Supreme Court Directs SEBI, Sahara To Respond in Interim Applications Filed by Moneylife Foundation
Akshay Naik 14 January 2023
The Supreme Court on Monday directed the Securities and Exchange Board of India (SEBI) and Sahara India Real Estate Corp Ltd, to file responses to three intervention applications (71960, 71965 and 71987 of 2021) filed by Moneylife Foundation, as well as other interim applications, in the civil contempt petition case of SEBI vs Sahara (No. 412 of 2012). 
 
These intervention applications were filed by Moneylife Foundation on the behalf of aggrieved investors of Sahara’s various credit cooperative societies.
 
For years, Moneylife has highlighted the plight of investors in Sahara’s many credit cooperative societies and these aggrieved investors had approached us for assistance in recovering their deposits, after reading our articles.
 
Moneylife Foundation, a non-profit organisation, had hosted a Telegram channel of over 800 members and had further collated and verified information from many of these investors based on Sahara’s promise to pay. But the group had only paid Rs39 lakh to 18 investors and then reneged on its commitment. 
 
When all means of recovery tried by Moneylife Foundation were exhausted, intervention petitions were filed in the Supreme Court seeking relief. The application has submitted investor data of 240 people collated and verified from the Telegram channel. The total amount claimed by the investors in the list submitted to the apex court is approximately Rs15 crore. These are individuals who are small-time investors, who were methodically persuaded to part with their hard-earned money to contribute to various schemes under the Sahara group. The intervention application is also accompanied by affidavits from two investors whose details have been included to showcase the hardship and difficulties faced by the aggrieved depositors. 
 
Moneylife Foundation has requested the apex court to direct SEBI to refund the amounts due to the investors of cooperative societies belonging to the Sahara group after due verification of their claims. The next hearing has been scheduled for the 18th, 19th and 20th of April 2023 to complete all pending interim applications as well as the main contempt case. 
 
Moneylife Foundation is being represented on a pro bono basis by senior counsel Shyam Divan, assisted by advocates Govind Manoharan and Anshula Laroiya, while advocate Jatin Zaveri, is the advocate on record.
Comments
virupakshappa98806
1 year ago
Sahara sebi case is closing on April 20 and judgment is give that day coferm ?.
sonuchoudhary0507
1 year ago
Pahle bhugtan phir matdaan. State & central. Jai hind. Jai shri Ram ????
akhilmehra44
1 year ago
Kindly elaborate the Article, whether it is the last judgement or only these 3 interim Applications be decided on the date fixed.
bairubharanihari
1 year ago
My parents are old, they are 88 year old , SAHARA is not even accepting the nomination . They are forcing us to renew for a another 5 years incase we need to nominate legal heirs. how to go about. Please help. I am a regular subscriber of Antelope for the past 8 years
dudhagaranikunj12391
1 year ago
how can i join . i am also victim of sahara
hnssandeep
1 year ago
Please do alert me when new update is posted for 18th, 19th and 20th of April 2023
hnssandeep
1 year ago
is this hearing 18th, 19th and 20th of April 2023 for the 240 investors for 15 Cr or for all the investors for all their money?
satyam.src221
1 year ago
I invest 4lks in Sahara group before 7yrs pl return my money urgently
satyam.src221
1 year ago
Sahara group mere 4lks rupiah anke Hai pl mere paise vaps dilaye
satyam.src221
1 year ago
Sahara group mere 4lks rupiah anke Hai pl mere paise vaps dilye
sanjupandey15773
1 year ago
Sabka paisa fsa diya
9599sunnygoyal
1 year ago
Thanks mlf for this
manoj.akshay11
1 year ago
Thanks for taking this through.
I would like to be part of sucg a Telegram or any other association/group.
Kamal Garg
1 year ago
Why MFL does not take the issues of Laxmi Vilas Bank (where entire share capital as well as debt papers were written as per the orders of RBI), DHFL( where entire equity was written off and the final resolution applicant was allowed to 'value' DHFL's entire debt papers at a princely valuation of only Re. 1) and Yes Bank (where entire AT1 bonds were written off).
rangarao.ds
1 year ago
MLF, the last citadel of hope for all those beguiled and who have nowhere to go.
Meenal Mamdani
Replied to rangarao.ds comment 1 year ago
You are so correct.
I wish we had organizations like MLF to take up grievances against educational institutions, hospitals, railways, etc.
Such non-profit organizations need a paid staff to do the investigation but they could also have skilled volunteers to assist the paid staff thus increasing the number of cases that can be taken up by such organizations.
Middle class Indians have to realize that they must organize to improve governance of institutions. The attitude that this is not my problem, let someone else deal with it, is unlikely to bring about any change. The rich do not care and the poor are just trying to survive. It is the educated middle class that must take up this struggle for improved governance of govt and private institutions.
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