Supreme Court Orders Sahara Refund: Depositors to Receive Funds

Sahara Latest News: A bench of Justices Surya Kant and J. Joymalya Bagchi of the Supreme Court has issued an order in the Sahara case. Following this order, depositors of Sahara schemes will be able to get their money back.

Sahara Latest News: Good news for those whose money is stuck in Sahara schemes. The Supreme Court has allowed the release of an additional ₹5000 crore from the SEBI-Sahara account. This will enable the return of funds to those whose money is still tied up in Sahara schemes. This decision was given by the bench of Justices Surya Kant and J. Joymalya Bagchi. This ₹5000 crore will be released from the Sahara-SEBI fund, enabling the repayment of depositors of Sahara Group's cooperative societies.

Extension of Deadline

The Supreme Court has approved the application filed by the central government requesting payment to depositors from the SEBI-Sahara refund account. Furthermore, the Supreme Court has extended the deadline for the distribution of ₹5000 crore released in December 2023. The court has extended this date from 31 December 2025 to 31 December 2026.

In August 2012, the Supreme Court ordered Sahara India Real Estate Corporation Limited and Sahara Housing India Corporation Limited to return investors' money. For this purpose, a SEBI-Sahara escrow account was created. Repayments to depositors are being made from this account.

Supreme Court's Statement

The Supreme Court ordered that ₹5000 crore from the SEBI-Sahara refund account be transferred to the Registrar of Cooperative Societies. After investigation, the Registrar will distribute the refund amount to the genuine depositors. The court stated that the transaction should be completed within a week under the supervision of former judge R. Subhash Reddy.

₹5,053.01 Crore Released So Far

According to the central government, 5.43 crore investors who invested in Sahara schemes have claimed ₹1,13,504.124 crore. So far, a total of ₹5,053.01 crore has been refunded to 2,625,090 genuine depositors. Meanwhile, the claims of 13,34,994 investors are under investigation.

Which Cooperative Societies Will Receive Refunds?

-Hamara India Credit Cooperative Society Limited
-Sahara Credit Cooperative Society Limited
-Saharayan Universal Multipurpose Society Limited
-Stars Multipurpose Cooperative Society Limited