SEBI-Sahara Fund: Money Stuck In Sahara Chit Fund Will Be Returned
SEBI-Sahara fund: Money stuck in Sahara chit fund will be returned, Supreme Court released 5000 crores.
The people who have trapped money in Sahara’s chit-fund schemes have got a big relief from the Supreme Court.
The Supreme Court has allowed the central government to release Rs 5,000 crore from the SEBI-Sahara Fund to these investors.
About 24 thousand crore rupees are deposited in this fund created in 2012 in another case of cheating investors.
1.1 crore investors will be paid back.
Actually, the Central Government had filed a petition in the Supreme Court.
In which the government had said that depositors who invested in several chit fund companies and Sahara credit firms should be returned their money.
After accepting the petition from the Supreme Court, now the central government will be able to allocate 5000 crores to the investors out of the total fund of 24000 crores.
With this amount, the money of 1.1 crore investors can be paid.
Money will be returned under the supervision of the High Court.
A bench of Justice MR Shah and Justice CT Ravikumar said that the depositors, who were duped by the co-operative societies of Sahara group, should be refunded their money.
At the same time, the bench also said that the entire process would be monitored by former High Court judge Justice R Subhash Reddy.
The government had demanded to take funds from the SEBI-Sahara refund account.
The central government had sought an amount of Rs 5,000 crore from a fund called the SEBI-Sahara Refund Account.
This was formed in August 2012 after the apex court directed two Sahara firms – Sahara India Real Estate Corporation Limited and Sahara Housing India Corporation Limited (SHICL).
Kalyan Jewellers, one of India’s most trusted and leading jewelry brands has announced the opening of 2 new showrooms in Uttar Pradesh.
With these new showrooms, the company has entered two major markets of the state – Prayagraj and Gorakhpur.
With the launch of these new showrooms, Kalyan Jewelers is also expanding its presence in the state, making the brand more accessible to its loyal customers in non-southern markets as well.
The company’s latest brand ambassador Rashmika Mandanna inaugurated the new showrooms at both locations.
