The Centre on Wednesday asked the public to take note of a Delhi High Court Order which has recently restrained Sahara Credit Co-operative Society Ltd. of Lucknow, Saharayn Universal Multipurpose Society Ltd. of Bhopal and Humara India Credit Cooperative Society Ltd. of Kolkata from collecting any deposits from them.
“It is part of a the job of the Central Registrar of Cooperative Societies to safeguard the investment if he feels it is in danger. Since the court order is clear on restraining these societies, it needed larger publicity to make general public aware,” said an official of the Co-operative Ministry. Normally, ministry does not issue such a press release after a court Order.
A Delhi High Court Bench of Justice Vipin Sanghi and Justice Navin Chawla on March 22 had in an order directed “the petitioners not to collect any further deposits.” The Bench also directed the Central Registrar to pass orders directing the petitioners to refund the amounts to such members/investors/depositors whose amounts are found to have become due and payable, after examining their claims. The counsel appearing for the petitioners has assured the Bench that such members/investors/depositors shall be duly paid the amount found due and payable to them.
Citing the information provided by the management of four cooperative societies -- Sahara Credit Cooperative Society Ltd., Saharayn Universal Multipurpose Society Ltd., Stars Multipurpose Cooperative Society Ltd. and Humara lndia Credit Cooperative Society Ltd. together have invested ₹62,643 crore in Aamby Valley Ltd. against their total deposits of ₹86,673 crore.
“During the hearing, management of Sahara Credit Cooperative Society Ltd. also revealed that an amount of ₹2,253 crore has been taken out from the funds of the society and deposited with SEBI on account of the dispute of Sahara Real Estate Ltd. and has been shown as an advance to Shri Subrato Sahara. How such a large sum has been siphoned off and deposited on account of the liability of another company namely Sahara Real Estate Ltd. remains unexplained,” the Order said.