Gauhati High Court
WP(C)/4183/2023 of NABAL KUMAR JHA AND 4 ORS. Vs THE UNION OF INDIA AND 3 ORS on 18 August 2026
GAHC010158842023 2026:GAU-AS:11870 THE GAUHATI HIGH COURT (HIGH COURT OF ASSAM, NAGALAND, MIZORAM AND ARUNACHAL PRADESH) Case No. : WP(C)/4183/2023 NABAL KUMAR JHA AND 4 ORS. S/O- LATE UPENDRA JHA, R/O- PANDAV NAGAR, BORIPARA, P.O. PANDU, P.S. JALUKBARI, DIST. KAMRUP(M), ASSAM, PIN- 781012. 2:
GAHC010158842023
2026:GAU-AS:11870
THE GAUHATI HIGH COURT
(HIGH COURT OF ASSAM, NAGALAND, MIZORAM AND ARUNACHAL PRADESH)
Case No. : WP(C)/4183/2023
NABAL KUMAR JHA AND 4 ORS.
S/O- LATE UPENDRA JHA, R/O- PANDAV NAGAR, BORIPARA, P.O. PANDU, P.S. JALUKBARI, DIST. KAMRUP(M), ASSAM, PIN- 781012.
2: SMTI. RADHA JHA
W/O- SRI NABAL KUMAR JHA
R/O- PANDAV NAGAR
BORIPARA
P.O. PANDU
P.S. JALUKBARI
DIST. KAMRUP(M)
ASSAM
PIN- 781012.
3: PREETI KUMARI JHA
D/O- SRI NABAL KUMAR JHA
R/O- PANDAV NAGAR
BORIPARA
P.O. PANDU
P.S. JALUKBARI
DIST. KAMRUP(M)
ASSAM
PIN- 781012.
4: DEEPAK JHA
S/O- SRI NABAL KUMAR JHA
R/O- PANDAV NAGAR
BORIPARA
P.O. PANDU
P.S. JALUKBARI
DIST. KAMRUP(M)
ASSAM
PIN- 781012.
5: SANJAY KUMAR JHA
S/O- LATE UPENDRA JHA
R/O- PANDAV NAGAR
BORIPARA
P.O. PANDU
P.S. JALUKBARI
DIST. KAMRUP(M)
ASSAM
PIN- 781012
VERSUS
THE UNION OF INDIA AND 3 ORS
REPRESENTED BY THE MINISTRY OF COOPERATION, NEW DELHI-110003.
2:THE CENTRAL REGISTRAR OF COOPERATIVE SOCIETIES
NEW DELHI-110003.
3:THE SECURITIES EXCHANGE BOARD OF INDIA (SEBI)
THROUGH THE MINISTRY OF FINANCE
GOVT. OF INDIA
NEW DELHI-110001.
4:THE SAHARA CREDIT COOPERATIVE SOCIETY LIMITED
SAHARA INDIA BHAWAN
1- KAPOORTHALA COMPLEX
LUCKNOW (U.P)
PIN- 226024
For the Petitioner(s) : Mr. M.A. Islam, Advocate For the Respondent(s) : Ms. B. Choudhury, Sr. Advocate Mr. D.J. Das, Advocate Ms. Imsenkala, Advocate BEFORE
HONOURABLE MR. JUSTICE DEVASHIS BARUAH
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ORDER
Date : 19.08.2026
Heard Mr. M.A. Islam, the learned counsel appearing on behalf of the petitioners. Mr. D.J. Das, the learned counsel appears on behalf of the respondent Nos. 1 and 2 and Ms. B. Choudhury, the learned Senior Counsel assisted by Ms. Imsenkala, the learned counsel appears on behalf of the respondent No. 3.
2. The petitioners herein are investors in various entities under the Sahara India Pariwar. Similarly to the petitioners as many as 5.43 crore persons have invested around Rs. 1,13,504.24 crores. As on 12.09.2025, refunds have been issued to 26,25,090 genuine depositors, totalling Rs. 5,053.01 crores out of their claims of Rs. 6,163.55 crores. In addition to that, various other investors have further filed additional claims which come to around Rs. 7,849.95 crores.
3. As regards the refunds to the investors, the Supreme Court is still in session of the matter in the case of Pinak Pani Mohanty Vs. Union of India & Others and in the last order passed on 12.09.2025, the Supreme Court directed Rs. 5,000 crores to be transferred from the “Sahara-SEBI Refund Account” to the Central Registrar of Cooperative Societies. There was further direction that the Central Registrar of Cooperative Societies shall disburse the amount to genuine investors under the supervision of Mr. Justice R. Subhash Reddy (former Judge of Supreme Court), in the manner as directed by the Supreme Court vide the order dated 29.03.2023.
4. Mr. D.J. Das, the learned counsel for the respondent Nos. 1 and 2 submitted that taking into account that the amounts have been transferred to the Central Registrar of Cooperative Societies in installments from the Sahara-SEBI Refund Account, first priority has been given to those genuine investors who have the minimum investment. Initially, those having a minimum investment of Rs. 1,00,000/- were disbursed their dues. At present, investors having claims of around Rs. 10,00,000/- are being disbursed their dues. The learned counsel further submitted that the amounts claimed by the petitioners are much higher and their entitlement for disbursement would arise as and when a decision is taken by the Committee so appointed by the Supreme Court.
5. This Court has given anxious consideration to the subject matter of the instant proceedings and is of the opinion that as the Supreme Court is in session of the matter and is passing directions as to the amount to be deposited in the account of the respondent No. 2 and a committee has been appointed to oversee and supervise such disbursal, it would not be proper for this Court to pass any directions in the instant proceedings.
6. Accordingly, this Court disposes of the instant writ petition with an observation that the respondent No. 2 shall make payment to the petitioners upon due verification, as and when funds are provided pursuant to the orders passed by the Supreme Court.
JUDGE Comparing Assistant