The Ministry of Cooperation has asked depositors to be aware of a Delhi High Court judgment, whereby the Honourable court has asked three co-operatives under the Sahara group not to collect any deposits.
In a communication the Ministry notes “All concerned are hereby informed that the Hon’ble Delhi High Court vide Order dated 22.03.2022 passed in W.P. (C) 669/2021, W.P. (C) 670/2021 & W.P. (C) 817/2021 has restrained Sahara Credit Cooperative Society Ltd., Lucknow, Uttar Pradesh, Saharayn Universal Multipurpose Society Ltd., Bhopal, Madhya Pradesh & Humara India Credit Cooperative Society Ltd., Kolkata, West Bengal from collecting any deposits from the public.”
These three co-ops are located in three states of UP, MP and West Bengal. And their names are Sahara Credit Cooperative Society Ltd., Lucknow, Uttar Pradesh, Saharayn Universal Multipurpose Society Ltd., Bhopal, Madhya Pradesh & Humara India Credit Cooperative Society Ltd., Kolkata, West Bengal. They have been restrained from collecting any deposits from the public.
It bears recall that last year MP govt had attached 312 bigha land of the Sahara group worth Rs 30 crore in Gwalior city for not returning the money of its investors.
Earlier, the Delhi High Court had stayed the order of the Central Registrar stopping operations of two of Sahara co-ops —Saharayn Universal Multipurpose Society and Sahara Credit Co-Operative Society saying Saharayn will continue its business till the next date of hearing.
The March 22 order has finally stopped three Sahara’s co-op entities from collecting deposits.
The court of the Central Registrar has been trying hard for long to curb the Sahara co-ops from collecting funds. It had asked Sahara Credit Cooperative Society to submit the details of assets and liabilities of the society along with a credible plan for returning money to depositors.
It bears recalling that hundreds of victims of Sahara Co-ops have written to everybody from PM to CMs to RoCs for relief for many months now. Even the Indian Cooperative desk is flooded by dozens of emails every day.