On July 18, Union Home Minister and Minister of Cooperation Amit Shah launched the ‘CRCS-Sahara Refund Portal’ in the national capital for disbursement against the legitimate dues of the genuine depositors of the Sahara Group of Cooperative Societies. The portal has been developed for the submission of legitimate claims by the genuine depositors of the Sahara Group of Cooperative Societies – Sahara Credit Cooperative Society Ltd, Saharayan Universal Multipurpose Society Ltd, Humara India Credit Cooperative Society Ltd and Stars Multipurpose Cooperative Society Ltd.
“The process of returning the amount of ₹5,000 crore to the investors is starting today in a transparent manner on a trial basis. This is the beginning of the refund of monies to the depositors (of Sahara Group),” Amit Shah said. This is among one of the initiatives taken by the Ministry of Cooperation, since its formation, to strengthen the cooperative movement in the country and to protect the interests of the members of the cooperatives. Click here to apply for Sahara Refund online.
The claimant’s Aadhar card must be linked to their mobile number and bank accounts for application. Furthermore, the claimants must provide receipt details as well. Amit Shah has assured that the claimants would receive deposits in their bank accounts within 45 days. The Union Home Minister further said that initial payment of up to Rs 10,000/- would be made to about one crore investors who deposited Rs 10,000/- or more.
The claimants who deposited monies with the three following societies – Sahara Credit Cooperative Society Ltd, Saharayan Universal Multipurpose Society Ltd and Humara India Credit Cooperative Society Ltd – before March 22, 2022, would be eligible for refunds. The claimants who deposited with Stars Multipurpose Cooperative Society Ltd before March 29, 2023, would be eligible for refunds.
Sahara Refund Portal: How To Claim?
- Go to CRCS Sahara Refund Portal
- Enter your 12-digit Membership Number, the last 4 digits of the Aadhar Number, the 10-digit mobile number linked with the Aadhar Number, and the captcha.
- Click on “Get OTP” and then enter the received OTP.
- Once logged in, give your consent as prompted by Aadhaar.
- On the next page, accept the terms and conditions by clicking “I agree.”
- Enter your 12-digit Aadhaar Number and click “Get OTP.”
- Enter the OTP and click “Verify OTP.”
- After verifying the OTP, you will see your Aadhaar user details displayed.
- Enter the details displayed on the Certificate of Deposit.
- Click “Submit Claim” to view all the details.
- Once all the claim details are entered, the pre-filled claim request form will be prepared. Please ensure all claims are entered before preparing the form, as it cannot be changed or added later.
- Affix your latest photograph and sign the claim form along with the photograph.
- Upload the claim form and a copy of your PAN card on the “Upload Document” screen. (PAN card is mandatory if the claim amount is Rs50,000 or more)
- Make sure to note down the claim request number. Make sure to note down the claim request number for future reference.
Supreme Court’s March 29 Order
On March 29, the Supreme Court allowed the Government of India’s application seeking directions to transfer an amount of Rs 5,000 crores to be disbursed against legitimate dues of depositors of Sahara Group of Cooperatives Societies.
The Solicitor General of India Tushar Mehta informed the court that about Rs 24,979.67 were lying unutilised with SEBI in the ‘Sahara-SEBI Refund Account.’ The government’s counsel further submitted that if Rs 5,000 crores are transferred to the Central Registrar of Cooperative Societies and thereafter the same is disbursed against the legitimate dues of the depositors of the Sahara Group of Cooperative Societies, it will be just, proper and equitable.
“Having heard Shri Tushar Mehta, learned Solicitor General appearing on behalf of the Union of India and taking into consideration the facts narrated hereinabove and when it is reported that Rs. 2253 Crores had been taken out of the Sahara Credit Cooperative Society Ltd., i.e., one of the four Sahara Group Multi-State Cooperative Societies and deposited with SEBI in the “Sahara-SEBI Refund Account” and the amount lying in the “Sahara-SEBI Refund Account” is lying unutilized and the genuine depositors of the Sahara Group of Cooperative Societies, which otherwise, shall be entitled to get back their money, the prayer sought in the present application seems to be reasonable and which shall be in the larger public interest / interest of the genuine depositors of the Sahara Group of Cooperative Societies,” the court said.
Thus, the court directed that an amount of Rs 5,000 crore are transferred from the ‘Sahara-SEBI Refund Account’ to the Central Registrar of Cooperative Societies, which in turn must be disbursed against the legitimate dues of the depositors of the Sahara Group of Cooperative Societies. The court said the disbursements to the claimants must be made “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.”
The court further appointed former Supreme Court judge, Justice R Subhash Reddy, to supervise and monitor the disbursement of amounts to genuine depositors. “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 this Court and Shri Gaurav Agarwal, learned Advocate,” the court added.
“Rs. 15 lakhs per month be paid to Justice R. Subhash Reddy, Former Judge of this Court and Rs. 5 lakhs per month be paid to Shri Gaurav Agarwal, learned Amicus Curiae towards their honorarium. We direct that the amount 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 today. The balance amount thereafter be again transferred to the “Sahara-SEBI Refund Account,” the court concluded.
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