The Supreme Court on Wednesday allowed a plea through the Centre in search of allocation of ₹ 5,000 crore out of ₹ 24,000 crore deposited through the Sahara institution with marketplace regulator Sebi to pay off dues of the depositors of the Sahara Group of Cooperative Societies.
The course got here on an utility filed through the Centre in a PIL through someone named Pinak Pani Mohanty, who sought a course to pay the quantity to the depositors who invested in numerous chit fund groups and Sahara credit score firms.
A bench of justices MR Shah and CT Ravikumar stated that the quantity become mendacity withinside the “Sahara-SEBI Refund Account” unutilised.
The pinnacle courtroom docket stated the prayer sought withinside the gift utility appears to be affordable and which will be withinside the large public hobby and hobby of the real depositors of the Sahara Group of Cooperative Societies.
“Out of the whole quantity of ₹ 24,979.sixty seven crore mendacity withinside the `Sahara-SEBI Refund Account’, ₹ 5000 crore be transferred to the Central Registrar of Cooperative Societies, who, in turn, shall disburse the identical in opposition to the valid dues of the depositors of the Sahara Group of Cooperative Societies, which will be paid to the real depositors withinside the maximum obvious way and on right identification,” the bench stated.
The pinnacle courtroom docket additionally directed that whole disbursement technique might be monitored through former pinnacle courtroom docket choose R Subhash Reddy with the help of endorse Gaurav Agarwal, who has been appointed as amicus curiae to help Justice Reddy in addition to the Central Registrar of Cooperative Societies.
“The way and modalities for making the price is to be labored out through the Central Registrar of Cooperative Societies in session with Justice Reddy and Agarwal.
“Rs. 15 lakhs consistent with month be paid to Justice R Subhash Reddy, Former Judge of this Court and ₹ 5 lakhs consistent with month be paid to Gaurav Agarwal, found out Amicus Curiae toward their honorarium,” the bench stated.
The pinnacle courtroom docket in addition directed that the quantity be paid to the respective proper depositors of the Sahara Group of Cooperative Societies now no longer later than 9 months from today.
The stability quantity thereafter might be once more transferred to the Sahara-SEBI refund account, it stated.
The Centre had sought cash from the SEBI-Sahara Sahara-Sebi escrow account that become shaped after the pinnacle courtroom docket in August 2012 directed Sahara firms — Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing India Corporation Limited (SHICL) — to refund investors.