In compliance with the Hon’ble Supreme Court’s Order dated March 29, 2023, significant progress has been made in the disbursement of funds from the “Sahara-SEBI Refund Account.” Out of the total amount of Rs. 24,979.67 Crores, Rs. 5000 Crores has been earmarked for transfer to the Central Registrar of Cooperative Societies. This fund will be disbursed against the legitimate dues of the depositors of the Sahara Group of Cooperative Societies.
The disbursement process is being carried out in the most transparent manner, ensuring proper identification and verification of claims. Genuine depositors are required to submit proof of their deposits, and the disbursement will be directly deposited into their respective bank accounts.
Justice R. Subhash Reddy, Former Judge of the Supreme Court, is overseeing the disbursement, assisted by Shri Gaurav Agarwal, appointed as Amicus Curiae. The Central Registrar of Cooperative Societies will work out the manner and modalities for payment in consultation with Justice R. Subhash Reddy and Shri Gaurav Agarwal.
To facilitate the claims submission process, an online portal named “CRCS-Sahara refund portal” was launched on July 18, 2023. This portal allows genuine depositors of four Multi-State Cooperative Societies of Sahara Group to submit claims for the refund of their legitimate deposits. The societies include Sahara Credit Cooperative Society Ltd., Lucknow; Saharayn Universal Multipurpose Society Ltd., Bhopal; Humara India Credit Cooperative Society Ltd., Kolkata; and Stars Multipurpose Cooperative Society Ltd., Hyderabad.
The entire disbursement process is digital and paperless, ensuring efficiency and adherence to transparency standards. Presently, payments up to Rs.10,000/- are being disbursed directly to the Aadhaar-seeded bank accounts of genuine depositors based on verified claims.
As of January 31, 2024, around 1.21 Crore applications have been registered on the “CRCS-Sahara Refund Portal,” with an impressive release of Rs.258.47 Crore to 2,77,607 depositors of Sahara Group of Cooperative Societies. The disbursement process continues to progress smoothly, and any deficiencies in applications are addressed through the re-submission portal, ensuring a fair and efficient resolution for the genuine depositors.
To submit claims and participate in the transparent disbursement process, genuine depositors of four Multi-State Cooperative Societies of Sahara Group can visit the online portal named “CRCS-Sahara refund portal” at https://mocrefund.crcs.gov.in. This portal allows for the seamless submission of claims for the refund of legitimate deposits, ensuring a digital and paperless process under the oversight of Justice R. Subhash Reddy, Former Judge of the Supreme Court, and with the assistance of Shri Gaurav Agarwal, Amicus Curiae.