curiae towards their honorarium,” the bench mentioned.
Court units deadlineÂ
The apex court docket additional directed that the quantity be paid to the respective real depositors of the Sahara Group of Cooperative Societies not later than 9 months from as we speak.
The stability quantity thereafter shall be once more transferred to the Sahara-SEBI refund account, it mentioned.
The Centre had sought money from the SEBI-Sahara Sahara-Sebi escrow account that was shaped after the highest court docket in August 2012 directed two Sahara companies — Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing India Corporation Limited (SHICL) — to refund buyers.
(With inputs from PTI)
