Challenges mount for Sahara Group’s investors seeking refunds as case gets delayed in SC
Complaints arise over flaws in the refund portal, leaving millions of depositors frustrated. Apex Court’s January hearing may provide respite for investors over their hard-earned money.
NEW DELHI: Amidst mounting concerns, millions of disgruntled investors within the Sahara India Pariwar remain in anticipation of the reimbursement of their hard-earned investments in the conglomerate’s diverse enterprises.
The recent passing of Sahara Group Chairman Subrata Roy has cast a shadow over the prospects of a smooth path for these investors seeking restitution.
Earlier this year, India’s top court had directed SEBI (Securities and Exchange Board of India), the market regulator, to arrange to refund funds to depositors whose funds are stuck in Sahara Group’s cooperative societies. The government also launched the Sahara Refund Portal for depositors to file claims.
A Central Registrar of Cooperative Societies (CRCS) Sahara Refund Portal has been created for the submission of claims by genuine depositors of Cooperative Societies of Sahara Group.
However, several investors have expressed concerns about the system’s reliability, noting that upon submitting their claims, the portal indicates “deficiencies” in their applications.
“When we logged in and registered our complaint, it said the claim application had a deficiency. What can we do now? We cannot run from pillar to post to get our money back. We are harassed,” said Deewakar, an investor in Sahara.
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