The Supreme Court in the case Pinak Pani Mohanty vs Union of India observed and has allowed an application filed by Central Government wherein seeking allocation of ₹ 5,000 crore out of ₹ 24,979 crores which is being deposited by the Sahara group with the Securities and Exchange Board of India, SEBI in order to repay the dues of the depositors which being of the Sahara Group of Cooperative Societies.
In the matter, the court in its order stated that out of the total amount of Rs. 24,979.67 Crores lying in the ‘Sahara-SEBI Refund Account’, Rs. 5000 Crores is to be transferred to the Central Registrar of Cooperative Societies, which in turn shall disburse the same against the depositors legitimate dues of the Sahara Group of Cooperative Societies. It has been stated by the bench that the genuine depositors is to pay an amount in the most transparent manner and on proper identification and wherein submitting the proof and claim of their deposits. Further, the genuine depositors is to deposit the said amount in the most transparent manner and on the proper identification and wherein the proof is submitted of their deposits and proof of their claims.
It has also been directed by the bench that the disbursal of the funds shall be under the supervision of the former judge of Supreme Court, Justice R Subhash Reddy. The court appointed Advocate Gaurav Agarwal as the amicus curiae to assist Justice Reddy. However, an amount of Rs. 15 lakhs per month is to be paid to Justice R Subhash Reddy and Agarwal is to be paid an amount of Rs. 5 lakhs per month towards their honorarium.
Further, it has also been directed by the court that the an is to be paid amount of Rs. 5,000 Crores earliest and it should not be later than nine months to the genuine depositors of the Sahara Group of Cooperative Societies.
The bench comprising of Justice MR Shah and Justice CT Ravikumar in the case observed that the application made by Centre seems to be reasonable and in the larger public interest, when the same is being reported that the amount lying in the Sahara-SEBI Refund Account is also being unutilized and the genuine depositors of the Sahara Group of Cooperative Societies are also being entitled for getting back their money.
Accordingly, the court directed that the application filed by the Centre in a PIL by a person named Pinak Pani Mohanty, wherein seeking direction to pay the amount to the depositors who have invested in several chit fund companies and in the Sahara credit firms.