Central registrar after one and half months did not repay single penny to investors

 



It is informed that a large number of complaints regarding non-repayment of deposits to

the members/ depositors of Sahara Credit Cooperative Society Ltd; Saharayn Universal

Multipurpose Society Ltd; Humara India Credit Cooperative Society Ltd and Stars

Multipurpose Cooperative Society Ltd. were received in the office of the Central Registrar of

Cooperative Societies (CRCS). Taking cognizance of the complaints, notices were issued to the

above-named Societies and thereafter, six personal hearing of each of the above Societies were

held before the CRCS.

2. During the hearing, CRCS gave following directions to the societies:

a) Pay due amount to the depositors;

b) create a mechanism of informing to the depositors, whose deposits have become

overdue and ensure that a member/depositor can take payment within 30 days.

c) Submit details of assets and liabilities of societies including assessment with a credible

plan for realization of funds from these assets so that the amount due to depositors can

be paid in time;

d) Prepare a credible working plan for the Societies, on the basis of complete financial

assessment of the society.

e) If societies fail to comply with the directions, proceedings for winding up will be

initiated.

3. Since, no convincing reply was forthcoming, CRCS debarred the Societies from taking

new deposits or renewing the existing deposits.

4. The said orders of CRCS were challenged by the Sahara Credit Cooperative Society Ltd;

Saharayn Universal Multipurpose Society Ltd; and Humara India Credit Cooperative Society

Ltd before the Hon’ble High Court of Delhi and by Stars Multipurpose Cooperative Society Ltd

before the Hon’ble High Court of Telengana. The Hon’ble Courts granted an interim stay on the

operation of orders of CRCS.

5. The matter was pursued and the Hon’ble High Court of Delhi vide its order dated

22.03.2022 partially vacated the stay and restored orders of CRCS thereby directing the

petitioners-societies not to collect any further deposits. The Hon’ble Court further gave following

directions:

a. Societies to nominate nodal officers to communicate with CRCS office;

b. CRCS to look into the claims received by him or filed before the Hon’ble Court by way

of intervention applications:

c. CRCS to pass orders directing the petitioners to refund the amounts to such

members/investors/depositors whose amounts are found to have become due and payable;

after examination.

d. Societies to pay within two weeks of such determination.

6. Accordingly, claims were being forwarded to the Societies with a direction to pay due

amount to legitimate depositors. Status Report in the matter was also filed in the Hon’ble

Court.

7. Further, on the application of Ministry of Cooperation in IA No. 56308 of 2023, Hon’ble

Supreme Court has directed vide its order dated 29th March, 2023 the following: -

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.

iii. The Hon’ble Supreme Court has directed that the process should be completed within 9

months from the date of issue of their order.

8. Accordingly, a suitable transparent mechanism is being developed for inviting, verifying and

disposing of legitimate claims of genuine depositors of Sahara Group of Cooperative Societies in

accordance with directions of Hon’ble Supreme Court. 

Grievance Status for registration number : MOCOP/E/2023/0013425

Grievance Concerns To

Name Of Complainant

Yogi M. P. Singh

Date of Receipt

07/05/2023

Received By Ministry/Department

Cooperation

Grievance Description

Cooperation >> Central Registrar and Cooperative Society >> Multi State Cooperative Society related matters >> Other Multi State Cooperative Society related issues


Society Name : Saharayn multi State society limited Bhopal

Reference number from MSCS Act : Multi State Societies Cooperative Act 2002 Regd. No.-MSCS/CR/935/2014

-----------------------

Earlier you have written down following notes in order to redress the grievance submitted by the applicant. More than one month has passed since the date when order was issued by the apex court of India. Following is an enquiry under Article 51 A of the constitution of India regarding the repayment of the mature amount of the Om Prakash Maurya, S/O Bhai Lal Maurya . Provide the amount spent by the department out of 5000 crore for the repayment and other expenditures.

Accordingly, a suitable transparent mechanism is being developed for inviting, verifying and disposing of legitimate claims of genuine depositors of Sahara Group of Cooperative Societies in accordance with directions of Hon’ble Supreme Court.

Registered under Multi State Societies Cooperative Act 2002 Regd. No.-MSCS/CR/935/2014

This application is under Article 51 A of the constitution of India to make enquiry regarding repayment of the investors money in the light of the order passed by the honourable apex court of India as elaborated by the office in its report submitted in the following grievance of the applicant.

An application on behalf of Om Prakash Maurya, S/O Bhai Lal Maurya to seek intervention of public functionaries in looting of hard-earned money Om Prakash Maurya by Saharayn Universal Multipurpose Society Ltd. The address of the applicant is Main Road Chaksaif, Kapoor Karpet Gali, District-Sant Ravidas Nagar Bhadohi, PIN Code. 221401, Mobile number-8756871222.

Grievance Document

Current Status

Case closed   

Date of Action

09/05/2023

Remarks

Reply attached.

Reply Document

Rating

1

Poor

Rating Remarks

Pay due amount to the depositors create a mechanism of informing to the depositors, whose deposits have become overdue and ensure that a member/depositor can take payment within 30 days. Submit details of assets and liabilities of societies including assessment with a credible plans

Appeal Details

Appeal Number

MOCOP/E/A/23/0002522

Date of Receipt

09/05/2023

Appeal Text

Accordingly, a suitable transparent mechanism is being developed for inviting, verifying and disposing of legitimate claims of genuine depositors of Sahara Group of Cooperative Societies in accordance with directions of Honourable Supreme Court. Not a single penny was paid by you to investors after one and half months.

Current Status

Appeal Received

Officer Concerns To

Officer Name

Sucheta Sharma (Deputy Director)

Organisation name

Ministry of Cooperation

Contact Address

Atal Urja Bhawan Near CGO Complex Lodhi Road

Email Address

sucheta.sharma@gov.in

Contact Number

2230343

To see the attached document to the grievance, click on the link

Yogi

An anti-corruption crusader. Motive to build a strong society based on the principle of universal brotherhood. Human rights defender and RTI activist.

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