It is informed that a large number of complaints regarding non-repayment of deposits to
the members/ depositors of Sahara Credit Cooperative Society Ltd; Saharayn Universal
Multipurpose Society Ltd; Humara India Credit Cooperative Society Ltd and Stars
Multipurpose Cooperative Society Ltd. were received in the office of the Central Registrar of
Cooperative Societies (CRCS). Taking cognizance of the complaints, notices were issued to the
above-named Societies and thereafter, six personal hearing of each of the above Societies were
held before the CRCS.
2. During the hearing, CRCS gave following directions to the societies:
a) Pay due amount to the depositors;
b) create a mechanism of informing to the depositors, whose deposits have become
overdue and ensure that a member/depositor can take payment within 30 days.
c) Submit details of assets and liabilities of societies including assessment with a credible
plan for realization of funds from these assets so that the amount due to depositors can
be paid in time;
d) Prepare a credible working plan for the Societies, on the basis of complete financial
assessment of the society.
e) If societies fail to comply with the directions, proceedings for winding up will be
initiated.
3. Since, no convincing reply was forthcoming, CRCS debarred the Societies from taking
new deposits or renewing the existing deposits.
4. The said orders of CRCS were challenged by the Sahara Credit Cooperative Society Ltd;
Saharayn Universal Multipurpose Society Ltd; and Humara India Credit Cooperative Society
Ltd before the Hon’ble High Court of Delhi and by Stars Multipurpose Cooperative Society Ltd
before the Hon’ble High Court of Telengana. The Hon’ble Courts granted an interim stay on the
operation of orders of CRCS.
5. The matter was pursued and the Hon’ble High Court of Delhi vide its order dated
22.03.2022 partially vacated the stay and restored orders of CRCS thereby directing the
petitioners-societies not to collect any further deposits. The Hon’ble Court further gave following
directions:
a. Societies to nominate nodal officers to communicate with CRCS office;
b. CRCS to look into the claims received by him or filed before the Hon’ble Court by way
of intervention applications:
c. CRCS 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 examination.
d. Societies to pay within two weeks of such determination.
6. Accordingly, claims were being forwarded to the Societies with a direction to pay due
amount to legitimate depositors. Status Report in the matter was also filed in the Hon’ble
Court.
7. Further, on the application of Ministry of Cooperation in IA No. 56308 of 2023, Hon’ble
Supreme Court has directed vide its order dated 29th March, 2023 the following: -
i. Out of the total amount of Rs. 24,979.67 Crores lying in the “Sahara-SEBI Refund Account”,
Rs. 5000 Crores be transferred to the Central Registrar of Cooperative Societies, who, in
turn, shall disburse the same against the legitimate dues of the depositors of the Sahara Group
of Cooperative Societies, which shall be paid to the genuine depositors in the most
transparent manner and on proper identification and on submitting proof of their deposits and
proof of their claims and to be deposited in their respective bank accounts directly.
ii. The disbursement shall be supervised and monitored by Justice R. Subhash Reddy, Former
Judge of this Court with the able assistance of Shri Gaurav Agarwal, learned Advocate, who
is appointed as Amicus Curiae to assist Justice. R. Subhash Reddy as well as the Central
Registrar of Cooperative Societies in disbursing the amount to the genuine depositors of the
Sahara Group of Cooperative Societies. The manner and modalities for making the payment
is to be worked out by the Central Registrar of Cooperative Societies in consultation with
Justice R. Subhash Reddy, Former Judge of this Court and Shri Gaurav Agarwal, learned
Advocate.
iii. The Hon’ble Supreme Court has directed that the process should be completed within 9
months from the date of issue of their order.
8. Accordingly, a suitable transparent mechanism is being developed for inviting, verifying and
disposing of legitimate claims of genuine depositors of Sahara Group of Cooperative Societies in
accordance with directions of Hon’ble Supreme Court.
Grievance Status for registration number : MOCOP/E/2023/0008147
Grievance Concerns To
Name Of Complainant
Yogi M. P. Singh
Date of Receipt
19/04/2023
Received By Ministry/Department
Cooperation
Grievance Description
Cooperation >> Central Registrar and Cooperative Society >> Multi State Cooperative Society related matters >> Other Multi State Cooperative Society related issues
Society Name : Saharayn Universal Multipurpose Society Ltd. Bhopal
Reference number from MSCS Act : Reference number from MSCS Act : Registered under Multi State Societies Cooperative Act 2002 Regd. No.-MSCS/CR/935/2014
This application is under Article 51 A of the constitution of India to make enquiry regarding repayment of the investors money in the light of the order passed by the honourable apex court of India as elaborated by the office in its report submitted in the following grievance of the applicant.
An application on behalf of Om Prakash Maurya, S/O Bhai Lal Maurya to seek intervention of public functionaries in looting of hard-earned money Om Prakash Maurya by Saharayn Universal Multipurpose Society Ltd. The address of the applicant is Main Road Chaksaif, Kapoor Karpet Gali, District-Sant Ravidas Nagar Bhadohi, PIN Code. 221401, Mobile number-8756871222.
Grievance Status for registration number : MOCOP/E/2023/0003491 Grievance Concerns To Name Of Complainant Yogi M. P. Singh
Date of Receipt 03/04/2023
Honourable sir, your report in the aforementioned complaint is as follows.
Accordingly a suitable transparent mechanism is being developed for inviting, verifying and disposing of legitimate claims of genuine depositors of Sahara group of cooperative societies in accordance with the direction of supreme court.
For more details, vide attached documents to the grievance.
According to the order passed by the Honourable apex court of India, the Central registrar will develop a transparent mechanism for repayment of money of investors of Sahara multi State society limited within 9 months. Which implies that repayment of the investors money will be completed within 9 months in a transparent and accountable way.
Let me tell you whatever process was carried out by the office of Central registrar will be followed or the entire process will be resumed as a fresh process.
We are still in the dark . You have repeatedly quoted in your earlier reports that your claim has been forwarded to the concerned society with direction to verify and make due payment. Whether this comment is still valid?
Please put light on your transparent mechanism being adopted by your office. Please tell your
Grievance Document
Current Status
Case closed
Date of Action
20/04/2023
Remarks
Reply attached.
Reply Document
Rating
1
Poor
Rating Remarks
it seems that they do not take the perusal of the contents of the grievance quite obvious from their bogus and inconsistent report arbitrarily submitted by them on the public grievance portal. They have only 9 months time according to the order of the apex court of India and they did not commence their actions. The situation is very much embarrassing which must be managed with alertness. Here the role of the public staff is not admirable because of their laxity in the matter.
Appeal Details
Appeal Number
Date of Receipt
Appeal Text
Current Status
Officer Concerns To
Officer Name
Rajendra Singh (Section Officer)
Organisation name
Ministry of Cooperation
Contact Address
Atal Urja BhawanNear CGO ComplexLodhi Road
Email Address
lm.section397@gmail.com
Contact Number
2230343
To see the documents attached to grievance, click on the link