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.
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.
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.
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