PINAK PANI MOHANTY Vs. UNION OF INDIA

JUDGEMENT

(1.) Present application being I.A. No. 56308 of 2023 has been preferred by the Union of India, Ministry of Corporation for appropriate directions to transfer an amount of Rs.5,000.00 Crores out of unutilized amount of Rs.23,937.00 Crores (lying in "Sahara-SEBI Refund Account") to be disbursed against the legitimate dues of depositors of Sahara Group of Cooperatives Societies.

(2.) Shri Tushar Mehta, learned Solicitor General has submitted that a total amount of Rs.24,979.67 Crores is lying unutilized with the SEBI in "Sahara-SEBI Refund Account", which has been deposited pursuant to the earlier direction issued by this Court. He has submitted that out of the aforesaid amount of Rs.15,569.27 Crores deposited by Sahara India Real Estate Corporation Limited and Sahara Housing Investment Corporation Limited, Rs.2253.00 Crores had been taken out from Sahara Credit Cooperative Society Ltd. and deposited with SEBI on account of the dispute of Sahara Real Estate Limited. It is submitted that, thus, the corpus which is lying in "Sahara-SEBI Refund Account" already includes the amount which belongs to the depositors of the aforesaid Sahara Group Cooperative Society Ltd.

(3.) 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.2253.00Crores 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. Therefore, the present application stands disposed of with the following directions:-