0

Saradha Scam: SEBI To Auction Company Assets, Appoints Justice Talukdar Committee To Oversee Process: Calcutta High Court

In the case of Abdul Khalek Laskar & Anr v. Union of India & Ors (WPA 7238 of 2017, With CAN 1 of 2022, With CAN 2 of 2022, With CAN 3 of 2022), the Central Bureau of Investigation (CBI), the Enforcement Directorate (ED), and the State government were ordered by the Calcutta High Court on Monday to turn over the proceeds from the sale of assets belonging to the Saradha group of companies to a one-man committee headed by Justice S.P. Talukdar, a former judge of the High Court. The Court also ordered SEBI to sell the company’s remaining properties using its standard procedure, and as a result, a report was required to be sent to the Committee.

Brief Facts Of The Case:  Up till 2013, the West Bengal, Assam, and Orissa states were purportedly the locations of the Saradha group’s chit fund activities. Over Rs 2,459 crore in total funds were mobilised by the accused company, of which Rs 1,983 crore have yet to be reimbursed to depositors (excluding the interest amount). The defrauded depositors informed a bench made up of Justice I.P. Mukerji and Justice Subhendu Samanta that various authorities, including the C.B.I., E.D., and State government, among others, have some funds belonging to the company in their possession. As a result, they pleaded for the transfer of the entire fund, including the sale proceeds realised by SEBI, to the committee in order to issue the necessary instructions.

Judgement: In light of the arguments, the court ordered that the issue be handled by a one-man committee led by Mr. Justice S.P. Talukdar (retired). The aforementioned authorities must deposit all corporate funds with the one-man committee or in any bank per its instructions after deducting all costs and fees, etc. Additionally, the SEBI was instructed to sell the company’s properties that are the focus of the current petitions in accordance with its standard operating practice. The SEBI was given the option to accept the highest bid after receiving all of the offers or to hold an auction to get a greater offer. Following that, SEBI was given the go-ahead to write a report and give it to the one-man committee. It was required that the full exercise be finished in 3 months.

 

JUDGEMENT REVIEWED BY PRAKIRTI JENA

Click Here To View Judgement

Leave a Reply

Your email address will not be published. Required fields are marked *

Open chat