Page 2 - Sahara Group

700,000 of investors register for refund from 4 Sahara group societies

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

Centre starts process to refund Rs 5,000 cr to investors of 4 Sahara Group

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

Amit Shah launches Sahara refund portal; check claim process, eligibility

The Sahara refund portal can be directly accessed online through the website of the Ministry of Cooperation

Govt to launch portal for claim submissions by depositors of Sahara Group

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

10 cr investors of 4 Sahara group's cooperative societies to get back money

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 ...

SC allows Centre's plea seeking Rs 5,000 cr from SEBI-Sahara fund

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.

OFCD issuance case: Sebi issues notice to Sahara Group firm, others

The notice came after the entities failed to pay the fine imposed on them by the Securities and Exchange Board of India (Sebi)

Sebi issues notice to attach bank accounts of Sahara group's Subrata Roy

Move follows non-payment of dues amounting to Rs 6.42 crore levied for flouting regulatory norms

Sebi's refund to Sahara investors reach Rs 138 crore since 2012

Sebi has processed Rs 138 crore refunds to investors of two Sahara companies in a decade, while the amount deposited in specially-opened bank accounts for the repayment has risen to over Rs 24,000 crore. These disclosures have been made by the Securities and Exchange Board of India (Sebi) in its latest annual report. In the absence of claims from a majority of the bondholders of the two Sahara companies, which were asked to return the money to nearly 3 crore investors along with interest in August 2012 through a Supreme Court order, the total amount refunded by Sebi rose by just about Rs 9 crore during the last fiscal, 2021-22, while the balance in Sebi-Sahara refund accounts rose by Rs 1,515 crore during the year. In its annual report, the regulator said that it received 19,650 applications as of March 31, 2022, involving total refund claims of Rs 82.31 crore. Of this, it has issued refunds of Rs 138 crore, including Rs 68 crore as interest, in 17,526 cases. The remaining ...

SC sets aside Patna HC order summoning Sahara group chief Subrata Roy

The High Court (HC) had asked Sahara to convey a plan for refunding the matured deposits of investors

Sebi slaps Rs 12 cr penalty on Sahara group firms in OFCD issue matter

Asserts that by representing the OFCD as pvt placement, issuers deprived subscribers of various measures of investor protection

9 Sahara Group cos to face serious fraud probe as SC sets aside HC order

The Supreme Court set aside a Delhi High Court order staying the Serious Fraud Investigation Office (SFIO) probe into nine companies related to the Sahara group

SC to hear SFIO's plea against HC order staying probe into Sahara Group

The Supreme said it would hear plea filed by Serious Fraud Investigation Office (SFIO) challenging the High Court order staying the investigation into nine companies related to the Sahara group.

SC to hear plea challenging Delhi HC relief to Sahara Group firms tomorrow

The Supreme Court scheduled the hearing of a plea challenging a Delhi High Court order staying the investigation into nine companies related to the Sahara Group

Supreme Court to hear Subrata Roy's plea against Patna HC order on July 13

A bench of Justices A M Khanwilkar, J B Pardiwala passed the order while taking into account the request made by the Bihar government's counsel who said state needed time to file a counter-affidavit

SC considers hearing SFIO plea over Delhi HC relief to Sahara group firms

The high court had also stayed the operation and implementation of two orders of the SFIO for investigation into nine companies related to the Sahara Group

Patna High Court issues arrest warrant against Sahara chief Subrata Roy

The Patna High Court on Friday issued an arrest warrant against Sahara India chairman Subrata Roy after he failed to appear before it despite repeated summons

Patna HC asks Sahara chief Subroto Roy to appear before court on Friday

The Patna High Court on Thursday took a tough stand against Sahara India chief Subroto Roy after he did not appear before the court.

Patna HC seeks Sebi reply regarding payments to Sahara's investors

It also directed that a 'responsible officer' from the market regulator's head office at Mumbai be present in the court on March 28 to answer all the questions posed by it

Funds totalling Rs 24,000 cr lying unutilised with Sebi: Sahara

Sahara maintained that more than 95 per cent of its bondholders investors have already been repaid