SC permits Centre’s plea in search of ₹5,000 cr from SEBI-Sahara fund to repay depositors

The Supreme Court docket on Wednesday allowed a plea by the Centre in search of allocation of Rs 5,000 crore out of Rs 24,000 crore deposited by the Sahara group with market regulator SEBI to repay its depositors. The path got here on an software filed by the Centre in a PIL by an individual, named Pinak Pani Mohanty, who sought a path to pay the quantity to the depositors who invested in a number of chit fund corporations and Sahara credit score corporations.

A bench of Justices MR Shah and CT Ravikumar mentioned the quantity shall be disbursed to depositors duped by the Sahara group of cooperative societies.

The complete course of might be monitored by former apex court docket decide Justice R Subhash Reddy, the bench mentioned.

The Centre had sought cash from the SEBI-Sahara Sahara-SEBI escrow account that was fashioned after the highest court docket in August 2012 directed two Sahara corporations – Sahara India Actual Property Company Restricted (SIRECL) and Sahara Housing India Company Restricted (SHICL) – to refund traders.

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