PINAK PANI MOHANTYversusUNION OF INDIA AND ORS.

778                      [2023]REPORTS
               SUPREME COURT    3 S.C.R. 778                 [2023] 3 S.C.R.


A                         PINAK PANI MOHANTY
                                          v.
                        UNION OF INDIA AND ORS.
                               (I.A. No. 56308 of 2023)
B                                         In
                       (Writ Petition (C) No. 191 of 2022)
                                  MARCH 29, 2023
                  [M. R. SHAH AND C. T. RAVIKUMAR, JJ.]
C            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
D     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
E     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
F           and
            in the Matter of
            Ms. Shailja Kulshrestha, Suresh Chandra Tripathy, Jitendra
      Mohapatra, Ms. Priyam Aggarwal, Dr. Kedar Nath Tripathy, Advs. for
      the Petitioner.
G
            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.
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                                         778
   PINAK PANI MOHANTY v. UNION OF INDIA AND ORS.                              779


      The Order of the Court was passed by                                    A
      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”)           B
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            C
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         D
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-     E
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       F
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     G
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
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780                 SUPREME COURT REPORTS                        [2023] 3 S.C.R.


A     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 respective depositors under the
      supervision of the Former Judge of this Court.
B             3. Having heard Shri Tushar Mehta, learned Solicitor General
      appearing on behalf of the Union of India and taking into consideration
      the facts narrated hereinabove and when it is reported that Rs. 2253
      Crores had been taken out of the Sahara Credit Cooperative Society
      Ltd., i.e., one of the four Sahara Group Multi-State Cooperative Societies
      and deposited with SEBI in the “Sahara-SEBI Refund Account” and
C     the amount lying in the “Sahara-SEBI Refund Account” is lying unutilized
      and the genuine depositors of the Sahara Group of Cooperative Societies,
      which otherwise, shall be entitled to get back their money, the prayer
      sought in the present application seems to be reasonable and which shall
      be in the larger public interest / interest of the genuine depositors of the
D     Sahara Group of Cooperative Societies. Therefore, the present application
      stands disposed of with the following directions:-
             (i)      Out of the total amount of Rs. 24,979.67 Crores lying in the
                      “Sahara-SEBI Refund Account”, Rs. 5000 Crores be
                      transferred to the Central Registrar of Cooperative
E                     Societies, who, in turn, shall disburse the same against the
                      legitimate dues of the depositors of the Sahara Group of
                      Cooperative Societies, which shall be paid to the genuine
                      depositors in the most transparent manner and on proper
                      identification and on submitting proof of their deposits and
                      proof of their claims and to be deposited in their respective
F                     bank accounts directly.
             (ii)     The disbursement shall be supervised and monitored by
                      Justice R. Subhash Reddy, Former Judge of this Court with
                      the able assistance of Shri Gaurav Agarwal, learned
                      Advocate, who is appointed as Amicus Curiae to assist
G                     Justice R. Subhash Reddy as well as the Central Registrar
                      of Cooperative Societies in disbursing the amount to the
                      genuine depositors of the Sahara Group of Cooperative
                      Societies. The manner and modalities for making the payment
                      is to be worked out by the Central Registrar of Cooperative
H                     Societies in consultation with Justice R. Subhash Reddy,
   PINAK PANI MOHANTY v. UNION OF INDIA AND ORS.                                781
                  [M. R. SHAH, J.]

               Former Judge of this Court and Shri Gaurav Agarwal,              A
               learned Advocate.
       (iii)   Rs. 15 lakhs per month be paid to Justice R. Subhash Reddy,
               Former Judge of this Court and Rs. 5 lakhs per month be
               paid to Shri Gaurav Agarwal, learned Amicus Curiae towards
               their honorarium.                                                B
       (iv)    We direct that the amount be paid to the respective genuine
               depositors of the Sahara Group of Cooperative Societies
               out of the aforesaid amount of Rs. 5,000 Crores at the
               earliest, but not later than nine months from today. The
               balance amount thereafter be again transferred to the            C
               “Sahara-SEBI Refund Account”.
       4. The present I.A. stands disposed of in terms of the above.

Ankit Gyan                                                  I.A. disposed of.
(Assisted by : Aarsh Choudhary, LCRA)                                           D




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