New Delhi: Union Home & Cooperation Minister Amit Shah is all set to launch Sahara Refund Portal on Tuesday at 11 AM, meant to facilitate refund money of crores of investors.
The portal will be made operational at Atal Power Bhawan tomorrow and will facilitate refund of money to 10 crore investors who had put their money in Sahara’s four co-operative societies, reports a leading Hindi portal.
The website will have the details of investors, their investments and the list of all those who will be eligible for refund. It will also provide investors with first hand information on how to reclaim their fund invested in Sahara.
Big relief for crores of investors
The development will mean a big breather for crores of investors whose money is stuck in Sahara co-operative societies, despite investment years ago. There are lakhs of investors who haven’t got money back despite maturity of their policies.
In past couple of years, investors also staged demonstration against the Sahara Group over the inordinate delay.
SC order to return Sahara investments
The move to return money to 10 crore investors of four co-operative societies comes on back of Supreme Court order, which directed the government to complete the exercise in 9 months.
The refund of investors money will be facilitated from the SEBI-Sahara fund. Latter has deposited Rs 24,000 crore in the fund to repay the depositors of co-operative societies.
How Sahara scandal broke out
In Year 2009, Sahara Group planned IPO launch for two of its companies – Sahara Housing Corporation Limited & Sahara India Real Estate Corporation. The IPO launch opened the Pandora’s box for one of biggest business groups of the country.
A probe was launched after SEBI accused the group of adopting illegal means to raise money from public. It asked the group to refund money to investors. The matter got entangled into serious dispute and was subsequently followed by litigation in courts.
