BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION, AMBALA.

Dinesh Sachdeva son of Shri Satpal Sachdeva, aged about 54 years, r/o 71-A, Shastri Colony, Ambala Cantt.

...Decree Holder

Versus

1. Sahara Credit Cooperative Society Limited, through its Managing Director, having Regd. Office at Sahara India Bhawan, 1, Kapoorthala Complex, Aliganj, Lucknow-226024.
2. Sahara Credit Cooperative Society Limited, through its Branch Manager, having its Branch Office at Sahara India Pariwar, #5744-46, 1st Floor, Nicholson Road, Above Corporation Bank(now Union Bank), Ambala Cantt-133001.

.…. JDs/Opposite Parties.

 Before:       Smt. Neena Sandhu, President.

                      Smt. Ruby Sharma, Member,

          Shri Vinod Kumar Sharma, Member.           

Present:       Shri Pawan Kumar Goel Advocate, counsel for the decree  holder/complainant.

                   Shri Manish Sharma, Advocate, counsel for JDs/OPs.

Order:        Smt. Neena Sandhu, President.

                   The decree holder has filed the present execution application stating therein that the Decree Holder/complainant has filed the consumer complaint against the JDs/OPs and the same has been allowed by this Commission vide order dated 06.04.2022 and the JDs/OPs were directed to pay Rs.5,59,708/-, i.e the maturity amount of Certificate No.787002136516, to the DH/complainant alongwith interest @ 11% per annum, from the respective date of maturity, till its realization. To pay Rs.5,000/- as compensation and Rs.3,000/- as litigation expenses. The JDs/OPs have failed to pay the awarded amount, as such the DH/complainant has left with no other option but to file the present application. It is prayed that the JDs/OPs may be punished with imprisonment for a term of upto 3 years and fine upto Rs.1,00,000/- for non-payment of the awarded amount.

2.           Today, the case was fixed for filing particulars of JD/OP No.1 and correct address of JD/OP No.2. However, Shri Manish Sharma, Advocate appeared on behalf of JDs/OPs and submitted that the power of attorney which he had filed in the main complaint case may be treated in this execution application also. He while relying upon the case Pinak Pani Mohanty Versus Union of India and Others with W.P.(C)No.6/2023(X),( 29.03.2023 passed in I.A. bearing No.56308 of 2023 in Writ Petition(Civil) No.191 of 2022) decided by the Hon’ble Supreme Court submitted that as per this order, 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, as such, now this execution application is not maintainable before this Commission and the decree holders should be relegated to the  the Central Registrar of Cooperative Societies for disbursement of their due amount.
3.           We have heard the learned counsel for the parties.  We have also gone through the contents of the order passed by the Hon’ble Apex Court titled as Pinak Pani Mohant  Vs.  Union of  India &  Ors (supra), which are reproduced hereunder:-

 “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:-

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.

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.

X xxxx xxx xx. Xxxx xxx

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”. 

From the aforesaid order passed by the Hon’ble Apex Court titled as Pinak Pani Mohant  Vs.  Union of  India &  Ors (supra), it is 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.  Since, in the present case also, the complainant’s claim before this Commission is with regard to non-payment of the amounts deposited with 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.

4.           In view of foregoing discussion and in compliance of the directions of the Hon’ble Supreme Court of India, as aforesaid, the proceedings of the instant execution are closed with liberty to the decree holder/complainant to approach the Central Registrar of Cooperative Societies (Special Authority) for determination of his claim and disbursal of the same. Accordingly, the present execution application stands disposed off.  Certified copies of the order be sent to the parties concerned as per rules.  File be annexed and consigned to the record room.

Announced:- 23.11.2023