'RS 5,000 CR from SEBI-Sahara Fund to Repay Depositors', SC Allows Centre's Plea

New Delhi, March 29 (IANS) The Supreme Court on Wednesday allowed a plea by the central government seeking Rs 5,000 crore allocation out of Rs 24,000 crore, which was deposited by Sahara group with Sebi, to pay back to the depositors.

A bench headed by justice M.R. Shah and comprising Justice C.T. Ravikumar passed the direction on the application filed by the government in a PIL by Pinak Mani Mohanty. The bench said the amount should be disbursed to depositors duped by the Sahara group of cooperative societies and the entire process will be monitored by a former judge of the top court.

Mohanty, in the PIL, had sought a direction to pay to the depositors, who invested in several chit fund companies and Sahara credit firms.

Detailed order will be uploaded later in the day.