In an informal media interaction, officials from the Co-op Ministry revealed that the process of paying out to victims of the Sahara co-ops has accelerated following an increase in the payout limit. Last week, the maximum amount was raised from Rs 10,000 to Rs 50,000 per depositor, informed the official.
The official cited documentation issues as a major challenge, noting that all four Shariyan cooperatives operate from the same campus. Consequently, the certificate from one entity may bear the seal of another, complicating the payout process.
So far, about Rs 500 crores have been disbursed to approximately 350,000 depositors. The official emphasized that the Supreme Court’s guidelines are stringent, requiring high compliance to ensure payments are made to genuine depositors.
However, the official was optimistic that with the increased payout limit, the disbursement will gain traction. It is anticipated that another Rs 500 crores will be distributed over the next 10 days, bringing the total to Rs 1,000 crores.
It is worth recalling that following a Supreme Court order dated March 29, 2023, an amount of Rs 5,000 crore was transferred from the SEBI-Sahara Refund Account to the Central Registrar of Cooperative Societies (CRCS) on May 19, 2023.
“We will approach the court for more funds once we have disbursed what we currently have,” said the official, responding to queries from the media.
The official recounted that a portal for submitting claims was set up, which initially had some issues. A resubmission process was later initiated. While the process may be slow, it is getting smoother by the day.
On an application filed by the Ministry of Cooperation, the Supreme Court directed that out of Rs 24,979.67 crores in the “Sahara-SEBI Refund Account,” Rs 5,000 crores be transferred to CRCS, who will then disburse it against the legitimate dues of the depositors of the Sahara Group of Cooperative Societies.
The disbursement process is being supervised and monitored by Justice R. Subhash Reddy, with the assistance of Shri Gaurav Agarwal, Amicus Curiae.
In compliance with the Supreme Court’s order, an online portal “Sahara-CRCS Refund Portal” was developed through StockHolding Document Management Services Ltd. (SDMS) for the submission of claims by genuine depositors of the four Multi-State Cooperative Societies of the Sahara Group, namely Sahara Credit Cooperative Society Ltd., Saharayn Universal Multipurpose Society Ltd., Humara India Credit Cooperative Society Ltd., and Stars Multipurpose Cooperative Society Ltd.
A helpline number and user manual, along with Frequently Asked Questions (FAQs), are available on the portal to assist depositors. Additionally, depositors can submit claim applications with the support of about 550,000 Common Service Centers (CSCs) across the country.