Good news for Sahara investors, SC gives this instruction to return the money

Sahara India Pariwar / Good news for Sahara investors, SC gives this instruction to return the money

Sahara India Pariwar - Good news for Sahara investors, SC gives this instruction to return the money

Sahara India Pariwar: An important and positive turn has come for lakhs of small investors of Sahara. The Supreme Court today allowed the Sahara Group to sell its properties, which has increased the possibility of returning the deposited amount of the investors. This decision has given new life to the hopes of those investors who were waiting for the return of their money for a long time.

Important instruction of the Supreme Court

On August 1, 2012, the Supreme Court had ordered that the Sahara Group companies - SIRECL and SHICL, return the amount deposited from the investors to SEBI with 15 percent annual interest. This interest amount will be payable from the date of deposit to the date of repayment. But now, the court has allowed the Sahara Group to sell its properties, so that the process of returning the money of the investors can be expedited.

Clear guidelines on sale of properties

The Supreme Court bench, comprising Justice Sanjiv Khanna, Justice MM Sundresh and Justice Bela M Trivedi, heard the petition of senior advocate Kapil Sibal, appearing for the Sahara Group. Kapil Sibal argued that the company had not got a fair opportunity to sell its properties. On this, the bench clarified to the Sahara Group that there is no restriction on selling their properties to collect the remaining Rs 10,000 crore out of Rs 25,000 crore. However, the properties cannot be sold at a price lower than the circle rate and in such a situation, prior permission of the court will have to be taken.

Investors started getting money

There is another good news for the investors who invested in the Sahara Group - the refund of their money has started. In March last year, the Supreme Court had directed to transfer Rs 5,000 crore from the Sahara-SEBI refund account to the Central Registrar of Cooperative Societies (CRCS). Following this, the Ministry of Cooperation launched a portal in July to receive valid claims from depositors of four cooperative societies of the Sahara Group. These societies include: Sahara Credit Cooperative Society, Saharayan Universal Multipurpose Society, Hamara India Credit Cooperative Society, and Stars Multipurpose Cooperative Society.

Conclusion

The Supreme Court's latest decision has brought relief to investors and boosted the possibility of getting their money back. The Sahara Group now has the opportunity to raise the remaining amount through the sale of its assets, thereby speeding up the process of getting investors their money back. This decision has not only raised investors' hopes but also reflected the commitment of the judicial system to protect the rights of investors.