PINAK PANI MOHANTY versus UNION OF INDIA AND ORS.

Citation: [2023] 3 S.C.R. 778 · Decided: 29-03-2023 · Supreme Court of India · Bench: M.R. SHAH · Disposal: Disposed off

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Judgment (excerpt)

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PINAK PANI MOHANTY
v.
UNION OF INDIA AND ORS.
(I.A. No. 56308 of 2023)
In
(Writ Petition (C) No. 191 of 2022)
MARCH 29, 2023
[M. R. SHAH AND C. T. RAVIKUMAR, JJ.]
Directions – Union of India, sought directions to transfer an
amount of Rs. 5,000 crores out of unutilized amount of Rs. 23,937
crores (lying in “Sahara-SEBI Refund Account) to be disbursed
against the legitimate dues of depositors of Sahara Group of
Cooperatives Societies – Held: The amount lying in the “Sahara-
SEBI Refund Account” is unutilized and the genuine depositors of
the Sahara Group of Cooperative Societies are entitled to get back
their money, the prayer in application is reasonable and in the larger
public interest/interest of the genuine depositors of the Sahara Group
of Cooperative Societies – Rs. 5,000 crores directed to be transferred
to the Central Registrar of Cooperative Societies, who in turn, shall
disburse the same against the legitimate dues of depositors of Sahara
Group of Cooperative Societies – I.A. disposed of.
CIVIL APPELLATE JURISDICTION: I.A. No. 56308 of 2023
in Writ Petition (C) No. 191 of 2022
Under Article 32 of The Constitution of India
and
in the Matter of
Ms. Shailja Kulshrestha, Suresh Chandra Tripathy, Jitendra
Mohapatra, Ms. Priyam Aggarwal, Dr. Kedar Nath Tripathy, Advs. for
the Petitioner.
Tushar Mehta, SG, Ms. Aishwarya Bhati, Balbir Singh, A.S.Gs.,
Rajat Nair, Madhav Sinhal, Ms. Chitrangda Rastravara, Arvind Kumar
Sharma, Mukesh Kumar Maroria, Pratyush Srivastava, Prasenjeet
Mohapatra, Ms. Nitya Thakur, Tonmoy Dera, Rajeet Roy, Tarini Prasad
Tripathy, Dhananjay Bhaskar Ray, Advs. for the Respondents.
[2023] 3 S.C.R. 778
778
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The Order of the Court was passed by
M. R. SHAH, J.
1. Present application being I.A. No. 56308 of 2023 has been
preferred by the Union of India, Ministry of Corporation for appropriate
directions to transfer an amount of Rs. 5,000 Crores out of unutilized
amount of Rs. 23,937 Crores (lying in “Sahara-SEBI Refund Account”)
to be disbursed against the legitimate dues of depositors of Sahara Group
Cooperatives Societies.
2. Shri Tushar Mehta, learned Solicitor General has submitted that
a total amount of Rs. 24,979.67 Crores is lying unutilized with the SEBI
in “Sahara-SEBI Refund Account”, which has been deposited pursuant
to the earlier direction issued by this Court. He has submitted that out of
the aforesaid amount of Rs. 15,569.27 Crores deposited by Sahara India
Real Estate Corporation Limited and Sahara Housing Investment
Corporation Limited, Rs. 2253 Crores had been taken out from Sahara
Credit Cooperative Society Ltd. and deposited with SEBI on account of
the dispute of Sahara Real Estate Limited. It is submitted that, thus, the
corpus which is lying in “Sahara-SEBI Refund Account” already includes
the amount which belongs to the depositors of the aforesaid Sahara
Group Cooperative Society Ltd.
2.1 He has stated at the Bar that the amount deposited in “Sahara-
SEBI Refund Account” is lying unutilized and in fact due to large number
of continuing complaints against the Sahara Group of Cooperative
Societies and the amount lying unutilized is also consisting of the amount
of the depositors of Sahara Group of Cooperative Societies, if Rs. 5,000
Crores is transferred to the Central Registrar of Cooperative Societies
and thereafter the same is disbursed against the legitimate dues of the
depositors of the Sahara Group of Cooperative Societies, it will be just,
proper and equitable.
2.2 He has stated at the Bar that on the aforesaid amount, there is
no charge and/or attachment of any other agency. He has stated at the
Bar that the present application has been filed for appropriate direction
as prayed, after the series of meetings with the different authorities /
departments, which shall be in the larger interest of the depositors of the
Sahara Group of Cooperative Societies. He has also prayed that a suitable
direction be also issued that the amount due and payable to the respective
depositors of the Sahara Group of Cooperative Societies may be disbursed
PINAK PANI MOHANTY v. UNION OF INDIA AND ORS.
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in the most transparent manner and the same shall be paid to the genuine
depositors on proper identification and on submitting their proof of deposits.
He has also requested that for that a suitable direction be also issued
that the amount shall be disbursed to the

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