Lok Sabha Question No. 1599 (UNSTARRED), answered on 2023-12-12
Subject: Functioning of PACS
Ministry: COOPERATION
Asked by: Ravi Kishan Shukla, Ravindra Kushawaha

## GOVERNMENT OF INDIA MINISTRY OF COOPERATION

## LOK SABHA UNSTARRED QUESTION NO. 1599 TO BE ANSWERED ON 12/12/2023

## Refund from Sahara India Pariwar

## † 1599. SHRI RAVI KISHAN:

## SHRI RAVINDRA KUSHWAHA:

Will the Minister of COOPERATION (सहकाįरता मंũी) be pleased to state:

- (a) whether the Government has decided to refund the money of investors stuck with the Sahara India Pariwar and if so, the details thereof;
- (b) the number of investors who will be refunded money;
- (c) whether only Rs. 10,000 will currently be refunded and if so, the reasons therefor; and
- (d) whether there is any plan to refund money to the investors who have deposited huge amounts and if so, the details thereof?

## ANSWER

## THE MINISTER OF COOPERATION सहकाįरता मंũी (SHRI AMIT SHAH)

- (a)  to  (d):  In  an  Interlocutory  Application  filed  by  the  Ministry  of  Cooperation  in  WP  (C) No.191/2022  (Pinak  Pani  Mohanty  vs  UoI&ors.),  the  Hon'ble  Supreme  Court  on  29.03.2023 inter alia ordered 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.

(ii)  The  disbursement  shall  be  supervised  and  monitored  by  Justice  R.  Subhash  Reddy, Former  Judge  of  this  Court  with  the  able  assistance  of  Shri  Gaurav  Agarwal,  learned Advocate, who is appointed as Amicus Curiae to assist Justice R. Subhash Reddy as well as the  Central  Registrar  of  Cooperative  Societies  in  disbursing  the  amount  to  the  genuine depositors of the Sahara Group of Cooperative Societies. The manner and modalities for making the payment is to be worked out by the Central Registrar of Cooperative Societies in  consultation  with  Justice  R.  Subhash  Reddy,  Former  Judge  of  this  Court  and  Shri Gaurav Agarwal, learned Advocate.'

In compliance of the Hon'ble Supreme Court's Order dated 29.03.2023, an Online Portal 'CRCS-Sahara refund portal' https://mocrefund.crcs.gov.in has been launched on 18.07.2023 for submission  of  claims  by  the  genuine  depositors  of  four  Multi-State  Cooperative  Societies  of Sahara Group, namely; Sahara Credit Cooperative Society Ltd., Lucknow, Saharayn Universal Multipurpose Society Ltd., Bhopal, Humara India Credit Cooperative Society Ltd., Kolkata and Stars Multipurpose Cooperative Society Ltd., Hyderabad for refund of their legitimate deposits. Entire  process  of  disbursement  is  being  carried  out  under  the  supervision  and  monitoring  of Justice R. Subhash Reddy, Former Judge of Hon'ble Supreme Court with the assistance of Shri Gaurav Agrawal, Amicus Curiae. The entire process is digital and paperless.

Applications  received  on  the  Portal  are  being  processed  in  transparent  manner  and  on proper identification and on submitting proof of their identity and deposits. The payment is being deposited directly in Aadhaar seeded bank account of the genuine depositors.

For the depositors, whose claims could not be processed due to deficiencies observed in their claims, 'CRCS-Sahara Refund Portal (Resubmission)' https://mocresubmit.crcs.gov.in has been  launched  for  re-submission  of  claims  in  a  phased  manner  after  rectification  of  such deficiencies.

Presently, payment only upto Rs.10,000/- is being disbursed to each genuine depositor of the Sahara Group of Cooperative Societies against verified claims through Aadhaar seeded Bank account.

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