31.08.2023 Present: Sh. Varun Singla Advcate counsel for DH/applicant.

        Sh. N.K. Garg Advocate counsel for                  JDs/respondents. 

1. Sh. N.K. Garg Advocate filed power of attorney alongwith an application for stay of execution proceedings in the above said execution application on behalf of Jds/respondents. 

2. This is an execution application filed by the decree holder for compliance of the order.  

3. The learned counsel for the JDs has filed an application for dismissal/rejection of the present execution on the ground that the Hon’ble Supreme Court of India in case titled as Pinak Pani Mohanty versus Union of India and others in I.A. No.56308/2023 Writ Petition No.191 of 2022 has held in para number 3 as under:-

“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 

         

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Account”and the amount lying in the “Sahara-SEBI Refund Account” is lying unutilized and the genuine depositors of the Sahara Group of Cooperative Socieities, 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 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 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 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 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 Societies in consultation with Justice R. Subhash Reddy, Former Judge of this Court and Shri Gaurav Agarwal, learned Advocate.”

(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.5000 Crores at the earliest, but not later than nine months from today. The balance amount thereafter be again transferred to the 

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“Sahara-SEBI Refund Account.”

4. In view of this order of the Hon’ble Apex Court of India, all the payments are to be disbursed through the Central

Registrar of Cooperative Societies. As such, the decree holder should recover the amount as ordered above. Thus, the Decree Holder is at liberty to take appropriate/necessary steps for recovery of the due amount, if he/she so desires, through the Central Registrar of Co-operative Societies. It is made clear that the Hon’ble Apex Court passed this order on 29.03.2023 and directed the Central Registrar of Cooperative Societies in consultation with Justice R.Subhash Reddy, Former Judge of the Hon’ble Supreme Court and Shri Gaurav Agarwal, learned Advocte to pay the amount to the respective genuine depositors of the Sahara group of Cooperative Societies out of the aforesaid amount of Rs.5000 crores at the earliest, but not later than nine months from 29.3.2023.

5. Accordingly, in view of our above observations, we dispose of the present execution application. Further, pending miscllaneous application, if any, also stands disposed of. The Bailable Warrants issued be recalled at this stage.

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6. Copy of this order be supplied to the parties free of  costs as per rules. File be consigned to the records after its due compliance.

 

Member Member President