Sahara Group: Is your money trapped in Sahara Group, so it is news of your work. A decision of the Supreme Court can provide relief to Sahara investors. According to Livelaw report, the Supreme Court on Friday ordered to release Rs 5,000 crore from the amount deposited with the market regulator SEBI to pay the dues of the depositors of Sahara Group cooperative societies.
Deadline to release payment
A bench of Justice Suryakant and Justice Joymalya Bagchi, after hearing the arguments of Solicitor General Tushar Mehta, approved the Central Government’s application, which was requested to pay the depositors with the amount deposited in the Sebi-Sahara refund fund. Also, the deadline for issuing payment to investors has been extended by 31 December 2026.
Under this, the amount issued under both the order and latest instructions of March 2023 will be covered. With this decision of the Supreme Court, the investors will get some extent relief from distributing Rs 5000 crore out of Rs 24 thousand crore deposited in SEBI. However, SEBI’s lawyer sought time to postpone the order by Monday, but the court refused.
How much money is there in Sahara-Sibi refund account?
While giving its verdict, the bench cited the order of March 2023, in which a coordination bench also directed to release Rs 5,000 crore in a similar way. The bench had said that Rs 24,979.67 crore is lying in ‘Sahara-Sibi Refund Account’. The total estimated amount in Sahara-Sibi refund account is Rs 25,000 crore. Even before some money has been refunded. Since the process is very slow, the money of millions of depositors is stuck.
This new order to release Rs 5,000 crore is especially for depositors of cooperative societies, whose claims will be settled through the Central Registrar of Cooperative Societies. The Supreme Court has clearly stated that the amount will be paid based on the report submitted on the basis of the report of the Central Registrar. A roadmap will also be prepared for this repayment process.
Also read:
RBI’s whip on phone, huge fine imposed, know what is the whole matter
