BHUBANESWAR: The state government has requested the Central Registrar of Cooperative Societies (CRCS) under the Ministry of Cooperation, to take immediate steps to refund dues of depositors of Sahara Group of Cooperative Societies.
In a recent communication to CRCS, registrar of cooperative societies (RCS) said approximately Rs 4,600 crore deposited in the Sahara Group is required to be refunded to investors in Odisha. “The huge amount of deposited money, approximately Rs 4,600 crore, is to be refunded to depositors of Sahara Group of Cooperative Societies in all 30 districts of Odisha. The details of amount involved in Sahara Group of Cooperative Societies has already been communicated to your office,” the RCS’ letter said.
The issue was discussed at the state-level coordination committee (SLCC) on NBFCs for Odisha recently where it was decided RCS will take up the matter with CRCS seeking details of the process to be followed by the depositors of the Sahara Group of Cooperative Societies to lodge their claims to get back their dues in view of the March 29, 2023 Supreme Court order.
Apprising about the Supreme Court order, deputy general manager, department of Supervision, RBI, Bhubaneswar stated the apex court has allowed the Ministry of Cooperation to disburse Rs 5,000 crore out of the unutilised amount lying in ‘Sahara-SEBI Refund Account’ to genuine depositors within nine months of the order.
The balance amount thereafter would again be transferred to the ‘Sahara-SEBI Refund Account’, the RBI DGM said. Regional director of SEBI informed it has transferred the funds to CRCS and now the investors could file their claims in the matter.
He asked RCS Odisha to take up the matter with the CRCS urgently seeking details of the process to be followed by the depositors of the Sahara Group of Cooperative Societies to lodge their claim to get back their dues.