NEW DELHI: The executive on Friday moved the ultimate court docketasking for allocation of Rs 5,000 crore from the Rs 24,000 crore Sahara-Sebi fund to pay off greater than 1. 1 crore buyers, who had put their existence financial savings in 4 multi-state cooperative societies run by means of Sahara Group,
In 2012, the SC had ordered Sahara Housing and Sahara Real Estate to deposit Rs 25,781 crore they’d amassed via purple herring prospectus of March 2008 and October 2009 from over 3 crore buyers. The two Sahara The firms have to this point deposited Rs 15,569 crore, which had earned pastime of Rs 9,410 crore, taking the overall quantity in Sahara-Sebi account to Rs 24,979 crore. After refunds, an quantity of Rs 23,937 crore remains to be mendacity within the account.
The ministry of cooperation, below which the Central Registrar of Cooperatives purposes, via further solicitor basic Aishwarya Bhattiknowledgeable the court docket that the fourmulti-state cooperatives—Sahara Credit Cooperative Society, Saharayn Universal Multipurpose Society, Humara India Credit Cooperative Society and Stars Multipurpose Cooperative Society — in combination amassed Rs 86,673 crore from 9 crore buyers and invested Rs 62,643 crore of it in Aamby Valley.
“Despite specific orders passed by the Delhi HC, the board of Sahara Group Cooperative Societies extended complete non-cooperation and started thwarting the process of refund and resolution of claims of innocent investors,” it stated.
“It is a matter of record that Rs 2,253 crore had been taken out from Sahara Credit Cooperative Society and deposited with Sebi on account of the dispute of Sahara Real Estate… A lien over the said amount is liable to be recognized in the name of depositors of Sahara Group multi-state cooperative societies,” the ministry stated. It stated Sahara entities “were working in unison to consolidate amounts received by them from depositors and to launder and park them in one asset”.
In 2012, the SC had ordered Sahara Housing and Sahara Real Estate to deposit Rs 25,781 crore they’d amassed via purple herring prospectus of March 2008 and October 2009 from over 3 crore buyers. The two Sahara The firms have to this point deposited Rs 15,569 crore, which had earned pastime of Rs 9,410 crore, taking the overall quantity in Sahara-Sebi account to Rs 24,979 crore. After refunds, an quantity of Rs 23,937 crore remains to be mendacity within the account.
The ministry of cooperation, below which the Central Registrar of Cooperatives purposes, via further solicitor basic Aishwarya Bhattiknowledgeable the court docket that the fourmulti-state cooperatives—Sahara Credit Cooperative Society, Saharayn Universal Multipurpose Society, Humara India Credit Cooperative Society and Stars Multipurpose Cooperative Society — in combination amassed Rs 86,673 crore from 9 crore buyers and invested Rs 62,643 crore of it in Aamby Valley.
“Despite specific orders passed by the Delhi HC, the board of Sahara Group Cooperative Societies extended complete non-cooperation and started thwarting the process of refund and resolution of claims of innocent investors,” it stated.
“It is a matter of record that Rs 2,253 crore had been taken out from Sahara Credit Cooperative Society and deposited with Sebi on account of the dispute of Sahara Real Estate… A lien over the said amount is liable to be recognized in the name of depositors of Sahara Group multi-state cooperative societies,” the ministry stated. It stated Sahara entities “were working in unison to consolidate amounts received by them from depositors and to launder and park them in one asset”.
