Rs 5000 crore will be returned to depositors in 9 months, Supreme Court directs

There is good news for the investors of Sahara Group. Now soon investors can get their stuck money back. Actually, the Supreme Court accepted the petition of the Central Government on Wednesday (30 March). In which the government had said that out of the total fund of Rs 24,979 crore of Sahara-SEBI, Rs 5,000 crore should be given immediately so that investors' money can be returned.
The Supreme Court has given this direction on an application filed by the Central Government on a PIL filed by Pinak Pani Mohanty. Mohanty sought a direction to refund the money to depositors who had invested in chit-fund companies and Sahara credit firms. Now in 9 months, the investors will be given back their money.
A bench of Justices MR Shah and CT Ravikumar said that the money would be returned to the depositors who were defrauded by Sahara Group. This process will be completed under the supervision of former Supreme Court judge R Subhash Reddy. Advocate Gaurav Aggarwal will assist Justice Reddy in this matter.
The Sahara-Sebi escrow accounts were opened in August 2012 after the Supreme Court directed Sahara India Real Estate Corporation (SIRECL) and Sahara Housing India Corporation Limited (SHICL), two Sahara group companies, to refund investors' money. In which money was deposited on behalf of Sahara Group. The Central Government had appealed to the Supreme Court to release funds from the same account.