List Of Sahara Refund Portal Cooperative Society & Refund Process
The Sahara Refund Portal is set up to facilitate refunds to investors of four cooperative societies under the Sahara Group. These societies include:
- Sahara Credit Cooperative Society Limited (SCCSL)
- Sahara India Life Insurance Corporation Limited (SILICL)
- Sahara Housing Investment Corporation Limited (SHICL)
- Sahara Q Shop Unique Product Range Limited (SQSUPRL)
These societies were involved in raising deposits from the public, and the refund portal aims to return the funds to the rightful investors. The process involves registration, document submission, verification, and refund disbursement. Eligible investors need to provide their membership number, Aadhaar details, and investment proofs to claim their refunds.
Background of Sahara Cooperative Societies
The Sahara Refund Portal has been established to assist investors in reclaiming their funds from four cooperative societies under the Sahara Group. Here’s a brief background on each of these societies:
1. Sahara Credit Cooperative Society Limited (SCCSL)
Sahara Credit Cooperative Society Limited (SCCSL) was a prominent entity under the Sahara Group that raised deposits from the public with the promise of attractive returns. The cooperative society operated by pooling resources from its members, offering various savings and investment schemes. However, due to regulatory issues and financial irregularities, the society faced legal challenges, leading to the necessity of refunding the collected deposits to the investors.
2. Sahara India Life Insurance Corporation Limited (SILICL)
Sahara India Life Insurance Corporation Limited (SILICL) was the first wholly Indian-owned private life insurance company to enter the Indian market post-liberalization. Established with the aim of providing life insurance products, SILICL also attracted significant public investment. Over time, concerns about its financial management and compliance with insurance regulations resulted in scrutiny by regulatory authorities, necessitating the setup of a refund process for its investors.
3. Sahara Housing Investment Corporation Limited (SHICL)
Sahara Housing Investment Corporation Limited (SHICL) focused on raising funds for real estate and housing projects. The society offered schemes that promised substantial returns on investments, appealing to those looking to invest in the booming housing sector. However, similar to other Sahara entities, SHICL encountered financial and regulatory issues, leading to legal mandates for refunding the collected investments to the public.
4. Sahara Q Shop Unique Product Range Limited (SQSUPRL)
Sahara Q Shop Unique Product Range Limited (SQSUPRL) was an initiative by the Sahara Group to venture into the retail sector, offering a range of consumer products. The society collected deposits from the public under the pretext of investment schemes linked to the retail business. Despite the initial enthusiasm, the venture faced challenges, resulting in regulatory interventions and the need to refund the invested amounts to the investors.
The Refund Process
The Sahara Refund Portal is designed to streamline the refund process for investors who had deposited their money with these societies. The steps involved are:
- Registration: Investors need to register on the portal to initiate the refund process.
- Document Submission: Investors must submit required documents, including their membership number, Aadhaar details, and proofs of investment.
- Verification: The submitted documents and details undergo a verification process to ensure authenticity and eligibility.
- Refund Disbursement: Once verified, the refunds are disbursed to the rightful investors, aiming to return their invested funds.
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