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Three companies of the Sahara group prevented from collecting public deposits: the government

Three Sahara Group companies – Sahara Credit Cooperative Society Ltd, Saharayn Universal Multipurpose Society Ltd and Humara India Credit Cooperative Society Ltd – have been barred by a court from collecting deposits from the public, the government announced on Wednesday.

In an official statement, the Union Cooperation Ministry said: “…the Delhi High Court’s void order dated March 22…restrained Sahara Credit Cooperative Society Ltd, Lucknow, Uttar Pradesh, Saharayn Universal Multipurpose Society Ltd, Bhopal, Madhya Pradesh and Humara India Credit Cooperative Society Ltd, Kolkata, West Bengal to collect deposits from the public.”

In October 2020, the embattled group said it had paid Rs 3,226 crore to more than 10 lakh members of its four associated credit union societies in the past 75 days, which included payments against claims from people who had late payment complaints.

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Sahara then said that there had been some delay in payments, mainly due to an embargo imposed for eight years by the Supreme Court, while approximately Rs 22,000 crore of his funds, including the amount of interest, are deposited in the Sahara-Sebi account which was created to reimburse the bondholders of the group companies.

The Sahara Group’s statement came after the Central Registrar of Co-operative Societies requested an investigation by the Serious Fraud Investigation Office (SFIO) into the investments made by four co-operatives associated with the Sahara Group from more than Rs 86,600 crore collected by them .

The credit companies had denied the charges and said all of their investments had been made in accordance with the law.

(Edited by : Jomy Jos Pullokaran)

First post: STI

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