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Legal News by - SHRDHA JAIN (This News was written by her during her Internship)
In case of mobilization of fund by Sai Group of Companies Former justice Ravindra Bhat headed High Powered sale committee (HSPC) appointed by the Supreme Court of India. HSPC constituted for liquidate all statutory liabilities of the companies and generate funds to satisfy the claims of investors, conducting auction of assets worths Rs 4000 crore in a timebound manner so that innocent investor gets hard core earned money back.
The Supreme court invoke its powers under Article 142 of the Constitution of India, so as to do complete justice between the parties and hence, constitute the HPSC comprising of the following members Hon’ble Mr. Justice S. Ravindra Bhatt, Former Judge, Supreme Court of India – Chairperson; Dr Justice Satish Chandra, Former Judge, High Court of Allahabad – Member; A nominee of SEBI who shall be an officer preferably in the rank of its Director – Member; States hereby directed to appoint one of their officers of the Revenue Department, Deputy Secretary of HPSC for the purpose of securing title/ownership records or other relevant documents and The HPSC may, at its discretion, associate: (i) (ii) A Chartered Accountant; or A Civil Engineer; or (iii) An Architect; or (iv) Any other expert, from time to time as and when required.
The Securities and Exchange Board of India (SEBI) nominee play crucial role in regulatory compliance, investor protection and transparency by monitoring the committee decision on liquidation of assets. SEBI and the States were asked to provide necessary administrative, secretarial and logistical assistance by apex court in December 2019, SEBI began auction Assets of the Sai Prasad Group of Companies in allegation of fraud case worth Rs 4,000 crore dating back to 2016. The court has grant interim bail to two notable director who had been in custody for 8 year. (Balasaheb Keshawrao Bhapkar & Ors vs SEBI)
Sai Group Private Limited is an unlisted private company incorporated on 15 November, 2019. It's authorized share capital is INR 10.00 lac and the total paid-up capital is INR 5.00 lac. AI companies that deliver advanced AI solutions to transform enterprises across various sectors.
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