The response to a recent Right to Information (RTI) application is a startling revelation about the Sahara group’s cooperative societies. According to the information obtained, a mere Rs 228.77 crore has been disbursed against claims amounting to a staggering Rs 82,695.51 crore filed by depositors, reports the Moneylife.
The data, accessed through the Central Registrar of Cooperative Societies (CRCS) online portal, paints a grim picture of the delay and inefficiency in the reimbursement process, with only 0.3% of the total claimed amount being paid out thus far.
RTI applicant Akash Goel has brought attention to the stark disparity between the claims made and the actual payouts. The statistics on the CRCS refund portal for Sahara are astounding. The total registrations on the portal stand at an incredible 1.60 crore (1,60,38,266), and the number of claims submitted is an equally staggering 3.41 crore (3,41,15,418).
These numbers underscore the magnitude of the issue and the challenges faced by depositors seeking reimbursement from Sahara’s cooperative societies.
Earlier, responding to concerns raised by Bihar BJP leader Sushil Modi in the Parliament regarding the Sahara refund, MoS Cooperation Minister B L Verma had assured that every penny would be returned to the investors of Sahara cooperatives.
Verma had shared that three crore investors have applied for the refund so far and emphasized the transparent procedure adopted by the ministry. The Ministry has received approximately Rs 5000 crores from the Securities and Exchange Board of India (SEBI) following a Supreme Court directive.
Verma indicated that the government plans to approach the apex court again for additional funds once the current amount is returned to depositors. Highlighting the urgency of the situation, Verma had stated that three crore investors are awaiting a refund of Rs 80,000 crore stuck with the company’s cooperative societies.
Verma asserted that the Ministry’s goal is to complete the reimbursement process within 45 days of receiving each application. In response to claims with deficiencies, the Ministry has allowed depositors to resubmit their claims, demonstrating a commitment to addressing procedural hurdles.
It’s worth recalling that the launch of the CRCS-Sahara refund portal followed a Supreme Court order, aiming to streamline the reimbursement process. However, investors have raised concerns about the portal’s functionality, with complaints about rejected forms surfacing.
As the saga unfolds, the government faces the challenge of expediting the reimbursement process and restoring confidence among depositors I Sahara’s cooperative societies.
