As per the submissions made by the four Sahara group of cooperative societies namely Sahara Credit Cooperative Society Ltd., Lucknow, Saharayan Universal Multipurpose Society Ltd., Bhopal, Humara India Credit Cooperative Society Ltd., Kolkata and Stars Multipurpose Cooperative Society Ltd., Hyderabad during the hearings held in November, 2019 to December, 2020 before the Central Registrar of Cooperative Societies, an amount of Rs. 62,643 Crore has been invested in Aamby Valley Ltd. and Rs. 2,253 Crore has been taken out from Sahara Credit Cooperative Society Ltd and deposited with SEBI.
On an IA No. 56308/2023 filed by the Ministry of Cooperation in the matter of WP (C) No. 191/2022 –PinakPani Mohanty vs UoI & ors., the Hon’ble Supreme Court vide order dated 29.03.2023, inter alia, directed that:
“(i) Out of the total amount of Rs. 24,979.67 Crores lying in the “Sahara-SEBI Refund Account”, Rs. 5000 Crores be transferred to the Central Registrar of Cooperative Societies, who, in turn, shall disburse the same against the legitimate dues of the depositors of the Sahara Group of Cooperative Societies, which shall be paid to the genuine depositors in the most transparent manner and on proper identification and on submitting proof of their deposits and proof of their claims and to be deposited in their respective bank accounts directly.
In compliance of above order, Rs. 5000 Crore has been transferred from Sahara-SEBI Refund Account to Central Registrar of Cooperative Societies. An Online Portal “Sahara-CRCS Refund portal” has been developed for submission of claims by the genuine depositors of four Multi-State Cooperative Societies of Sahara Group. The Portal has been launched on 18.07.2023 and can be accessed through Ministry of Cooperation website https://cooperation.gov.in and
The genuine depositors of these Societies may login the portal and submit their refund claims by filing online application and upload requisite documents i.e. proof of their deposits and claims. Only claims filed through online portal will be entertained. Subject to fund availability, the payment to the genuine depositors will be credited in their Aadhar seeded Bank account within 45 days after filing their online claims and they will be intimated the status through SMS/Portal.
This was stated by the Minister of Cooperation, Shri Amit Shah in a written reply to a question in the Rajya Sabha.