17-08-2023 Present : Sh.Ram Manohar, counsel for complainant.
Sh.Rajesh Duggal, counsel for opposite parties.
This order shall dispose off an application moved by counsel for the opposite parties for dismissal/rejection of present complaint and has pleaded in the application that in view of the judgement of Hon'ble Apex Court in case titled Pinak Pani Mohanty Vs Union of India & Ors. in IA No. 56308/2023, Writ Petition No. 191 of 2022. This Commission cannot proceed further with this complaint.
We have heard learned counsel for the parties and gone through the record and judgment passed by Hon'ble Apex Court.
A perusal of copy of order of Supreme Court shows that in order dated 29.3.2023 passed by the Hon'ble Apex Court: in the case titled as Pinak Pani Mohanty Vs Union of India & Ors. Writ Petition(s) (Civil) 191/2022, it is held as under ;
"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 Advocote.
iii) 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".
iv) In terms of the above judgement of the Hon'ble Supreme Court, all payments are to be disbursed/routed through the Central Registrar of Cooperative Socieites and this Commission is not in a position to issue directions to the opposite parties/respondents for making any payment. Thus, the appellant is directed to take appropriate steps for recover of the due amount through the Central Registrar of Cooperative Societies.
Therefore, in view of this order/directions passed by the Hon'ble Apex Court, we are required to dispose of this complaint. Further in view of the said order, the applications are required to be moved by the depositors within nine month from the date of order dated 29-03-2023 i.e. upto 28-12-2023.
Further the complainant is at liberty to approach the said authority as per the directions of the Hon'ble Supreme Court for the refund of the claim/amount deposited by him/her alongwith interest, if any, as per law. The complainant is also directed to produce the documents/evidence/proof before the said authority for settlement/recovery of the amount. The complaint is accordingly disposed off.
Certified copy of order be issued to the parties concerned under the rules and thereafter file be consigned to the record room.
Announced :
17-08-2023 (Shivdev Singh) (R.L Mittal)
Member President
