Monday, March 27, 2023

Sahara: ‘Requires Rs 5,000 crore from Sahara-SEBI fund for dues’ – Usky News

New Delhi: The government presented the proposal on Friday Supreme CourtRequesting an allocation of Rs 5,000 crore from the Rs 24,000 crore Sahara-SEBI fund to repay over 1.1 crore investors who had channeled their life savings into four multi-state cooperatives sahara group,
SC ordered in 2012 Sahara Housing and Sahara Real Estate 25,781 crore collected from over three crore investors through red herring prospectus of March 2008 and October 2009. Two Support The companies have so far deposited Rs 15,569 crore, on which interest of Rs 9,410 crore was earned, taking the total amount in the Sahara-Sebi account to Rs 24,979 crore. Even after refund, Rs 23,937 crore is lying in the account.
Ministry of Cooperatives, under which the Central Registrar of Cooperatives functions, through the Additional Advocate General Aishwarya Bhatiinformed the court that four multi-state co-operative societies – Sahara Credit Cooperative Society, Saharayan Universal Multipurpose Society, Hamara India Credit Cooperative Society and Sitare Multipurpose Cooperative Society Raised a total of Rs 86,673 crore from nine crore investors and invested Rs 62,643 crore in Aamby Valley.

“Despite specific orders passed by the Delhi High Court, the Board of Sahara Group of Cooperative Societies showed complete non-cooperation and started thwarting the process of refund and settlement of claims of innocent investors.”
“It is a matter of record that Rs 2,253 crore was withdrawn from Sahara Credit Cooperative Society and deposited with SEBI on account of Sahara Real Estate dispute… A lien on the said amount is liable to be recognized in the name of the depositors Sahara Group of multi-state cooperatives,” the ministry said. It said the Sahara entities were “working in concert to consolidate and launder the amounts received from depositors and park them in one property”.


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