The government has raised the cap on refund amounts for small depositors of the Sahara Group Cooperative Societies to Rs 50,000, up from the previous limit of Rs 10,000, a senior cooperation ministry official said on Wednesday. The government has so far released Rs 370 crore to more than 4.29 lakh depositors of Sahara Group of Cooperative Societies through the CRCS-Sahara refund portal. "With an increase in the limit of refund amount to Rs 50,000, about Rs 1,000 crore payment will be made in the next 10 days," the official said. Last week, the cap on refund amount for small depositors was raised to Rs 50,000 each from Rs 10,000, the official said. The government is vetting the claims of depositors carefully before releasing the refund. Following a Supreme Court order, the CRCS-Sahara refund portal was launched on July 18, 2023, for submission of claims by genuine depositors of Sahara Group's four multi-state cooperative societies for refund of their legitimate deposits. The socie
The Supreme Court on Thursday directed Sahara Group to deposit Rs 1,000 crore in a separate escrow account within 15 days and allowed it to enter into a joint venture for developing its land at Versova in Mumbai to realise Rs 10,000 crore. The amount of Rs 10,000 crore has to be deposited in SEBI-Sahara refund account for returning the investors' money, in compliance with the apex court's 2012 order. A bench of Justices Sanjiv Khanna, MM Sundresh and Bela M Trivedi said in case the joint venture/development agreement is not filed in the court within 15 days, then it will sell the 12.15 million square feet of land at Versova on 'as is where is' basis. "We grant 15 days' time to SIRECL and SHICL (both Sahara Group companies) to comply with the statement made in court today. In case the joint venture/development agreement is not filed within 15 days, it will be open for this court to undertake sale of the Versova land on as is where is basis," it said. The bench added, "The Rs 1,000 .
The Supreme Court on Wednesday asked the Sahara Group to apprise it of its officials at the helm and the current shareholders besides the list of unencumbered properties which can be sold to realise Rs 10,000 crore. The amount has to be deposited in SEBI-Sahara refund account for returning the investors' money. In a series of directions on August 31, 2012, the top court had directed that Sahara Group firms Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) would refund the amount collected from individual investors or group of investors, with interest of 15 per cent per annum to SEBI from the date of receipt of the subscription amount till the date of repayment within three months. A bench of Justices Sanjiv Khanna, M M Sundresh and Bela M Trivedi said the court has to find some practical solution for refunding the investors' money as the issue is pending for over a decade. "Sahara Group has said that it will submit some scheme
The Serious Fraud Investigation Office (SFIO) is carrying out a detailed probe into the matter related to the Sahara group companies and further action will be taken after its report, Union Finance Minister Nirmala Sitharaman said in the Lok Sabha on Monday. To a query on why all investors of the Sahara group companies have not come forward to claim refunds, Sitharaman said the entire affairs of the Sahara group are being monitored by the Supreme Court and the government is acting as per the directives of the apex court. "It is true that only small investors have come forward to claim the refunds. The SFIO is investigating the entire matter. It is also looking into why all the investors have not come forward to claim the refunds and where are they," she said during Question Hour. The minister said after the detailed analysis of the SFIO the whole picture will be cleared and action could be taken. She said there were 3.7 crore investors in the Sahara group companies and so far 19,65
The Enforcement Directorate on Thursday said it has seized about Rs 3 crore in cash after it conducted searches against a Kolkata-based cooperative society and the Sahara group as part of a money laundering probe linked to alleged duping of investor funds worth Rs 24,000 crore. The federal agency said in a statement that the raids were undertaken against Humara India Credit Cooperative Society Ltd. at Kolkata, Lucknow and Mumbai. It did not say when these searches were carried out. During the operation, "incriminating" documents including books of account, digital devices of Humara India and other Sahara Group entities were seized along with "proceeds of crime" worth Rs 2.98 crore in cash, it said. The money laundering investigation stems from FIRs registered by Odisha, Bihar and Rajasthan police against the Humara India Credit Cooperative Society, Sahara India Group companies and associated persons. "The society collected more than Rs 24,000 crore from more than one crore investor
The latest web series, hailed as a 'dust-to-diamonds story of maverick businessman Subrata Roy', by filmmaker Hansal Mehta faces backlash as Sahara Group
The cooperation ministry has also launched a portal where investors can make an application to get their money stuck in societies
Within its current network, it has 3,533 beds, and following this acquisition, the total bed count would approximately touch around 4,083 beds
The funds are expected to be used for pro-poor programmes or public welfare, the report stated
Case is against group or entities and not against one individual, says market regulator after death of Subrata Roy
With Subrata Roy's death, a chapter of financial violations, described by many as one of India's biggest Ponzi schemes, comes to an end
The undistributed funds totalling over Rs 25,000 crore lying with the capital markets regulator Sebi's account have come back into focus after the demise of Sahara Group's chief Subrata Roy. Roy passed away in Mumbai on Tuesday night at the age of 75 after battling a prolonged illness. He faced multiple regulatory and legal battles in connection with his group firms that were accused of circumventing regulations with Ponzi schemes, allegations his group always denied. In 2011, capital markets regulator Sebi ordered two Sahara Group firms -- Sahara India Real Estate Corporation Ltd (SIREL) and Sahara Housing Investment Corporation Ltd (SHICL) -- to refund the money raised from nearly 3 crore investors through certain bonds known as Optionally Fully Convertible Bonds (OFCDs). This order came after the regulator ruled that the funds were raised by the two firms in violation of its rules and regulations. After a long process of appeals and cross-appeals, the Supreme Court on August 31
According to the company statement, he was admitted to the Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute in Mumbai on Sunday after his health deteriorated
On March 29, the government said money would be returned to 10 crore investors within nine months.
Within days of launching the portal for refund of deposits in Sahara Group's cooperative societies, around 7 lakh investors have registered on the platform so far with claim amounts of more than Rs 150 crore, according to sources. On July 18, Cooperation Minister Amit Shah launched the 'CRCS-Sahara Refund Portal' to facilitate the return of the money of investors stuck in four cooperative societies of Sahara Group. The government had said in March that money will be returned to 10 crore investors of the four cooperative societies within nine months. The announcement followed a Supreme Court order directing the transfer of Rs 5,000 crore from Sahara-Sebi refund account to the Central Registrar of Cooperative Societies (CRCS). According to sources, around 7 lakh Sahara investors have already registered for refund, totalling to a claim amount of more than Rs 150 crore. Last week, Shah said this is a "great example" of the fact that if a government works in a proactive manner even the
The Centre on Tuesday started the process to refund Rs 5,000 crore of depositors whose funds are struck in four cooperative societies of Sahara Group, a move that is likely to help crores of small investors awaiting return of their hard-earned savings. On March 29, the government had said money will be returned to 10 crore investors of the four cooperative societies within 9 months. The announcement followed a Supreme Court order directing transfer of Rs 5,000 crore from Sahara-Sebi refund account to the Central Registrar of Cooperative Societies (CRCS). Launching a 'CRCS-Sahara Refund Portal' to facilitate the refund, Cooperation Minister Amit Shah said: "The process of returning the amount of Rs 5,000 crore to the investors is starting today in a transparent manner on a trial basis. This is beginning of refund of monies to the depositors (of Sahara Group)". He further said after the completion of Rs 5,000 crore payment, another appeal will be made in the Supreme Court to return th
The Sahara refund portal can be directly accessed online through the website of the Ministry of Cooperation
Cooperation Minister Amit Shah on Tuesday will launch 'CRCS-Sahara Refund Portal' for submission of legitimate claims by genuine depositors of four cooperative societies of Sahara Group. On March 29, the government said that money will be returned to 10 crore investors of four cooperative societies of Sahara Group within 9 months. The announcement followed a Supreme Court order directing transfer of Rs 5,000 crore from Sahara-Sebi refund account to the Central Registrar of Cooperative Societies (CRCS). In a statement, the cooperation ministry said Shah will launch the 'CRCS-Sahara Refund Portal' in the national capital on Tuesday. "A portal has been developed for submission of legitimate claims by the genuine depositors of the Sahara Group of cooperative societies namely -- Sahara Credit Cooperative Society Ltd, Saharayan Universal Multipurpose Society Ltd, Humara India Credit Cooperative Society Ltd and Stars Multipurpose Cooperative Society Ltd," the ministry said. To address th
The government on Wednesday said money will be returned to 10 crore investors of 4 cooperative societies of Sahara group within 9 months following a Supreme Court order directing transfer of Rs 5,000 crore from Sahara-SEBI refund account to the Central Registrar. Earlier in the day, the 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. The direction came on an application filed by the Centre in a PIL by a person, named Pinak Pani Mohanty, who sought a direction to pay the amount to the depositors who invested in several chit fund companies and Sahara credit firms. A bench of Justices M R Shah and C T Ravikumar said the amount shall be disbursed to depositors duped by the Sahara group of cooperative societies. The entire process will be monitored by former apex court judge Justice R Subhash Reddy, the bench said. In a ...
The Supreme Court on Wednesday 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 its depositors. The direction came on an application filed by the Centre in a PIL by a person, named Pinak Pani Mohanty, who sought a direction to pay the amount to the depositors who invested in several chit fund companies and Sahara credit firms. A bench of Justices MR Shah and CT Ravikumar said the amount shall be disbursed to depositors duped by the Sahara group of cooperative societies. The entire process will be monitored by former apex court judge Justice R Subhash Reddy, the bench said. The Centre had sought money from the SEBI-Sahara Sahara-Sebi escrow account that was formed after the top court in August 2012 directed two Sahara firms -- Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing India Corporation Limited (SHICL) -- to refund investors.