Sahara Depositors In Odisha Await Refund Of Rs 4,600 Cr

Bhubaneswar: Approximately Rs 4,600 crore deposited in the Sahara Group is required to be refunded to investors in Odisha, the state government recently communicated to the Central Registrar of Cooperative Societies (CRCS) under the Ministry of Cooperation.

“The huge amount of deposited money, approximately Rs 4,600 crore, is to be refunded to depositors of Sahara Group of Cooperative Societies in all 30 districts of Odisha. The details of amount involved in Sahara Group of Cooperative Societies has already been communicated to your office,” the registrar of cooperative societies (RCS) wrote.

This followed a decision at the state-level coordination committee (SLCC) on NBFCs for Odisha to take up the matter with CRCS seeking details of the process to be followed by the depositors of Sahara Group of Cooperative Societies to lodge their claims to get back their dues as directed by Deputy general manager, department of Supervision, RBI, Bhubaneswar, in view of the March 29 Supreme Court order, which had allowed Ministry of Cooperation to disburse Rs 5,000 crore of the unutilised amount lying in ‘Sahara-SEBI Refund Account’ to genuine depositors within nine months.

Notably, ‘CRCS-Sahara Refund Portal’ for submission of legitimate claims by genuine depositors of four cooperative societies of Sahara Group, whose money has been stuck for many years, was launched by Home Minister Amit Shah on July 18. The first instalment of Rs 10,000 each to 112 beneficiaries was transferred through the Sahara Refund Portal on August 4.