<p>The Supreme Court on Wednesday allowed a plea by the Centre seeking allocation of Rs 5,000 crore out of Rs 24,000 crore deposited by the Sahara Group with market regulator Sebi to repay its depositors.</p>.<p>The direction came on an application filed by the Centre in a PIL by a person, named Pinak Pani Mohanty, who sought a direction to pay the amount to the depositors who invested in several chit fund companies and Sahara credit firms.</p>.<p>A bench of Justices MR Shah and CT Ravikumar said the amount shall be disbursed to depositors duped by the Sahara group of cooperative societies.</p>.<p>The entire process will be monitored by former apex court judge Justice R Subhash Reddy, the bench said.</p>.<p>The Centre had sought money from the Sebi-Sahara Sahara-Sebi escrow account that was formed after the top court in August 2012 directed two Sahara firms -- Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing India Corporation Limited (SHICL) -- to refund investors.</p>
<p>The Supreme Court on Wednesday allowed a plea by the Centre seeking allocation of Rs 5,000 crore out of Rs 24,000 crore deposited by the Sahara Group with market regulator Sebi to repay its depositors.</p>.<p>The direction came on an application filed by the Centre in a PIL by a person, named Pinak Pani Mohanty, who sought a direction to pay the amount to the depositors who invested in several chit fund companies and Sahara credit firms.</p>.<p>A bench of Justices MR Shah and CT Ravikumar said the amount shall be disbursed to depositors duped by the Sahara group of cooperative societies.</p>.<p>The entire process will be monitored by former apex court judge Justice R Subhash Reddy, the bench said.</p>.<p>The Centre had sought money from the Sebi-Sahara Sahara-Sebi escrow account that was formed after the top court in August 2012 directed two Sahara firms -- Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing India Corporation Limited (SHICL) -- to refund investors.</p>