Sahara India Investors to Receive Refunds through Sahara Refund Portal
In a significant development, the investments of 10 crore individuals in Sahara India’s cooperative societies will be refunded. The initiative has begun with 4 crore investors currently being processed. On Tuesday, Union Minister of Home Affairs and Cooperation, Amit Shah, launched the ‘Sahara Refund Portal‘ in Delhi.
According to Shah, investors will receive their refunds within 45 days through this portal, directly transferred to their accounts. Only investors of the four cooperative societies of Sahara can apply through the portal. The highest number of investors hails from states such as Bihar, Jharkhand, Uttar Pradesh, and Madhya Pradesh.
The Four Cooperative Societies Eligible for Applications are:
- Sahara Credit Cooperative Society Limited, Lucknow
- Sahara Universal Multi-purpose Society Limited, Bhopal
- Hamara India Credit Cooperative Society Limited, Kolkata
- Stars Multi-purpose Cooperative Society Limited, Hyderabad
Important Information for Investors:
- Details Required for Application:
- Membership Number
- Deposit Account Number
- Aadhar-linked Mobile Number
- Deposit Certificate/Passbook
- E-PAN Card (for claims above ₹50,000)
- PAN Card Requirement:
If the claimed amount is above ₹50,000, it is mandatory to have a PAN card. If not available, it must be obtained before making the claim.
- Aadhar and Bank Account Seeding:
Investors must have their Aadhar-linked mobile number and a bank account linked to Aadhar for registration.
- Document Uploads:
Documents can be uploaded only in PDF, JPEG, PNG, or JPG formats.
The Refund Process:
- The first phase will see refunds of up to ₹10,000 being transferred.
- After that, the Ministry will approach the Supreme Court for approval to release refunds of over ₹10,000, allowing higher claims to be disbursed.
Total Refund Amount in First Phase: ₹5,000 Crore
To address the complaints of genuine members/investors of Sahara Group, the Ministry has filed an application in the Supreme Court. In March, the Supreme Court directed the transfer of ₹5,000 crore from the Sahara-Sebi Account to the Central Registrar of Cooperative Societies (CRCS) for refunding the investors.
Justice Subhash Reddy will oversee the entire process, with the assistance of advocate Gaurav Agarwal, as appointed by the Supreme Court. The Sahara-Sebi escrow account was opened after the Supreme Court’s August 2012 directive to Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corporation Limited (SHICL) to refund investors’ money, where Sahara Group had deposited the funds.