DELHI HC RESTRAIN SAHARA FROM ACCEPTING NEW DEPOSITS

The Delhi High Court directed the Central Registrar of Multi-State Co-operative Societies to examine the genuineness of the complaints filed by investors against the Sahara group societies and furnish a report within two weeks.

The complaints claimed that they have not received their money even after maturity. In the meantime, the Division Bench of Acting Chief Justice Vipin Sanghi and Justice Navin Chawla restrained Sahara Group societies from accepting any new deposits.

The bench was dealing with a batch of petitions filed by the Sahara group contesting the order of the Central Registrar impeding them from taking fresh deposits as well as renewing the investment of existing members.

Though in January 2021, the order was stayed by the Delhi HC, hundreds of applications were filed in petitions by the people claiming to be investors. The applications alleged that even though their investments have matured, they have not yet received the matured amount.

Additional Solicitor General (ASG) informed the bench that around seven to ten crore people have invested in these societies and thousands of them have approached with complaints that their money is not being paid. ASG further informed that more than ₹60,000 crores of the investors were taken out and invested in the Amby Valley Project. Further, ₹2,000 crores were also taken out of these societies to secure the bail of the group's promoter Subrata Roy.

Advocate SB Upadhyay, appearing for the Sahara Group, said that the complaints amount to less than 0.006% of the total number of investors. The societies since January 2021 have paid over ₹20,000 crores to their depositors. The special audits report points the same and therefore, requested the Court to not impose any stay.

The HC, however, said that the petitioners need to establish their bonafides.