 "supreme court, sahara group")
Sahara Group. It said that 3 million investors have sought a refund of Rs 80,000 crore stuck with the group's cooperative societies.
"We have started the process to refund money back to investors in 45 days. We have got Rs 5,000 crore...we will go to the apex court again to get more funds (from Sahara Group) to pay back all investors. Every paisa of investors of Sahara Group will be paid back," B L Verma, Minister of State for Cooperation, was quoted as saying by news agency PTI.
Verma added that many investors have got their money back.
The cooperation ministry has launched a portal where investors can make an application to get their money stuck with societies. He assured that all investors, who are applying through the portal, will get their money back.
"We are refunding money to small investors first with the amount of Rs 10,000 each," he said.
Last week, the Ministry of Corporate Affairs said investigations against certain Sahara Group companies will not be impeded by the death of any person. Sahara Group chief Subrata Roy died on November 14 due to a cardiorespiratory arrest after a prolonged illness.
More From This Section
Six companies of the Sahara Group are under investigation. These are Aamby Valley Lt, Qing Ambay City Developers Corporation Ltd, Sahara India Commercial Corporation Ltd, Sahara Prime City Ltd, Sahara India Financial Corporation Ltd, and Sahara India Real Estate Corporation Ltd.
The Supreme Court had earlier ordered the Sahara Group to not sell any of its movable or immovable property.
