Calcutta High Court - law insider

Shashwati Chowdhury

Published on: June 30, 2022 at 17:57 IST

The Central Bureau of Investigation (CBI), the Enforcement Directorate (ED), and the State government were directed by the Calcutta High Court on Monday to hand over the money 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 directed SEBI to sell the company’s remaining properties using its usual procedure, and as a result, a report was ordered to be provided to the Committee.

Up until 2013, the West Bengal, Assam, and Orissa states were purportedly the locations of the Saradha group’s chit fund operations. Over Rs 2,459 crore in total funds were mobilised by the accused company, of which Rs 1,983 crore have yet to be paid to depositors (excluding the interest amount).

The defrauded depositors apprised Justice I.P. Mukerji and Justice Subhendu Samanta that various authorities, including the CBI, ED, State Government, and others, have some funds belonging to the company in their possession.

They then prayed for the entire fund, as well as the sale proceeds realised by SEBI, to be given to the committee for the giving suitable directions.

Additionally, the SEBI was instructed to conduct a sale of the company’s properties that are the subject matter of the current petitions in accordance with its usual operating practise.

The SEBI was given the liberty to accept the highest offer after receiving all of the offers or to hold an auction to receive a higher offer. After that, SEBI was ordered to put together a report and give it to the one-man committee.

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