On Wednesday, March 30, Union Home Minister Amit Shah assured that the 10 crore individuals whose investment is stuck in the four cooperative societies run by the Sahara group will get back their money with interest. The HM’s assurance came hours after Supreme Court allowed a plea by the Centre seeking allocation of Rs 5,000 crore, out of RS 24,000 crore deposited by the Sahara group with market regulator SEBI, to repay depositors of the cooperative societies.
Speaking at an event organised by the Uttarakhand cooperative department at Rishikul ground, Shah added that the Supreme Court has issued orders to return the money of investors who had invested in Sahara group cooperative societies and that the government would initiate the process to return their investments with interest in the next three-four months.
The Ministry of Cooperation had been pursuing the matter consistently, Amit Shah assured.
With the Supreme Court’s ruling in favour of investors, Shah urged those who had invested in the four cooperative societies of the Sahara group to file claims with the national registrar of cooperative societies.
Reportedly, the central government had asked the Supreme Court in a petition that 5,000 crores from the Sahara-SEBI Refund Account be used to reimburse depositors of the Sahara Group’s four co-operative societies.
The Central Registrar’s advocate, Gaurav Agarwal, will assist in completing the payment process in 9 months.
Payment to investors would be paid in a transparent manner to legal Sahara Societies investors through their bank accounts, based on valid evidence of identification and deposit.