Home Business Three Sahara group companies restrained from accumulating public deposit: Govt

Three Sahara group companies restrained from accumulating public deposit: Govt

Three Sahara group companies restrained from accumulating public deposit: Govt

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Three Sahara Group companies — Sahara Credit score Cooperative Society Ltd, Saharayn Common Multipurpose Society Ltd and Humara India Credit score Cooperative Society Ltd — have been restrained by a court docket from accumulating any deposits from the general public, the federal government mentioned on Wednesday.

In an official assertion, Union Cooperation Ministry mentioned, ”… the Delhi Excessive Courtroom vide order dated March 22… has restrained Sahara Credit score Cooperative Society Ltd, Lucknow, Uttar Pradesh, Saharayn Common Multipurpose Society Ltd, Bhopal, Madhya Pradesh and Humara India Credit score Cooperative Society Ltd, Kolkata, West Bengal from accumulating any deposits from the general public.

“In October 2020, the beleaguered group had mentioned it has paid Rs 3,226 crore to greater than 10 lakh members of its 4 related cooperative credit score societies within the final 75 days, which included funds towards requests from individuals who had complained about delayed payouts.”

Sahara had then mentioned there was some delay in funds, primarily as a consequence of an embargo imposed for final eight years by the Supreme Courtroom, whereas roughly Rs 22,000 crore of its funds, together with curiosity quantity, are deposited within the Sahara-Sebi account which was created to refund bondholders of the group companies.

Sahara group’s assertion had come after the Central Registrar of Cooperative Societies sought a probe by the Critical Fraud Investigation Workplace (SFIO) into investments made by 4 cooperatives related to the Sahara group from over Rs 86,600 crore collected by them. The credit score societies had refuted the costs and mentioned all their investments have been made as per the legislation.

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