There is good news for millions of investors investing in Sahara India. Now they don’t have to wait long to get their money. In fact, today i.e. July 18, Cooperation Minister Amit Shah will launch the Sahara Refund Portal. Investors whose money will be disbursed through this portal, whose investment period has been completed. They are waiting to get their money. On this portal, Sahara investors will be informed about the complete process of getting their money back. Let us tell you that the money of millions of small investors across the country is trapped in Sahara India. People in villages and cities have been waiting for a long time to get money. Now, taking the initiative in this regard, the government is starting the Sahara Refund Portal. It will return investors’ money.
The government said on March 29 that within nine months, around 100 million investors in the four cooperatives of the Sahara group will be refunded. The announcement followed the Supreme Court’s order to transfer Rs 5,000 crore from the Sahara-SEBI refund account to the Central Registrar of Cooperative Societies (CRCS). A special portal will be launched on Tuesday to facilitate the claim process on behalf of Sahara group investors, the Ministry of Cooperation said in a statement on Monday. Cooperation Minister Shah will inaugurate this portal.
"A portal has been developed for submission of valid claims on behalf of bona fide depositors of Sahara Group Cooperative Societies," The ministry said. The names of these cooperative societies are Sahara Credit Cooperative Society Limited, Saharan Universal Multipurpose Society Limited, Hamara India Credit Cooperative Society Limited and Stars Multipurpose Cooperative Society Limited. The Ministry of Cooperation filed a petition in the Supreme Court to provide relief to investors who had deposited money in these cooperative societies of the Sahara group. After which the Supreme Court ordered the transfer of Rs 5,000 crore to CRCS to settle their claims.
Union Home Minister Amit Shah said that more than 10 crore investors of the four cooperative societies managed by the Sahara Group will get their money with interest. Significantly, the money of these investors is trapped in these four co-operative societies. The Supreme Court has issued an order to refund investors who invested in Sahara group cooperative societies.
Recently, in a major relief to Sahara India Life Insurance Company Limited, the Securities Appellate Tribunal (SAT) allowed the transfer of two lakh policies to SBI Life Insurance. The order was stayed by the insurance regulator IRDA. The SAT’s order came on Sahara India Life’s appeal challenging the Insurance Regulatory and Development Authority of India’s (IRDA) order.
In its order passed on June 2, IRDA handed over the entire business of Sahara India Life to SBI. Life was asked to transfer. Apart from this, instructions were also given to transfer book account and bank account. IRDA took this decision keeping in mind the deteriorating financial condition of the insurance company of the Sahara Group. Sahara India Life appealed against it in SAT. The Appellate Tribunal, in its order passed on Tuesday, said that the implementation of the IRDA order is being stayed till further orders. Now the further hearing of this matter has been kept on August 3.
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