Out of the balance amount deposited in Sahara-SEBI, Rs 5,000 crore will be transferred to the Central Registrar for refund to the investors of cooperative societies of Sahara Group.
Image Credit source: File Photo
Pinak Pani Mohanty, who sold a chip to the country’s giant company Sahara, has given a shock. Due to which the investors have got a lot of relief. Because in a public interest litigation filed by the Supreme Court, Sahara has been ordered to return Rs 5000 crore to the investors. Out of the balance amount deposited in Sahara-SEBI, Rs 5,000 crore will be transferred to the Central Registrar for refund to the investors of cooperative societies of Sahara Group. Under the supervision of Supreme Court-appointed retired judge R Subhash Reddy and assisted by advocate Gaurav Agarwal, the central registrar will complete the payment process in nine months.
According to a report, Pinak Pani Mohanty made the impossible possible against the mighty Sahara Group and left many of his opponents in the dust. These include powerful regulators like the Reserve Bank of India and the Securities and Exchange Board of India (SEBI), who embroil them in protracted litigation through the courts. But now both SEBI and Sahara Group have become silent.
Mohanty, who says he is in the business of supplying potato chips in Cuttack, had been closely following the plight of investors in fake investment schemes since 2014-15. He earns around 3.15 lakh rupees every year. Last week, the person who raised the hopes of millions of Sahara investors said that my request was seeking a CBI inquiry into the four cooperative societies of the Sahara Group. I was not expecting that the government would make such an intervention or the court would order such amount for Sahara investors.
read this also –
Mohanty not completely satisfied
Mohanty says he is not completely satisfied, even assuming the amount is distributed equally among different states, investors in Odisha would get at least some Rs 200 crore to 300 crore. However, I want the court to take a similar decision against the 44 companies in Odisha. Since 2015, Mohanty and his social worker friends had worked to get compensation for the victims of these 44 companies. These companies include names like Rose Valley, Sharda and Seashore.
There was an audio CD in 2015, in which Seashore CMD Prashant Dash said that 47 members of the ruling party took Rs 550 crore from Seashore. I gave the audio to CBI. Many people involved in this were arrested. Recalling his sting operation, Mohanty said that despite several complaints to various agencies, appointment of judicial commissions and attachment of assets worth several thousand crores, investors did not get much relief as the proceedings went on for years together.
read this also –
Because of this, the Supreme Court had taken a stand
Mohanty wrote a letter to the Prime Minister during the Kovid-19 lockdown, saying that the investigation is going on for many years, but the poor people and the working class are suffering and committing suicide. Though this much money has been seized, nothing has been given to the investors. Thousands of crores of rupees have been collected from Rose Valley, Sahara but not much has been given to the investors. This letter was sent by the PMO to the Chief Secretary, Odisha in January 2022. After this, it came to light that the CBI is filing a counter. (On my petition) saying that arrest cannot be made because these are powerful people. That’s why I decided to approach the Supreme Court.