Saharayn repaid Rs.263 crore to Sahara investors in 9 months

CRCS told Rs.263.63 Crore has been repaid to 2,83,863 depositors of Sahara Group of Cooperative Societies out of Rs.5000 crore 

Grievance Status for registration number : MOCOP/E/2024/0000451

Grievance Concerns To

Name Of Complainant

Yogi M. P. Singh

Date of Receipt

29/03/2024

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 Universal Multipurpose Society Ltd. Bhopal

Reference number from MSCS Act : MSCS and Banks registered under MSCS Act 2002

CRCS said Rs.263.63 Crore has been repaid to 2,83,863 depositors of Sahara Group of Cooperative Societies out of Rs.5000 crore.

You had to disperse the released fund 5000 crore within 9 months according to the order of the apex court and now one year has passed. Please provide the current status under article 51 A of the Constitution of India. Right to reason is an indispensable part of a sound administrative system so provide the reason for non compliance so that concerned court may be properly informed.

1-Please provide the amount spent by the central registrar out of the total amount Rs.5000 crore in the name of developing the transparent mechanism.

Reply of PIO- Total expenditure incurred for development and operation of CRCS-Sahara Refund Portal up to January 2024 is About Rs.19.90 Crore.

2-. 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.

Please provide the wages paid to Shri Gaurav Agarwal and Justice. R. Subhash Reddy till the date you provide information to the information seeker.

Reply of PIO- Total payment made to Hon'ble Justice Retd R. Subhash Reddy as honorarium as per Hon'ble Supreme Court directions on 29th March 2023 is Rs.1.50 Crore up to January 2024. Gaurav Agrawal as he has respectfully declined to accept the honorarium.

3-Please provide the number of depositors whose repayment has been made till the date of providing information to the information seeker.

Reply of PIO- Till January 2024, an amount of Rs.263.63 Crore has been released to 2,83,863 depositors of Sahara Group of Cooperative Societies through CRCS-Sahara Refund Portal.

Grievance Document

Current Status

Case closed   

Date of Action

09/04/2024

Remarks

Since 9 months time granted vide Honorable Supreme Court Order dated 29.03.2023 has expired on 28.12.2023, an application has been filed before Honorable Supreme Court seeking extension of time upto 30.06.2024 for implementation of order dated 29.03.2023.

Rating

1

Poor

Rating Remarks

Since 9 months time granted vide Honourable Supreme Court Order dated 29.03.2023 has expired on 28.12.2023, an application has been filed before Honourable Supreme Court seeking extension of time up to 30.06.2024 for implementation of order dated 29.03.2023. Total expenditure incurred for development and operation of CRCS-Sahara Refund Portal up to January 2024 is About Rs.19.90 Crore. Total payment made to Hon'ble Justice Retd R. Subhash Reddy as honorarium as per Hon'ble Supreme Court directions on 29th March 2023 is Rs.1.50 Crore up to January 2024. Till January 2024, an amount of Rs.263.63 Crore has been released to 2,83,863 depositors of Sahara Group of Cooperative Societies through CRCS-Sahara Refund Portal. Whether it was not mockery of the order of the Apex Court of India which ordered to repay the rupees 5000 crore in 9 months and concerned body repaid only Rs.2630000000 in 9 months. How will they repay rest of money only in 6 months as rest of money comparatively higher?

Appeal Details

Appeal Number

Date of Receipt

Appeal Text

Current Status

Officer Concerns To

Officer Name

Amit Kumar Rawat (Under Secretary)

Organisation name

Ministry of Cooperation

Contact Address

Atal Urja Bhawan Near CGO Complex Lodhi Road

Email Address

us-coopn@gov.in

Contact Number

01120849001

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