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The Court has further said that the depositors shall be paid in the most transparent manner and on proper identification and on submitting proof of their deposits and proof of their claims and the money shall be deposited in their respective bank accounts directly.
The Supreme Court on Wednesday allowed an application by preferred by the Union of India, Ministry of Corporation seeking transfer of Rs. 5,000 Crores out of unutilized amount of Rs. 23,937 Crores, lying in “Sahara-SEBI Refund Account” to be disbursed against the legitimate dues of depositors of Sahara Group of Cooperatives Societies.
Solicitor General Tushar Mehta had informed Court that the amount deposited in “Sahara-SEBI Refund Account” was lying unutilized and was due to a large number of continuing complaints against the Sahara Group of Cooperative Societies unutilized is also consis.
A bench of Justices MR Shah and CT Ravikumar was further informed that the unutilized amount also consisted the amount of the depositors of Sahara Group of Cooperative Societies, and if Rs. 5,000 Crores was transferred to the Central Registrar of Cooperative Societies, the same could be disbursed against the legitimate dues of the depositors of as a just, proper and equitable exercise.
Accordingly, the bench has ordered thus,
"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 and on submitting proof of their deposits and proof of their claims and to be deposited in their respective bank accounts directly."
Court has further ordered that the disbursement shall be supervised and monitored by Justice R. Subhash Reddy, Former Judge Supreme Court with the able assistance of Advocate Gaurav Agarwal, who has been appointed as Amicus Curiae as well as the Central Registrar of Cooperative Societies in disbursing the amount to the genuine depositors of the Sahara Group of Cooperative Societies.
"Rs. 15 lakhs per month be paid to Justice R. Subhash Reddy, Former Judge of this Court and Rs. 5 lakhs per month be paid to Shri Gaurav Agarwal, learned Amicus Curiae towards their honorarium", the order adds.
The order adds that the payment shall be done at the earliest, not later than nine months from the date of the order. The balance amount thereafter be again transferred to the “Sahara-SEBI Refund Account”, bench has further ordered.
Case Title: Pinak Pani Mohanty vs. Union of India
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