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- Union Home Minister Amit Shah to launch ‘Sahara Refund Portal’ in New Delhi on Tuesday
New Delhi31 minutes ago
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Union Home and Cooperation Minister Amit Shah will launch ‘Sahara Refund Portal’ in New Delhi to refund the money of investors of Sahara India. This portal will be launched at Atal Urja Bhavan at 11:00 am on Tuesday. Through the portal, the money will be given back to those investors of Sahara whose investment period ie time limit has been completed.
The portal will have details of investors of Sahara India. There will also be information on how the money invested in Sahara can be recovered. The money of 10 crore investors of co-operative societies of Sahara India is stuck. In this, states like Bihar, Jharkhand, Uttar Pradesh, Madhya Pradesh have the highest number of people. On not getting the money back, the investors appealed to the government to intervene in the matter.
Only investors of 4 co-operative societies will be able to apply
- Sahara Credit Cooperative Society Limited
- Saharayan Universal Multipurpose Society Limited
- Hamara India Credit Cooperative Society Limited
- Stars Multipurpose Cooperative Society Limited
Rs 5,000 crore will be transferred
The Ministry had filed an application in the Supreme Court to address the grievances of the genuine members/depositors of the co-operative societies of Sahara Group. In March, the Supreme Court had directed that Rs 5,000 crore be transferred from the ‘Sahara-SEBI refund account’ to the Central Registrar of Cooperative Societies (CRCS) for payment of dues to genuine depositors of co-operative societies of the Sahara Group.
The process will be completed under the supervision of Justice Subhash Reddy.
The money is to be returned to the depositors under the supervision of former Supreme Court judge R Subhash Reddy. Advocate Gaurav Aggarwal will assist Justice Reddy in this matter. The Sahara-Sebi escrow accounts were opened in August 2012 after the Supreme Court directed two Sahara Group companies, Sahara India Real Estate Corporation (SIRECL) and Sahara Housing India Corporation Limited (SHICL), to refund investors’ money. In which money was deposited on behalf of Sahara Group.
Sahara used to be one of the big private companies
Sahara used to be one of the largest private companies in the country with more than 11 lakh employees. Sahara India’s business was spread from real estate, finance, infrastructure, media and entertainment, health care, hospitality, retail, information technology to sports. This group was the sponsor of Team India for 11 years.
Subrata Roy was accused of getting people to invest money against the rules in Sahara India Real Estate Corporation (SIRECL) and Sahara Housing India Corporation Limited (SHICL). In this case he also had to go to jail. The Supreme Court had asked Subrata Roy to return Rs 24,400 crore to the investors. Since then till today this case is going on.