Full Judgment Text
REPORTABLE
IN THE SUPREME COURT OF INDIA
CIVIL APPELLATE JURISDICTION
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
O R D E R
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
Signature Not Verified
of Cooperatives Societies.
Digitally signed by R
Natarajan
Date: 2023.03.29
17:05:05 IST
Reason:
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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.
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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
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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
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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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