Supreme Court docket mentioned the quantity be paid to real depositors in 9 months
New Delhi:
The Supreme Court docket on Wednesday allowed a plea by the Centre searching 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 path got here on an utility filed by the Centre in a PIL by an individual named Pinak Pani Mohanty, who sought a path 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.
The highest courtroom mentioned the prayer sought within the current utility appears to be cheap 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 whole quantity of Rs. 24,979.67 crore mendacity within the ‘Sahara-SEBI Refund Account’, Rs. 5000 crore be transferred to the Central Registrar of Cooperative Societies, who, in flip, shall disburse the identical in opposition to the official dues of the depositors of the Sahara Group of Cooperative Societies, which shall be paid to the real depositors in probably the most clear method and on correct identification,” the bench mentioned.
The highest courtroom additionally directed that whole disbursement course of will probably be monitored by former high courtroom 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 style and modalities for making the cost is to be labored out by the Central Registrar of Cooperative Societies in session with Justice Reddy and Agarwal.
“Rs. 15 lakhs per 30 days be paid to Justice R Subhash Reddy, Former Choose of this Court docket and Rs. 5 lakhs per 30 days be paid to Gaurav Agarwal, realized Amicus Curiae in direction of their honorarium,” the bench mentioned.
The highest courtroom 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 immediately.
The stability quantity thereafter will probably be once more transferred to the Sahara-SEBI refund account, it mentioned.
The Centre had sought cash from the SEBI-Sahara Sahara-Sebi escrow account that was fashioned after the highest courtroom in August 2012 directed two Sahara companies — Sahara India Actual Property Company Restricted (SIRECL) and Sahara Housing India Company Restricted (SHICL) — to refund traders.
