Haryana

Ambala

CC/105/2023

MALKIAT SINGH. - Complainant(s)

Versus

SAHARA INDIA PARIWAR. - Opp.Party(s)

IN PERSON.

29 Feb 2024

ORDER

BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION, AMBALA.

Complaint case no.	:	105  of 2023
Date of Institution	:	20.03.2023
Date of decision	:	29.02.2024

 

Malkiat Singh son of Jaswant Singh, resident of Village Khatoli, Tehsil & District Ambala (Haryana).

……. Complainant.

                                                Versus

1. Sahara India Parivar, Limited, House No.5744-46, 1^st Floor, Nicholson Road, Above Corporation Bank, Ambala Cantt. PIN 133 001 (Through its Branch Manager).

 

2. Sahara Credit Cooperative Society Limited, Regd. Office, Sahara India Bhawan, 1, Kapoorthala Complex, Aliganj, Lucknow-226 024 (Through its Manager).

 

3. Saharayn Universal Multipurpose Society Limited (Regd. Office) 195 Zone 1, In front of DB Mall, M.P.Nagar, Bhopal (M.P)-462 011 (Through its Branch Manager).

 

4. Agent of Sahara Parivar, Shri Chand, Resident of Village-Jatwar, Tehsil-Nariangarh, District Ambala (Haryana).

.…. Opposite Parties.

 Before:         Smt. Neena Sandhu, President.

                      Smt. Ruby Sharma, Member,

            Shri Vinod Kumar Sharma, Member.           

 

Present:      None for the complainant.

                   None for the OP No.1

                    OPs No.2 & 3 already ex parte.

                   OP No.4 in person.

 

Order:        Smt. Neena Sandhu, President.

1.                The complainant has filed the present complaint stating therein that on 25.01.2017, complainant has become member of Saharayn Universal Multipurpose Society Limited through agent and deposited Rs.1,00,000/-, received receipt No.34019212974, Certificate No.795002424150, Membership No.923987000014, also received Contribution receipt bearing No.034019212974, Registered Folio No.23986800154, company FA code 903025 with the assurance of OP No.2 agent of company Mr. Chand, the above said amount will be double in six years, from the date of issue of policy. After six years, the maturity of the said membership was completed on 24.01.2023. After completion of the maturity date, the complainant requested the OPs many times, to pay the maturity amount of the aforesaid certificate, but they did not pay the maturity amount. It has been prayed that the complaint may be allowed and OPs may be directed as under:- 

1.  To pay the maturity amount of Rs.2 lac to the complainant alongwith interest @ 18% from the date of filing of this complaint

(ii) To pay Rs.30,000/-, as compensation for the mental agony and physical  harassment suffered by the complainant. 

(iii) To pay Rs.5,000/- as litigation expenses.

382.  
383. any other relief which this Hon’ble Commission may deems fit.

 

2.           Upon notice, none appeared on behalf of the OPs No.2 & 3, before this Commission, therefore, they were proceeded against ex-parte vide order dated 23.05.2023.
3.           Upon notice, OP No.4 appeared and filed written version and stated that complainant has become member of Saharayan Universal Multipurpose Society Limited, but the agent of the said deposit is Jasbir Kumari as mentioned in the receipt No.034019212974. Complainant has informed the OPs No.1 to 3 but no information has been received by OP No.4.  Rest of the averments of the complainant were denied by OP No.4 and prayed for dismissal of the present complaint.
4.           Today, the case was fixed for filing correct address of OP No.1.  Heard. However, OP No.4 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 has 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 Aggarwal, Amicus Curiae and for that purpose an amount of Rs.5000/- Crores has been ordered to be transferred  to the Special Authority out of “Sahara-SEBI Refund Account”  for further disbursal of the same against legitimate dues  of the depositors of the Sahara Group of Cooperative  Societies. As such, in compliance of the directions of the Hon’ble Supreme Court of India, the proceedings of the present complaint may be closed.
5.           We have gone through the contents of the judgment 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 judgment 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.

6.           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 complaint is closed with liberty to the complainant to approach the Central Registrar of Cooperative Societies (Special Authority) for determination of her claim and disbursal of the same. Accordingly, the present complaint stand 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:- 29.02.2024

 

(Vinod Kumar Sharma)	(Ruby Sharma)	(Neena Sandhu)
Member	Member	President