The Delhi High Court has stayed the order of the Department of Agriculture, Cooperation and Farmers Welfare prohibiting operations of a Sahara Group subsidiary Saharayn Universal Multipurpose Society Limited and Sahara Credit Co-Operative Society, threatening winding up.
A divisional bench of the Chief Justice D.N. Patel and Justice Jyoti Singh said Saharayn is allowed to continue its business till the next date of hearing. The petition has been filed by the Saharayn Universal Multipurpose Society Limited registered under the Multi State Cooperative Societies Act (MSCSA), through Advocate Neha Gupta alleging that there have been complaints from only 0.06% members out of thousands of members on whose complaints the Authority has acted upon.
Senior Advocate S.B. Upadhyay, appearing for the petitioners, submitted that as per the MSCS Act, a company registered may invest into anything as provided in its bye-laws.
Upadhyay further stated that the department is threatening to wind-up the company and it is not allowed to operate or function its business.
The order, dated November 19, 2020, from the office of Central Registrar of Cooperative Societies, Department of Agriculture, Cooperation and Farmers Welfare had further directed the Society to sort out complaints received till date, complete assessment of amounts due to the depositors, complete assessment of assets and liabilities of society, assessment of current realisation amount, examination of income from interest/ dividend, credible working plan for the society, submit its interim report.
Upadhyay has been assisted by Advocates Simranjeet Singh, Neha Gupta and Rhea Dube from Athena Legal.
However, the bench while giving some relief to the petitioners noted that a payment of Rs 17,487.82 crore has already been made and have started an online complaint and grievance portal.
The bench has further allowed the petitioner to continue business in accordance with law and their bye-laws till the next date of hearing, given time to respondents to file its reply and has listed it for further hearing on February 19.
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The bench has directed the same order for the Sahara Credit C-Operative Society with respective appropriate changes.
Sahara compelled its customers to reinvest the matured amount from other scheme s to co operative society. A detailed investigation on the deposit made to cooperative society by the existing depositerrs will only through the light on how the Sahara has cheeted it’s investers by postponing the payment of maturity amount to depositerrs and court by giving false documents