The court also mandated that the three properties held by SEBI be promptly put up for auction, with the proceeds going to the committee. The High Court's judgement has revived hopes that the money of the Saradha depositors who were defrauded after the Shy

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The court also mandated that the three properties held by SEBI be promptly put up for auction, with the proceeds going to the committee. The High Court's judgement has revived hopes that the money of the Saradha depositors who were defrauded after the Shyamal Sen Commission was shut down.

Digital Desk: The Calcutta High Court has taken substantial steps to recover the funds from the depositors of the Saradha. The one-member committee chaired by S.P. Talukdar was given instant access to the revenues received from the assets sold by Saradha, and the court ordered SEBI, CBI, ED, and the state to disclose and provide them.

The properties that haven't been sold yet should also be made easily accessible to the one-person committee. aradha. On Monday, a division bench of Justice Indra Prasanna Mukherjee and Justice Subhendu Samanta directed the state government and federal agencies including the CBI, SEBI, and ED to restore the money jointly in a number of instances brought by the depositors of chit fund operator Saradha.

The court instructed SEBI, CBI, ED, and the state to immediately disclose and present the one-member committee led by Justice S.P. Talukdar with any funds collected from the assets sold by Saradha. The one-member committee should also be given quick access to the properties that have not yet been sold. The division bench also made it clear that the one-member committee will take the initiative to reimburse the defaulters' money in accordance with the deposit refund programme.

Lawyer Subhashis Chakraborty said in the Saradha case that sebi and ED afterwards joined the probe, which had been launched by the federal investigating agency CBI at the Supreme Court's direction. Even when the state was conducting an earlier investigation, certain properties were recovered. The attorney further asserted that no business has made the initiative to compensate the depositors for their money loss in the case thus far. On Monday, the court issued the directive.

According to Subhashis, the state government still holds approximately Rs 140 crore of the money recovered by Saradha. Around Rs 1200–1300 crore are available from Sebi, CBI, and ED. There would be a total amount of Rs 1,500 crore that must be refunded to the depositors. The depositors are hoping that after a protracted period of difficulties, the money will be accessible this time.