The court prohibited it from collecting any deposits from the public. The Sahara group had said it had paid ₹3,226 crore to over 10 lakh members of its four affiliated cooperative credit societies.
The Central Government has said that three firms of the Sahara Group - Sahara Credit Cooperative Society Ltd, Sahara Universal Multipurpose Society Ltd and Sahara India Credit Cooperative Society Ltd - have been barred by the court from collecting any deposits from the public.
In an official statement, the Union Ministry of Cooperation said, "Vide the order of the Delhi High Court on March 22... Sahara Credit Co-operative Society Ltd., Lucknow, Uttar Pradesh, Sahara Universal Multipurpose Society Ltd., Bhopal, Madhya Pradesh and Sahara India Credit Cooperative Society Ltd., Kolkata, West Bengal has been barred from collecting any deposits from the public.
The Sahara Group in October, 2020 said that it has paid Rs 3,226 crore to over 10 lakh members of its four affiliated cooperative credit societies in the last 75 days.
Sahara had then said that there has been some delay in payment, mainly due to the restrictions imposed by the Supreme Court for the last eight years, while about Rs 22,000 crore including interest amount is deposited in its Sahara-SEBI account.
