The Supreme Court in the case of Union Cooperation Ministry in Pinak Pani Mohanty v. Union of India observed that “Out of the total amount of Rs 24,979.67 Crores lying in the “Sahara-SEBI Refund Account”, Rs 5,000 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,”

An application was moved by the Central Government over the total amount of Rs 24,979.67 crores which was lying unutilised with the SEBI in the ‘Sahara-SEBI Refund Account’. The court while allowing the application on the ground that the application was reasonable and in the larger interest of the affected public. The disbursement will be supervised and monitored by former Supreme Court judge, Justice R Subhash Reddy and Amicus Curiae Gaurav Agrawal.

A bench of Justices MR Shah and BV Nagarathna, further directed that the amount shall be disbursed within 9 months with the balance to be refunded to the Sahara-SEBI account. A large number of continuing complaints have been filed against the Sahara Group of Cooperative Societies thus “if the amount sought is transferred to the Central Registrar of Cooperative Societies and thereafter disbursed to legitimate depositors, it would be just and equitable.” the Solicitor General said.