Sahara Refund Portal: More than Rs 1.12 lakh crore funds of around 13 crore investors are stuck in several Sahara India group companies, Union Minister of State for Finance Pankaj Chaudhary informed the Parliament earlier. With the Centre launching a refund portal for depositors of Sahara Group co-operative society, other investors are eagerly waiting to know when they will get their money back. Let s find out
The Indian Supreme Court has overturned an appellate tribunal s decision to stay an IRDAI order directing Sahara India Life Insurance to transfer its business and accounts to SBI Life Insurance as its financial position deteriorates. The Supreme Court noted the tribunal can hear the application for a stay afresh on 3 August and that Sahara s request will be considered independently and in accordance with the law.
Sahara India Financial Corporation, the major shareholder of Sahara India Life Insurance, is in for a scolding from the Supreme Court. The corporation has been criticised for failing to recover Rs 78.15 crore ($11m) from the insurance company. The court called the corporation a "gross defaulter" that had "siphoned off" funds from the insurance firm s policyholders.