Supreme Court allows Central government plea to pay ₹5,000 crore from SEBI-Sahara account to depositors

The Supreme Court on Wednesday allowed an application by the Central government to disburse ₹5,000 crore from the SEBI-Sahara account to, depositors who had invested in cooperative societies of Sahara group. .A bench of Justices MR Shah and BV Nagarathna observed that the Union Cooperation Ministry's application was reasonable and in the larger interest of the affected public."Out of the total amount of ₹24,979.67 Crores lying in the “Sahara-SEBI Refund Account”, ₹5,000 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," the Court ordered.The Court also said that disbursement will be supervised and monitored by former Supreme Court judge, Justice R Subhash Reddy and Amicus Curiae Gaurav Agrawal.Sums of ₹15 lakh per month and ₹5 lakh will be the honorarium for the former judge and the Amicus respectively, the Court directed. The payments were directed to be made within nine months with the balance to be refunded to the Sahara-SEBI account, the Court further said..The order was passed after Solicitor General (SG) Tushar Mehta, appearing for the Ministry, submitted that a total amount of ₹24,979.67 crores is lying unutilised with the SEBI in the 'Sahara-SEBI Refund Account' which was created pursuant to the top court's orders. Further, a large number of continuing complaints have been filed against the Sahara Group of Cooperative Societies, it was pointed out. Thus, if the amount sought is transferred to the Central Registrar of Cooperative Societies and thereafter disbursed to legitimate depositors, it would be just and equitable, the SG said. It was pointed out that no other charge or attachment lies with any other central or State agency with respect to the said amount..[Read Order]