Sunday, June 23, 2024

SC allows Centre’s plea seeking ₹5,000 cr from SEBI-Sahara fund to repay depositors

The logo of the Securities and Exchange Board of India (SEBI) is pictured on the premises of its headquarters in Mumbai. File

The logo of the Securities and Exchange Board of India (SEBI) is pictured on the premises of its headquarters in Mumbai. File

The Supreme Court on March 29 allowed a plea by the Centre seeking allocation of ₹5,000 crore out of ₹24,000 crore deposited by the Sahara group with market regulator SEBI to repay its depositors.

The direction came on an application filed by the Centre in a PIL by a person, named Pinak Pani Mohanty, who sought a direction to pay the amount to the depositors who invested in several chit fund companies and Sahara credit firms.

A Bench of Justices M. R. Shah and C. T. Ravikumar said the amount shall be disbursed to depositors duped by the Sahara group of cooperative societies.

The entire process will be monitored by former apex court judge Justice R Subhash Reddy, the Bench said.

The Centre had sought money from the SEBI-Sahara Sahara-Sebi escrow account that was formed after the top court in August 2012 directed two Sahara firms — Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing India Corporation Limited (SHICL) — to refund investors.

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