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

The Calcutta High Court on Monday directed central agencies- Central Bureau of Investigation (CBI) and Enforcement Directorate (ED), as well as the State government to hand over the money recovered from the sale of assets pertaining to the Saradha group of companies to a one-man committee comprising of Justice S.P. Talukdar, former Judge of the High Court. The Court further directed SEBI to conduct sale of remaining properties of the company through its usual procedure pursuant to which a report was ordered to be furnished to the Committee. The Saradha group allegedly ran chit fund operations spread over the states of West Bengal, Assam and Orissa till 2013. The quantum of total money mobilized by the accused company is over Rs 2,459 crore out of which Rs 1,983 crore remained unpaid to the depositors till date (excluding the interest amount).The defrauded depositors apprised a Bench comprising Justice I.P. Mukerji and Justice Subhendu Samanta that diverse authorities like C.B.I., E.D and State government etc. have in their possession some funds belonging to the company and thus prayed for the entire fund including the sale proceeds realized by SEBI to be handed over to the committee for the issuance of appropriate directions. Accordingly, the Court ordered, "Considering these submissions, we direct that the one-man committee headed by Mr. Justice S.P. Talukdar(retired), shall deal with the matter. All funds belonging to the company after deduction of all expenses and fees etc. shall be deposited by the above authorities with the one-man committee or in any bank according to its directions."The SEBI was further directed to conduct a sale of the properties of the company which are the subject matter of the instant petitions as per its usual procedure. On receipt of all the offers the SEBI was further granted liberty either to accept the highest offer or conduct an auction to receive a higher offer. Thereafter, SEBI was ordered prepare a report and furnish it to the one-man committee."The sale will have to be approved by this committee. The committee shall have the power to order readvertisement or reauction by SEBI or any other organization if the circumstances so warrant. The offer accepted by the committee shall be placed before this court for confirmation and thereafter the same will become final", the Court ordered further. The entire exercise was directed to be completed within 3 months. Case Title: Abdul Khalek Laskar & Anr v. Union of India & OrsCase Citation: 2022 LiveLaw (Cal) 261Click Here To Read/Download Order

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

Aaratrika Bhaumik

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