Offering a much-cherished relief to the victims of Sahara co-ops, the office of the Central Registrar has asked the management of Sahara Credit Cooperative Society to clear the dues of all the depositors which have accrued till date by 31st August, 2020.
The office of Central Registrar has also insisted that the society has to submit a compliance report by the 1st week of September.
It bears recall that the matter of Sahara Credit Cooperative Society is in the court of Central Registrar and the last hearing was held on 14th August 2020 in the matter. Now the case is fixed for hearing on 24 September 2020.
The last hearing was held virtually which was attended by Srivastava, Chairman, Sahara Credit Cooperative Society, Karunesh Awasthi, MD, S H Haidar, Account Manager and others.
The order sheet released from the office of Central Registrar reads, “The Management of the Sahara Credit Cooperative Society Ltd., Lucknow (Society) has presented the entire financial details regarding the Share capital, deposits and investments made out of the funds collected from members. “
“The Management has further informed that the complaints received from this office are pending for payment due to lack of funds in the Society. Currently, such payments amounting to approximately Rs 55 crore are pending to such complainants”, it reads.
“The details of the financial setup of the society have been recorded. A separate order regarding the further course of action to be taken shall be passed by this Authority. In the meantime, the management of the society is directed to clear the dues of all the depositors which have accrued till date by 31st August, 2020. The society shall submit a compliance report by the 1st week of September”, according to the letter.
The order regarding prohibition of taking fresh/ new deposits will continue to have effect till further orders.
On a daily basis Indian Cooperative received scores of mails of gullible investors of Lucknow based Sahara Credit Cooperative Society who used to share their grievances with us and on several occasions Indian Cooperative published the complaints of victims against the society.