'Need More Funds From Sahara Group': Government To Move Supreme Court To Refund Rs 80,000 Crore To 3 Crore Investors

The government is set to approach the Supreme Court once again in its efforts to secure additional funds from the Sahara Group, as three crore investors are seeking the refund of Rs 80,000 crore currently entangled with the company's cooperative societies, as reported by The New Indian Express.

The Ministry of Cooperation has initiated a portal for investors to submit applications for the release of their funds held in these societies, according to statements made by Minister of State for Cooperation B L Verma in response to a supplementary question in the Rajya Sabha.

Verma disclosed that 3 crore investors have already registered on the portal, collectively seeking the return of Rs 80,000 crore.

"We have commenced the process of refunding money to investors within 45 days. So far, we have received Rs 5,000 crore. We will approach the apex court once again to secure additional funds from the Sahara Group to ensure the repayment of all investors. Every rupee owed to Sahara Group investors will be reimbursed," Verma stated, emphasising that the repayment process has already begun, and many investors have received their funds.

He reassured the House that all investors engaging with the portal's process will eventually receive their refunds.

"We are prioritising the refund to small investors, starting with amounts of Rs 10,000 each," he added.

The Sahara Group, which originated from a one-room office in Gorakhpur, Uttar Pradesh, and was founded by the late Subrata Roy, has faced financial challenges, prompting the government's intervention.

As part of related developments, Verma also mentioned that the home loan limit has been increased to Rs 75 lakh from Rs 32 lakh for rural cooperative banks.