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2023 Supreme(SC) 290
SUPREME COURT OF INDIA
M.R. SHAH, C.T. RAVIKUMAR, JJ.
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
I.A. NO. 56308 OF 2023 IN WRIT PETITION (C) No. 191 of 2022
Decided On : 29-03-2023
For the Petitioner(s): Mr. Kedar Nath Tripathy, AOR
For the Respondent(s): Mr. Prasenjeet Mohapatra, AOR Ms. Nitya Thakur, Adv. Mr. Tushar Mehta, Solicitor General Mrs. Aishwarya Bhati, Adv. Mr. Rajat Nair, Adv. Mr. Madhav Sinhal, Adv. Mrs. Chitrangda Rastravara, Adv. Mr. Arvind Kumar Sharma, AOR Mr. Mukesh Kumar Maroria, AOR Mr. Dhananjay Bhaskar Ray , AOR
IMPORTANT POINT
Payment of due amount to depositors of Sahara Group of Cooperative Societies is to be made within nine months.
Headnote:
Non-Banking – Payment of due amount to depositors of Sahara Group of Cooperative Societies – Out of total amount of Rs. 24,979.67 Crores lying in “Sahara-SEBI Refund Account”, Rs. 5000 Crores be transferred to Central Registrar of Cooperative Societies, who, in turn, shall disburse the same against legitimate dues of depositors of Sahara Group of Cooperative Societies, which shall be paid to 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 – Disbursement shall be supervised and monitored by a Former Judge of Supreme Court – Amount be paid to respective genuine depositors of Sahara Group of Cooperative Societies out of amount of Rs. 5,000 Crores at the earliest, but not later than nine months from today – Balance amount thereafter be again transferred to “Sahara-SEBI Refund Account”. (Para 3)
Facts of the case:
Present application has been preferred by Union of India, Ministry of Corporation for appropriate directions to transfer 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.
Findings of Court:
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 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, prayer sought in the present application seems to be reasonable and which shall be in the larger public interest / interest of genuine depositors of the Sahara Group of Cooperative Societies.
Result : Application disposed of with directions.
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.
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 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 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 prope
