Chandigarh

DF-I

CC/620/2022

Rehan Khan - Complainant(s)

Versus

The Chairman cum Managing Director Sahara Credit Cooperative Society Ltd. - Opp.Party(s)

In Person

09 Jun 2023

ORDER

DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION-I,

U.T. CHANDIGARH

                                               

 

Consumer Complaint No.	:	CC/620/2022
Date of Institution	:	23.6.2022
Date of Decision	:	9.6.2023

 

Rehan Khan resident of House No.37 Block-H, Colony No.4, Industrial Area, Phase-I, Chandigarh now residing at flat No.2166/3 Small flat, Molaya, Chandigarh. .

… Complainant

V E R S U S

1.         The Chairman cum Managing Director Sahara Credit Co-operative Society Limited, Sahara India Bhawan, 1, Kapoorthala Complex, Aliganj, Lucknow, Uttar Pardesh .

2.         The Authorized Officer Sahara Credit Cooperative Society Ltd. SCO No.1110-1111, Second floor, Sector 22-B, Chandigarh.

 Opposite Parties

CORAM :	SHRI PAWANJIT SINGH	PRESIDENT
	SHRI SURESH KUMAR SARDANA	MEMBER

                                                                                      

ARGUED BY	:	Sh. Gaurav Bhardwaj, counsel for complainant.
	:	Sh. Ishtneet Bhatia, counsel for OPs.

Per Pawanjit Singh, President

1. It transpires from the allegations as projected in the consumer complaint that  on the allurement and assurances of OPs the complainant had invested hard earned money with  OPs by depositing an amount of Rs.96,195/- and Rs.56900/-.   After maturity the complainant approached the OPs for refund of the maturity amount but the same was not refunded by them. Since the said amounts have not been  paid by the OPs in favour of complainant till date despite repeated requests, the said act of the OPs amounts to deficiency in service on their part.   OPs were requested several times to admit the claim, but, with no result. Hence, the present consumer complaint
2. OPs resisted the consumer complaint inter alia, taking preliminary objection of maintainability. It is averred that  in view of order dated 29.3.2023 passed by the Hon’ble Apex Court in  Pinak Pani Mohanty  Vs.  Union of  India &  Ors I.A. No. 56308 of 2023 in Writ petition(C) 191/2022  the complaint is not maintainable before this Commission and the complainant should approach the appropriate authority i.e. Central Registrar of Cooperative Societies  set up by the Hon’ble Apex Court vide the aforesaid order.
3. We have heard the learned counsel for the parties and also gone through the file carefully.

1. At the very outset, it may be observed that when it is an admitted case of the parties that  the OPs company is one of the Co-operative societies  of the  Sahara  Group of Cooperative Societies and further it is the case of the complainant  that he is genuine depositor  of the subject amount  with the OPs, which fact has been disputed by the   OPs,  the case is reduced to a narrow compass as it is to be determined if the dispute of the parties that the complainant is genuine depositor/investor with the OPs and he is entitled for the refund of the subject amount  is to be adjudicated   by the Central Registrar of Cooperative Societies (hereinafter referred to as Special Authority)  in view of the order passed by the Hon’ble Apex Court  in Pinak Pani Mohanty (supra)  .
2. In the backdrop of forgoing facts and circumstances, it is clear that the entire case of the parties is revolving around the order dated 29.3.2023 passed by the Hon’ble Apex Court, for determination of the genuineness of the claim of the complainant  or for the disbursal of the amount and for that purpose the relevant portion of the aforesaid order dated 29.3.2023 passed by the Hon’ble Apex Court is reproduced 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:-

1. 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.
2. 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.
3. X xxxx xxx xx. Xxxx xxx
4. 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”.

3. Thus when it is clear from the aforesaid order passed by the Hon’ble Apex Court  titled as Pinak Pani Mohanty (supra)  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 “Sahara-SEBI Refund Account”   for further disbursal of the same against legitimate dues  of the depositors of the Sahara Group of Cooperative  Societies,  it is safe to hold that no authority including this Commission has 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 the light of the aforesaid discussion,  the proceedings of the instant complaint are closed, with liberty to the complainant to  approach the Central Registrar of Cooperative Societies (Special Authority) for determination of claim/disbursal of the same. Accordingly, the complaint stands disposed of. 
5. Pending miscellaneous application(s), if any, also stands disposed off.
6. Certified copies of this order be sent to the parties free of charge. The file be consigned.

Announced 9/6/2023			Sd/- [Pawanjit Singh] President
			Sd/-
			[Suresh  Kumar Sardana] Member