In the Sahara refund case, the Supreme Court ordered on March 29, 2023, that Sahara Group return Rs 5,000 crore out of the Rs 24,000 crore deposited with SEBI to the investors. This order was given in a case where Sahara Group had entered into a settlement with SEBI, promising to pay the Rs 24,000 crore collected by its two chit fund companies, Sahara India Real Estate Corporation Limited and Sahara Housing Investment Corporation Limited.
The Supreme Court stated in its order that Sahara Group had entered into a settlement with SEBI, and it was bound to adhere to this settlement. The Court also mentioned that out of the Rs 24,000 crore deposited with SEBI by Sahara Group, Rs 5,000 crore were meant for the investors and could not be utilized for any other purpose.
This order of the Supreme Court has provided significant relief to the investors of Sahara Group. Now, they will be able to reclaim their money from Sahara Group.
Following the Supreme Court’s order, Sahara Group has initiated a process for returning the money to the investors. Investors can apply to reclaim their money by visiting Sahara Group’s website. Sahara Group has stated that it will refund all investors within 60 days.
The Supreme Court’s order has provided substantial relief to Sahara Group’s investors. This order demonstrates the commitment of India’s justice system to safeguard the interests of investors.
In the Sahara refund case, the Supreme Court passed a significant order on March 29, 2023. In this order, the Supreme Court directed Sahara India to refund the investors’ money. The Supreme Court also stated that Sahara India must create a refund portal to facilitate the return of investors’ money.
This order of the Supreme Court has provided significant relief to Sahara India’s investors. Now, they will be able to reclaim their money from Sahara India.
Some key points of the Supreme Court’s order are as follows:
- Sahara India is obligated to refund the investors’ money.
- Sahara India must create a refund portal for returning investors’ money.
- Sahara India must refund all investors within 9 months.
Following the Supreme Court’s order, the Sahara refund portal was launched in October 2022.
On this portal, Sahara India’s investors can submit their applications online and check the status of their applications.
The Sahara refund portal has received over 3.5 crore applications so far. Approximately 2.5 crore applications have been approved, and the money has been refunded for around 1.5 crore approved applications.
The process of refunding the remaining applications is ongoing. Sahara India has stated that it will refund the money for all approved applications by 2024.
The Supreme Court’s order brings hope to Sahara India’s investors of finally receiving their money after a long wait.