SC Allows Centre’s Plea Seeking ₹5,000 Crore From SEBI-Sahara Fund

The Supreme Court today allowed a plea by the Centre seeking allocation of ₹5,000 crore out of ₹24,000 crore deposited by the Sahara group with market regulator Sebi to repay its depositors.

The direction came on an application filed by the Centre in a PIL by a person, named Pinak Pani Mohanty, who sought directions to pay the amount to the depositors who invested in several chit fund companies and Sahara credit firms.

A bench of Justices MR Shah & CT Ravikumar stated that the amount shall be disbursed to depositors duped by the Sahara group of cooperative societies.

The bench stated that the entire process will be monitored by former Supreme court judge Justice R Subhash Reddy.

The Centre sought money from the SEBI-Sahara Sahara-Sebi escrow account that was formed after the top court in August 2012 directed 2 Sahara firms, Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing India Corporation Limited (SHICL) to refund investors.

Meera Verma

Recent Posts

Punjab & Haryana HC Notice To Jindal Law School Over AI-Generated Exam Claims

The Punjab and Haryana High Court on Tuesday has issued a notice to Jindal Global…

4 hours ago

ED Files Money Laundering Complaint Against Charanjit Singh Bajaj, 4 Others

The ED on Tuesday has filed a Prosecution Complaint before the Special Court in Mohali…

4 hours ago

Pune Porsche Case: SC Rejects Anticipatory Bail To Father Of Minor Driver’s Friend

The Supreme Court on Tuesday denied bail to Arunkumar Devnath Singh, whose son is a…

5 hours ago

SC Dumps Plea Against Quashing LOC For Sushant Singh Rajput’s Ex-House Help

The Supreme Court on Tuesday dismissed the Centre's appeal against a Bombay High Court order…

6 hours ago

Rape Case: SC Issues Notice On Ex-Army Officer’s Plea For Quashing Charge sheet

The Supreme Court on Tuesday has agreed to review a plea from retired Army Captain…

6 hours ago

Chhattisgarh NAN Scam: FIR Against 2 Retired IAS Officers, Former AG

The Chhattisgarh Anti-Corruption Bureau on Tuesday has registered a case against 2 retired IAS officers…

7 hours ago