SC permits Centre’s plea looking for Rs 5,000 cr from SEBI-Sahara fund to repay depositors
2 min readBy PTI
NEW DELHI: The Supreme Court on Wednesday allowed a plea by the Centre looking for 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 course got here on an utility filed by the Centre in a PIL by an individual, named Pinak Pani Mohanty, who sought a course to pay the quantity to the depositors who invested in a number of chit fund corporations and Sahara credit score corporations.
A bench of Justices MR Shah and CT Ravikumar mentioned the quantity shall be disbursed to depositors duped by the Sahara group of cooperative societies.
The complete course of will probably be monitored by former apex courtroom choose Justice R Subhash Reddy, the bench mentioned.
The Centre had sought cash from the SEBI-Sahara Sahara-Sebi escrow account that was fashioned after the highest courtroom in August 2012 directed two Sahara corporations — Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing India Corporation Limited (SHICL) — to refund buyers.
NEW DELHI: The Supreme Court on Wednesday allowed a plea by the Centre looking for 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 course got here on an utility filed by the Centre in a PIL by an individual, named Pinak Pani Mohanty, who sought a course to pay the quantity to the depositors who invested in a number of chit fund corporations and Sahara credit score corporations.
A bench of Justices MR Shah and CT Ravikumar mentioned the quantity shall be disbursed to depositors duped by the Sahara group of cooperative societies.googletag.cmd.push(perform() googletag.show(‘div-gpt-ad-8052921-2’); );
The complete course of will probably be monitored by former apex courtroom choose Justice R Subhash Reddy, the bench mentioned.
The Centre had sought cash from the SEBI-Sahara Sahara-Sebi escrow account that was fashioned after the highest courtroom in August 2012 directed two Sahara corporations — Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing India Corporation Limited (SHICL) — to refund buyers.
