2025 (11) TMI 205

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....vind Kumar Sharma, AOR Ms. Aakriti Mishra, Adv., Ms. Anushka Gupta, Adv., Mr. Tushar Mehta Ld, Solicitor General Mrs. Aishwarya Bhati Ld, A.S.G., Mr. Mukesh Kumar Maroria, AOR Mr. Rajat Nair, Adv., Ms. Chitrangda Rashtravara, Adv. Mr. Pratyush Shrivastava, Adv., Mr. Madhav Sinhal, Adv., M/S. K J John And Co, AOR, Mr. Tushar Mehta, Solicitor General Mr. Pratyush Shrivastava, Adv., Chitrangda Ratravara, Adv. Mr. Rajat Nair, Adv., Ms. Aishwarya Bhati, A.S.G. Mr. Annirudh Sharma Ii, Adv. Mr. Madhav Sinhal, Adv., Mr. Shreekant Neelappa Terdal, AOR, Ms. Samridhi S. Jain, AOR Mr. Chaitanya Dixit, Adv., Mr. Diwakar Jain, Adv., Mr. Amit Kumar Chawla, Adv. Mr. Hitesh Kumar Sharma, Adv. Mr. Akhileshwar Jha, Adv., Ms. Swati Vishan, Adv. Mr. Rajesh Sing....

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....nt shall be supervised and monitored by Justice R. Subhash Reddy, Former Judge of this Court with the able assistance of Shri Gaurav Agarwal, learned Advocate, who is appointed as Amicus Curiae to assist Justice R. Subhash Reddy as well as the Central Registrar of Cooperative Societies in disbursing the amount to the genuine depositors of the Sahara Group of Cooperative Societies. The manner and modalities for making the payment is to be worked out by the Central Registrar of Cooperative Societies in consultation with Justice R. Subhash Reddy, Former Judge of this Court and Shri Gaurav Agarwal, learned Advocate. (iii) Rs. 15 lakhs per month be paid to Justice R. Subhash Reddy, Former Judge of this Court and Rs. 5 lakhs per month be....

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.... may be seen that the disbursement was directed to be supervised and monitored by Hon'ble Justice R. Subhash Reddy, a former Judge of this Court, duly assisted by Mr. Gaurav Agarwal, learned Senior Advocate and Amicus Curiae, who has been assisting this Court as well. 4. The instant application, i.e., IA No.174168/2025, has now been filed, inter alia, explaining that the process of disbursal of the above-mentioned amount of Rs.5,000 crores was carried out through web portals, where genuine investors could file their claims, and in accordance with Standard Operating Procedures (SOPs) developed for identification, verification, and disbursal of claims. All these exercises were undertaken under the supervision of Justice R. Subhash Reddy. ....

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....of refunds following the extant procedure. 11. We have heard Mr. Tushar Mehta, learned Solicitor General, Ms. Aishwarya Bhati, learned ASG, Mr. Gaurav Agarwal, learned senior counsel and Amicus Curiae in support of the prayer made in this application. Mr. Amarjit Singh Bedi, learned counsel appearing for the SEBI has also been heard. 12. Mr. Bedi, on instructions from SEBI, states that SEBI too has no objection against the release of sum of Rs.5,000 crores for disbursement to the investors as per the procedure already laid down by this Court vide order dated 29.03.2023. 13. Consequently and for the reasons mentioned in the application and the circumstances explained by them, we allow this application and direct that a sum of Rs.500....