Pinak Pani Mohanty vs Union Of India

I.A. NO. 56308 OF 2023 IN WRIT PETITION (C) No. 191 of 2022

Pinak Pani Mohanty …Petitioner (s)

Versus

Union of India and Ors. …Respondent(s)

And In the matter of

Union of India through Ministry of Cooperation …Applicant

ORDER

M.R. SHAH, J.

1. Present application being I.A. No. 56308 of 2023 has been

preferred by the Union of India, Ministry of Corporation for appropriate

directions to transfer an amount of Rs. 5,000 Crores out of unutilized

amount of Rs. 23,937 Crores (lying in “Sahara-SEBI Refund Account”) to

be disbursed against the legitimate dues of depositors of Sahara Group

of Cooperatives Societies.

Signature Not Verified Digitally signed by R Natarajan Date: 2023.03.29 17:05:05 IST Reason: 1

2. Shri Tushar Mehta, learned Solicitor General has submitted that a

total amount of Rs. 24,979.67 Crores is lying unutilized with the SEBI in

“Sahara-SEBI Refund Account”, which has been deposited pursuant to

the earlier direction issued by this Court. He has submitted that out of

the aforesaid amount of Rs. 15,569.27 Crores deposited by Sahara India

Real Estate Corporation Limited and Sahara Housing Investment

Corporation Limited, Rs. 2253 Crores had been taken out from Sahara

Credit Cooperative Society Ltd. and deposited with SEBI on account of

the dispute of Sahara Real Estate Limited. It is submitted that, thus, the

corpus which is lying in “Sahara-SEBI Refund Account” already includes

the amount which belongs to the depositors of the aforesaid Sahara

Group Cooperative Society Ltd.

2.1 He has stated at the Bar that the amount deposited in “Sahara-

SEBI Refund Account” is lying unutilized and in fact due to large number

of continuing complaints against the Sahara Group of Cooperative

Societies and the amount lying unutilized is also consisting of the

amount of the depositors of Sahara Group of Cooperative Societies, if

Rs. 5,000 Crores is transferred to the Central Registrar of Cooperative

Societies and thereafter the same is disbursed against the legitimate

dues of the depositors of the Sahara Group of Cooperative Societies, it

will be just, proper and equitable.

2 2.2 He has stated at the Bar that on the aforesaid amount, there is no

charge and/or attachment of any other agency. He has stated at the Bar

that the present application has been filed for appropriate direction as

prayed, after the series of meetings with the different authorities /

departments, which shall be in the larger interest of the depositors of the

Sahara Group of Cooperative Societies. He has also prayed that a

suitable direction be also issued that the amount due and payable to the

respective depositors of the Sahara Group of Cooperative Societies may

be disbursed in the most transparent manner and the same shall be paid

to the genuine depositors on proper identification and on submitting their

proof of deposits. He has also requested that for that a suitable direction

be also issued that the amount shall be disbursed to the respective

depositors under the supervision of the Former Judge of this Court.

3. Having heard Shri Tushar Mehta, learned Solicitor General

appearing on behalf of the Union of India and taking into consideration

the facts narrated hereinabove and when it is reported that Rs. 2253

Crores had been taken out of the Sahara Credit Cooperative Society

Ltd., i.e., one of the four Sahara Group Multi-State Cooperative Societies

and deposited with SEBI in the “Sahara-SEBI Refund Account” and the

amount lying in the “Sahara-SEBI Refund Account” is lying unutilized

and the genuine depositors of the Sahara Group of Cooperative

Societies, which otherwise, shall be entitled to get back their money, the

3 prayer sought in the present application seems to be reasonable and

which shall be in the larger public interest / interest of the genuine

depositors of the Sahara Group of Cooperative Societies. Therefore, the

present application stands disposed of with the following directions:-

(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

4 Justice R. Subhash Reddy, Former Judge of this Court and Shri

Gaurav Agarwal, learned Advocate.

(iii) Rs. 15 lakhs per month be paid to Justice R. Subhash Reddy,

Former Judge of this Court and Rs. 5 lakhs per month be paid

to Shri Gaurav Agarwal, learned Amicus Curiae towards their

honorarium.

(iv) We direct that the amount be paid to the respective genuine

depositors of the Sahara Group of Cooperative Societies out of

the aforesaid amount of Rs. 5,000 Crores at the earliest, but not

later than nine months from today. The balance amount

thereafter be again transferred to the “Sahara-SEBI Refund

Account”.

4. The present I.A. stands disposed of in terms of the above.

………………………………….J. [M.R. SHAH]

NEW DELHI; ………………………………….J. MARCH 29, 2023. [C.T. RAVIKUMAR]

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