Supreme Court Orders Sahara Refund Disbursement
The Supreme Court of India has taken significant steps to address the financial woes of depositors associated with the Sahara Group of Cooperative Societies. In a recent ruling, the court directed the Ministry of Cooperation to facilitate the disbursement of funds from the Sahara-SEBI Refund Account. This decision comes as a relief to many depositors who have been waiting for their legitimate dues. The court’s order emphasizes transparency and accountability in the disbursement process, ensuring that genuine depositors receive their rightful refunds.
Supreme Court’s Directive on Fund Disbursement
On March 29, 2023, the Supreme Court issued an order regarding the Sahara-SEBI Refund Account, which holds a total of ₹24,979.67 crores. The court mandated that ₹5,000 crores be allocated to the Central Registrar of Cooperative Societies. This amount is to be used for settling the legitimate claims of depositors from the Sahara Group of Cooperative Societies. The court emphasized that the disbursement should be conducted transparently, requiring depositors to provide proof of their deposits and claims. The funds will be directly deposited into the bank accounts of verified depositors.
The court’s ruling also appointed Justice R. Subhash Reddy, a former judge, to supervise the disbursement process. He will work alongside Shri Gaurav Agarwal, who has been designated as Amicus Curiae. Their roles are crucial in ensuring that the disbursement is carried out efficiently and fairly. The court instructed that the Central Registrar of Cooperative Societies must collaborate with Justice Reddy and Agarwal to establish the modalities for the payment process.
Launch of the CRCS-Sahara Refund Portal
In compliance with the Supreme Court’s order, the Ministry of Cooperation launched the “CRCS-Sahara Refund Portal” on July 18, 2023. This online platform allows genuine depositors from four Multi-State Cooperative Societies of the Sahara Group to submit their claims for refunds. The societies involved include Sahara Credit Cooperative Society Ltd., Saharayn Universal Multipurpose Society Ltd., Humara India Credit Cooperative Society Ltd., and Stars Multipurpose Cooperative Society Ltd.
The portal aims to streamline the claims process, making it entirely digital and paperless. This initiative is designed to enhance transparency and efficiency in handling claims. Justice R. Subhash Reddy and Shri Gaurav Agarwal oversee the entire process, ensuring that all applications are processed fairly. Depositors must provide proper identification and proof of their deposits to qualify for refunds. Currently, the portal allows for disbursement of up to ₹50,000 to each verified depositor through Aadhaar-seeded bank accounts.
Addressing Application Deficiencies
The Ministry of Cooperation is committed to ensuring that all genuine depositors receive their refunds. To facilitate this, they have implemented a system to address any deficiencies found in the applications submitted through the portal. If an application is incomplete or lacks necessary documentation, the ministry will inform the depositor about the specific deficiencies. This feedback will allow depositors to re-submit their applications through a dedicated re-submission portal, which was launched on November 15, 2023.
This proactive approach aims to minimize delays and ensure that all eligible depositors can access their funds. The ministry is taking all possible steps to expedite the payment process for the Sahara Group of Cooperative Societies’ depositors. As of January 28, 2025, an impressive ₹2,025.75 crores has already been disbursed to over 11,61,077 depositors, showcasing the government’s commitment to resolving this long-standing issue.
Observer Voice is the one stop site for National, International news, Editor’s Choice, Art/culture contents, Quotes and much more. We also cover historical contents. Historical contents includes World History, Indian History, and what happened today. The website also covers Entertainment across the India and World.