Sahara Credit Cooperative Society Asked To Refund Investor's Money
Moneylife Digital Team 27 July 2022
The District Consumer Disputes Redressal Commission of North 24 Paraganas, has directed Sahara group unit Sahara Credit Cooperative Society Ltd to refund, along with interest, money invested by an investor in the company's scheme. The District Commission also stated that since the Securities and Exchange Board of India (SEBI) was not related to the investment, the case against the market regulator is dismissed. 
 
In an ex parte order, the bench of Debasis Mukhopadhyay (president) and Monisha Shaw (member), says, "....are directed to pay the matured value in respect of said scheme...upon production of the original pass book  and documents of deposit by the complainant, along with interest thereon at the rate of 6% per annum from the date of maturity till payment of the same within two months from this date, failing which the complainant is at liberty to execute a decree according to law."
 
On SEBI, the bench stated that the complainant had not sought any relief against the market regulator which is also in no way connected with the complainant's investment. "...therefore it is found that the complainant has no case against SEBI, and the case is liable to be dismissed."
 
In his complaint, Rajballavpur-based Sri Gobinda Ghosh has said that he was convinced by the representation made by an officer of Sahara Credit Cooperative Society, and he agreed to deposit in Sahara Monthly Scheme. He deposited Rs12,000 in the scheme. However, even after the maturity of the scheme, Sahara Credit Cooperative Society and its concerned officials neglected to refund the maturity amount, despite several demands by the complainant. Mr Ghosh then approached the Consumer Commission.
 
Sahara Credit Cooperative Society and its regional manager did not contest the case by filing any written statements. SEBI, which was also made a party, filed its reply. 
 
In the reply, the market regulator contended that Mr Ghosh was never a consumer of SEBI and, therefore, the case against it was not maintainable. It is also claimed that the complainant has not sought any relief against SEBI. 
 
SEBI stated that it is processing the refund of the investors who had invested in debentures issued by Sahara India Real Estate Cooperation Ltd (SIRECL) and Sahara Housing Investment Cooperation Ltd (SHICL) in terms of the direction of the Supreme Court. 
 
"Investment in other schemes or group companies of Sahara Group is not covered in the order of the Supreme Court and therefore, no payment can be made by SEBI to the investors of other schemes- group companies," the market regulator added. 
 
The bench accepted SEBI's submission and dismissed the case against it. 
 
It, however, held Sahara Credit Cooperative Society liable to refund money invested by Mr Ghosh along with interest. "Sahara Credit Cooperative Society did not controvert the allegations of the complaint by filing any evidence on oath. The complainant has proved her case by swearing of the affidavit which was not controverted by Sahara Credit Cooperative Society. Therefore, we find that the complainant has proved her case and is entitled to get the decree in his favour against Sahara Credit Cooperative Society," the order issued by the bench says.
Comments
nitinjain424242
8 months ago
Sir mujhko refund kab milayga jankari mil jaygi kya 1lakh rupaye hy bhut mehnat ka paisa hy
sirishkumar1958
8 months ago
Sir,
Kindly give the update as we are writing , but no reply or comments are getting by. As we want to get back our investment amount with interest which we had invested in Sahara Credit Cooperative Society Ltd.
MDT
Replied to sirishkumar1958 comment 8 months ago
There is nothing that we can do to help you at this time. As you're probably already aware, Moneylife Foundation had filed intervention petitions in the Supreme Court on behalf of Sahara's credit society investors. The court has heard our plea and has directed both SEBI and Sahara to respond by the next hearing date, which was supposed to be in April. Unfortunately it has been pushed further since one the judges was not present at the time of the hearing. Until there is a response from SEBI or Sahara, or there is a court order, there is no additional advice or assistance that we can offer at this time.

You can write to the Central Registrar of Cooperative Societies or the Home Ministry for updates.
barikmadhaba44
8 months ago
Sir, I want get back my investment amount which I invested in Sahara credit cooperative society limited
sirishkumar1958
9 months ago
As am a senior citizen and not getting my MIS since Feb 2022. Due to which I am in very bad shape now.
Kindly reply that how we can get back my Invested Amount and Interest Amount.
sirishkumar1958
9 months ago
I want my invested amount with interest. As I am senior citizen and had no means of earning only small amout of pension.
ajazahmed99593
9 months ago
Sir, I want get back my envestment which I invested in sahara credit cooperative society limited
ajazahmed99593
9 months ago
Sir, I want get back my envestment which I really enmeshed sahara credit cooperative society limited.
ajazahmed99593
9 months ago
Please sir tell me that kaise mera paisa wapas milega or kab tak milega. Please solve my problem sir please.
ajazahmed99593
9 months ago
Sir, mera sahara me sahara India corrective society ki scheme 4 saal pahle hi puri ho chuki hai, jo kareeb 2 lakh rupees hai abhi tak mujhe bhugtaan nhi hua hai, sir please mera bhugtaan krwa dijiye mera no hai 90265 20052
mahalaxmicement14
10 months ago
Sar want to not received my fd amount in last 2 year tell me now
mahalaxmicement14
10 months ago
I am not recived my policy maturity amount please do as soon as possible
harshaahuja04
10 months ago
I want get back my investment which I invested in Sahara credit cooperative society limited
nishakumariray559
11 months ago
I want get back my invested amount which I invested in sahara credit cooperative society limited.
amit.khanolkar25
11 months ago
I am not recived my policy maturity amount please do as soon as possible
gangadherbingi44
1 year ago
Sahara india na dabbulu apudu estathi
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