Chandigarh

DF-II

EA/103/2022

Ashok Kumar - Complainant(s)

Versus

Sahara Credit Co Operative Society Limited - Opp.Party(s)

Rajinder Parsad Pandey, Anil Kumar

07 Jun 2023

ORDER

DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION-II

U.T. CHANDIGARH

 

EA/103/2022

In

CC/425/2020

 

Ashok Kumar      Versus Sahara Credit Co-operative Society Ltd. & Others.

 

BEFORE:      

SMT.SURJEET KAUR, PRESIDING MEMBER

SHRI B.M.SHARMA, MEMBER

 

PRESENT:-

                        Sh.Anil Kumar, Advocate for DH/complainant

                        Sh.Ishneet Bhatia, Advocate for JDs/OPs.

 

Dated 7th Day of June, 2023.

PER B. M. SHARMA, MEMBER

1.                     The present execution application has been filed by the decree holder/complainant for compliance of the order dated 20.12.2021 passed by this Commission.

2.                     The Counsel for the JDs/OP(s) has stated that the execution application is not maintainable before this Commission in view of the judgment dated 29.03.2023 passed by the Hon'ble Supreme Court of India in I.A. bearing No.56308 of 2023 in Writ Petition(Civil) No.191 of 2022. 

3.                     We have heard the learned counsel for the parties and gone through the record.

4.                     The Hon'ble Supreme Court of India in the judgment dated 29.03.2023 passed in I.A. bearing No.56308 of 2023 in Writ Petition(Civil) No.191 of 2022 titled as Pinak Pani Mohanty Versus Union of India and Others with W.P.(C)No.6/2023(X), has held as under:-

“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 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. Therefore, the present application stands disposed of with the following directions:-

i.          Out of the total amount of Rs. 24,979.67 Crores lying in the “Sahara-SEBI Refund Account”, Rs. 5000 Crores be transferred to the Central Registrar of Cooperative Societies, who, in turn, shall disburse the same against the legitimate dues of the depositors of the Sahara Group of Cooperative Societies, which shall be paid to the genuine depositors 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.

ii.          The disbursement shall be supervised and monitored by Justice R. Subhash Reddy, Former Judge of this Court with the able assistance of Shri Gaurav Agarwal, learned Advocate, who is appointed as Amicus Curiae to assist Justice R. Subhash Reddy as well as the Central Registrar of Cooperative Societies in disbursing the amount to the genuine depositors of the Sahara Group of Cooperative Societies. 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.

iii.         X xxxx xxx xx. Xxxx xxx

iv.        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”.

5.                     It is, thus, clear that the question of genuineness of the claims of the depositors/investors with the Sahara Group of Cooperative Societies  is to be exclusively determined by the Special Authority and the manner and modalities for making the payment is to be worked out by it in consultation with  Hon’ble Justice R. Subhash Reddy, Former Judge of the Apex Court and Sh. Gaurav Agarwal, Amicus Curiae and for that purpose an amount of Rs.5000/- Crores has been ordered to be transferred  to the Special Authority out of “Sahra-SEBI Refund Account”  for further disbursal of the same against legitimate dues  of the depositors of the Sahara Group of Cooperative  Societies.  Therefore, we have no hesitation to hold that no authority including this Commission has the power to decide the genuineness of claim or pass directions for disbursal of the claim except the Special Authority authorized by the  Hon’ble Apex Court vide the aforesaid order.

6.                     In this view of the matter, the proceedings of the execution application are closed with liberty to the decree holder/complainant (s) to approach the Central Registrar of Cooperative Societies (Special Authority) for determination of his/her claim and disbursal of the same. Accordingly, the present execution application stands disposed off.  

7.                     Pending miscellaneous application, if any, also stands disposed of.

8.                     Certified copy of this order be communicated to the parties, free of charge. After compliance file be consigned to record room.

                                                Sd/-                                                     Sd/-

Announced	(B.M.SHARMA)		(SURJEET KAUR)
07.06.2023	MEMBER		PRESIDING MEMBER