Sahara Victims’ Struggle
A Sahara Victim’s Conference was held January 5 at IMA Hall in Patna, demanding the release of funds for nearly 3 crore Sahara investors whose hard-earned savings remain stuck due to massive Sahara fraud. The conference witnessed the participation of thousands of investors who have been tirelessly fighting to reclaim their money and formation of Sahara Victims’ Struggle Front to intensify their struggle.

CPI (ML) leaders, including Ara MP from Sudama Prasad, Legislative Party leader Mehboob Alam, and MLC Shashi Yadav participated in the conference.

Speaking at the conference, MP Sudama Prasad declared that the Sahara payment issue is no longer confined to Bihar but has emerged as a national crisis. He lambasted the BJP, saying, “Ahead of the Lok Sabha elections, the BJP promised Sahara investors they would receive their payments. But after coming to power, they have remained silent on the issue. Sahara victims are running pillar to post to retrieve their hard-earned money. Millions of families are now are facing severe crisis and the government is showing callous attitude.”

The MP also criticised the sluggish pace of proceedings in the Supreme Court, where the matter has been pending since 2012. He added, “The slow judicial process has disheartened investors and activists alike. However, we will not remain silent. Our struggle will continue until investors get their money back.” He called upon all investors to assemble in large numbers at Gandhi Maidan in Patna on 9 March 2025 to raise their voices.

Between 2008 and 2011, Sahara’s two companies—Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited (SHICL)—illegally raised around Rs 24,000 crore from nearly crores of investors. This was done through optionally fully convertible debentures (OFCDs), bypassing the norms of the Securities and Exchange Board of India (SEBI). The Supreme Court of India upheld SECI’ decision of declaring the Sahara’s scheme as illegal in 2012, ordering Sahara to refund the money to investors with 15% annual interest. However, the refund has been slow and many investors, mostly from rural and semi-urban areas, have yet to receive their money.

With slogans such as “End the Portal Drama, Ensure Payments Now!” and “Establish District-Level Payment Offices!”, the participants expressed their commitment to intensify the struggle in the coming days.
ML Update

Earth Breaches 1.5 Climate Limit
Earth’s average temperature climbed more than 1.5°C above pre-industrial levels for the first time in 2024. Climate scientists announced the breach recently, signalling that the world has failed, at least temporarily, to avoid crossing the threshold set by the Paris climate accord in 2015 to avert the worst impacts of global warming. For the time being, it’s just one metric and one year, but researchers say that it nonetheless serves as a stark reminder that the world is moving into dangerous territory—perhaps more quickly than previously thought. “It’s both a physical reality and a symbolic shock”, says social scientist Gail Whiteman, who studies climate risks. “We are reaching the end of what we thought was a safe zone for humanity.”
NB

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Frontier
Vol 57, No. 31, Jan 26 - Feb 1, 2025