In a written reply in Lok Sabha on Tuesday, Union Home and Cooperation Minister explained the process of refund from Sahara Group Cooperative Societies at length. According to sources, around 7 lakh Sahara investors have already registered for refund, totalling to a claim amount of more than Rs 150 crore.
In his reply Amit Shah said, “On an Application filed by the Ministry of Cooperation the Hon’ble Supreme Court vide order dated 29.03.2023, inter alia, directed that out of 24,979.67 crores deposited in “Sahara-SEBI Refund Account”, Rs. 5000 crores be transferred to CRCS, 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”.
It further reads, “The disbursement shall be supervised and monitored by Justice R. Subhash Reddy, with assistance of Shri Gaurav Agarwal, Amicus Curiae. The manner and modalities for making the payment is to be worked out by the Central Registrar of Cooperative Societies in consultation with Justice R. Subhash Reddy, former Judge of Supreme Court and Shri Gaurav Agarwal, learned Advocate”.
“The amount shall 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 the date of the Order. The balance amount thereafter be again transferred to the “Sahara-SEBI Refund Account”, Shah reply reads.
In compliance with the Hon’ble Supreme Court’s Order dated 29.03.2023, Rs.5000 crores have been transferred from ‘Sahara-SEBI Refund Account’ to ‘Sahara-CRCS Refund Account’.
Accordingly, an Online Portal “Sahara-CRCS Refund portal” has been developed through StockHolding Document Management Services Ltd. (SDMS) for submission of claims by the genuine depositors of four Multi-State Cooperative Societies of Sahara Group i.e. Sahara Credit Cooperative Society Ltd., Saharayn Universal Multipurpose Society Ltd., Humara India Credit Cooperative Society Ltd., and Stars Multipurpose Cooperative Society Ltd.
The reply asserted that the entire process is digital. Necessary checks and balances have been incorporated in the Portal to ensure that only the legitimate deposits of the genuine depositors are refunded.
The Portal was launched on 18.07.2023 and can be accessed through the Ministry of Cooperation website https://cooperation.gov.in and https://mocrefund.crcs.gov.in. The genuine depositors of these Societies may login the portal and submit their refund claims by filing online application and upload requisite documents i.e. proof of their deposits and claims. Only claims filed through an online portal will be entertained. Subject to fund availability, the payment to the genuine depositors will be credited in their Bank account within 45 days after filing their online claims and they will be intimated the status through SMS/Portal.
The Portal will benefit genuine depositors of Sahara Group of Cooperative Credit Societies, who have not been refunded their legitimate dues for a long time, said Shah.
The Helpline number and user manual along with Frequently Asked Questions (FAQs) are available on the portal for guidance/assistance of depositors. The depositors can also submit claim applications with the assistance of about 5.5 lakhs Common Service Centers (CSCs) across the country, Shah said while replying to a query raised by Shrimati Sangeeta Kumari Singh Deo and Dr. Sukanta Majumdar.