India cautions people not to deposit funds with three Sahara co-operatives
NEW DELHI – India’s Ministry of Cooperation has asked depositors to be aware of a Delhi High Court judgment, whereby the court has asked three co-operatives (co-ops) under the Sahara group not to collect any deposits.
In a communication, the Ministry notes “All concerned are hereby informed that the Hon’ble Delhi High Court vide Order dated 22.03.2022 passed in W.P. (C) 669/2021, W.P. (C) 670/2021 & W.P. (C) 817/2021 has restrained Sahara Credit Cooperative Society Ltd., Lucknow, Uttar Pradesh, Saharayn Universal Multipurpose Society Ltd., Bhopal, Madhya Pradesh & Humara India Credit Cooperative Society Ltd., Kolkata, West Bengal from collecting any deposits from the public.”
These three co-operatives are located in three states of UP, MP and West Bengal. And their names are Sahara Credit Cooperative Society Ltd., Lucknow, Uttar Pradesh, Saharayn Universal Multipurpose Society Ltd., Bhopal, Madhya Pradesh & Humara India Credit Cooperative Society Ltd., Kolkata, West Bengal. They have been restrained from collecting any deposits from the public.
It bears recall that last year MP govt had attached 312 bigha land of the Sahara group worth Rs 30 crore in Gwalior city for not returning the money of its investors.
Earlier, the Delhi High Court had stayed the order of the Central Registrar stopping operations of two of Sahara co-ops —Saharayn Universal Multipurpose Society and Sahara Credit Co-operative Society saying Saharayn will continue its business till the next date of hearing.
The March 22 order has finally stopped three of Sahara’s co-operatives entities from collecting deposits.
The court of the Central Registrar has been trying hard for long to curb the Sahara co-ops from collecting funds. It had asked Sahara Credit Cooperative Society to submit the details of assets and liabilities of the society along with a credible plan for returning money to depositors.
Source – Agencies
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