PINAK PANI MOHANTY versus UNION OF INDIA AND ORS.

PINAK PANI MOHANTY versus UNION OF INDIA AND ORS.

The Court directed that out of the total amount lying in the Sahara-SEBI Refund Account, Rs. 5,000 Crores be transferred to the Central Registrar of Cooperative Societies to be disbursed to the legitimate/genuine depositors of the Sahara Group of Cooperative Societies in a transparent manner on proper identification and submission of proof of deposits, with the disbursement to be supervised and monitored by Justice R. Subhash Reddy (Former Judge of this Court) assisted by Shri Gaurav Agarwal (Amicus Curiae), honoraria fixed, payments to be made directly to depositors' bank accounts within nine months, and the balance thereafter to be returned to the Sahara-SEBI Refund Account.

Parties
Petitioner: PINAK PANI MOHANTY; Respondent: UNION OF INDIA AND ORS.
Jurisdiction
India
Judgment Date
29 March 2023
Procedural Posture
Writ Petition (c) Under Article 32 / Interlocutory Application (i.a. No. 56308 of 2023) Disposed of With Directions
Outcome
Interlocutory Application disposed of and directions issued
Legal Topics
Directions, Disbursement to Depositors, Sahara SEBI Refund Account, Supervision and Appointment of Amicus
Constitutional Law Cooperative Societies Law Securities Regulation/sebi Matters Administrative Law Directions Disbursement to Depositors Sahara SEBI Refund Account Supervision and Appointment of Amicus

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Parties

PINAK PANI MOHANTY

Petitioner

UNION OF INDIA AND ORS.

Respondent

Procedural Posture

Writ Petition (c) Under Article 32 / Interlocutory Application (i.a. No. 56308 of 2023) Disposed of With Directions

Legal Issues

  1. 1 Whether Rs. 5,000 Crores out of the unutilized amount in the Sahara-SEBI Refund Account may be transferred to the Central Registrar of Cooperative Societies for disbursement to legitimate depositors of the Sahara Group of Cooperative Societies
  2. 2 Whether the disbursement should be supervised by a Former Judge and assisted by an Amicus Curiae and subject to identification and proof of claims by depositors
  3. 3 Whether the corpus lying in the Sahara-SEBI Refund Account includes amounts belonging to Sahara Group Cooperative Societies

Ratio Decidendi

The Court directed that out of the total amount lying in the Sahara-SEBI Refund Account, Rs. 5,000 Crores be transferred to the Central Registrar of Cooperative Societies to be disbursed to the legitimate/genuine depositors of the Sahara Group of Cooperative Societies in a transparent manner on proper identification and submission of proof of deposits, with the disbursement to be supervised and monitored by Justice R. Subhash Reddy (Former Judge of this Court) assisted by Shri Gaurav Agarwal (Amicus Curiae), honoraria fixed, payments to be made directly to depositors' bank accounts within nine months, and the balance thereafter to be returned to the Sahara-SEBI Refund Account.

Court Disposition

Interlocutory Application disposed of and directions issued

Orders

  • Out of the total amount of Rs. 24,979.67 Crores lying in the 'Sahara-SEBI Refund Account', Rs. 5,000 Crores be transferred to the Central Registrar of Cooperative Societies, who shall disburse the same against the legitimate dues of the depositors of the Sahara Group of Cooperative Societies, to be paid to genuine...
  • The disbursement shall be supervised and monitored by Justice R. Subhash Reddy, Former Judge of this Court, with the assistance of Shri Gaurav Agarwal, learned Advocate, appointed as Amicus Curiae to assist Justice R. Subhash Reddy and the Central Registrar of Cooperative Societies; the manner and modalities for...