Pinak Pani Mohanty vs Union of India and Ors.

Court

Supreme Court of India

Date

29 March 2023

Case No.

I.A. No. 56308 of 2023

Result

Disposed

Bench

M.R. Shah, C.T. Ravikumar

Citation

[2023] 3 S.C.R. 778 : 2023 INSC 320

Headnote

Directions – Union of India, sought directions to transfer an amount of Rs. 5,000 crores out of unutilized amount of Rs. 23,937 crores (lying in “Sahara-SEBI Refund Account) to be disbursed against the legitimate dues of depositors of Sahara Group of Cooperatives Societies – Held: The amount lying in the “SaharaSEBI Refund Account” is unutilized and the genuine depositors of the Sahara Group of Cooperative Societies are entitled to get back their money, the prayer in application is reasonable and in the larger public interest/interest of the genuine depositors of the Sahara Group of Cooperative Societies – Rs. 5,000 crores directed to be transferred to the Central Registrar of Cooperative Societies, who in turn, shall disburse the same against the legitimate dues of depositors of Sahara Group of Cooperative Societies – I.A. disposed of.

The Order of the Court was passed by M. R. SHAH, J. 1. Present application being I.A. No. 56308 of 2023 has been preferred by the Union of India, Ministry of Corporation for appropriate directions to transfer an amount of Rs. 5,000 Crores out of unutilized amount of Rs. 23,937 Crores (lying in “Sahara-SEBI Refund Account”) to be disbursed against the legitimate dues of depositors of Sahara Group Cooperatives Societies. 2. Shri Tushar Mehta, learned Solicitor General has submitted that a total amount of Rs. 24,979.67 Crores is lying unutilized with the SEBI in “Sahara-SEBI Refund Account”, w

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