High-Powered Sale Committee

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ABOUT US

The High-Powered Sale Committee has been constituted by the Hon’ble Supreme Court of India vide order dated 15 July 2024 passed in Writ Petition (Crl) No.546 of 2023 in the matter of Balasaheb Keshawrao Bhapkar & Ors. Vs Securities and Exchange Board of India.

The Committee has been constituted to liquidate the assets of Sai Prasad Group of companies by way of public auction and to refund the amount to investors / depositors in terms of the guidelines laid down in the above order. The Hon’ble Supreme Court has passed various orders from time to time. They are available on the official website of the Court (https://www.sci.gov.in).

COMPOSITION OF COMMITTEE:

The Committee comprises the following members:

Mr. Justice S. Ravindra Bhat

Chairperson

Former Judge, Supreme Court of India

Dr. Justice Satish Chandra

Member

Former Judge, High Court of Allahabad

Mr. Sanjay C Purao

Member

SEBI’s nominee

Mr. Pardeep Kumar Sharma

Member Secretary

Former Registrar, Supreme Court of India

Two Petitioners before the Hon’ble Supreme Court are the founder-Directors of one Sai Prasad Properties Ltd, incorporated under the Companies Act, 1956. The third Petitioner also joined the aforesaid company as a Director in 2008.

The Petitioners floated various other companies, known as the Sai Group of Companies: SPPL, SPFL, SPCL, and SSSCL.

Various complaints were filed against the Petitioners alleging collection of money through Collective Investment Schemes.

All immovable properties and jewelleries owned by these companies were attached, including those under MPID Court orders in Mumbai.

The Petitioners moved the Supreme Court seeking direction to SEBI for liquidation and timely disbursement to genuine investors.

The Court invoked Article 142 of the Constitution of India to do complete justice and hence constituted the HPSC.

The HPSC has all powers of a Civil Court to expedite liquidation of the Companies' properties.

The HPSC engaged M/s StockHolding Document Management Services Ltd. (SDMS) for database creation, record storage, valuation, and e-auction services.

Upon receipt of sale proceeds, HPSC will identify investors and process refunds in consultation with concerned agencies and representatives.