In a major relief to millions of Sahara group investors, the Supreme Court on Friday directed that Rs. 5,000 crores from the Rs. 24,000 crores lying with the Securities and Exchange Board of India (SEBI) be released for refund distribution. The apex court issued the order following a request by the Centre, which sought to facilitate payment to investors of Sahara’s cooperative societies.
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A bench of Justice Surya Kant and Justice Jaimalya Bagchi directed that the amount be transferred within one week under the supervision of former Supreme Court judge R. Subhash Reddy. The court clarified that the disbursal process must follow the mechanism laid down in its March 2023 order, when a similar tranche of Rs. 5,000 crore was permitted for distribution.
Deadline Extended till December 2026
The bench also extended the deadline for completing the refund process till 31st December 2026, giving authorities more time to ensure disbursal to legitimate investors. The move aims to provide relief to depositors who had invested their savings in Sahara credit societies and other related entities.
SEBI’s Plea for Deferment Rejected
SEBI’s counsel sought a deferment of the order until Monday to obtain instructions from the competent authority, but the court refused to stay its order. “This is not a consent order; the direction must be carried out as passed,” the bench said, stressing that timely disbursement was critical given the scale of public interest involved.
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