Content Provider | Supreme Court of India |
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e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | 2000 Multi-State Cooperative Societies Act |
Content Type | Text |
Resource Type | Law Order |
Jurisdiction | India |
Act(s) Referred | Multi-state Cooperative Societies Act, 2002 (39 of 2002) |
Case Type | Special Leave Petition |
Court | Supreme Court of India |
Disposal Nature | Others |
Headnote | Multi-State Cooperative Societies Act, 2000 – Process of revival of Super Bazar, monitored by Supreme Court – Offer made by petitioner-WPL accepted – Official Liquidator (OL) directed to take steps to revive Super Bazar – WPL infused funds for revival of Super Bazar inter alia through subscriptions towards share capital – However, the process of revival could not take place – WPL was directed to be refunded “entire investment” made by it during the period when the arrangement subsisted, with interest @ 6% p.a.– In terms of the direction, Comptroller and Auditor General of India (CAG) submitted its report – WPL filed objections thereto – Also instituted contempt proceedings against OL – Held: In terms of the direction, WPL is entitled to interest at 6% on the entire investment made by it – Investment brought in by way of share capital, did fall within the above mandate – It is part of the overall investment by WPL – Once WPL was allowed a return on its investment, the profits which it earned were required to be deducted – This part of the direction does not contemplate that losses which accrued over the period were to be adjusted – Further, loss accrued not as a result of the business as such but due to payments which were required to be made to the workmen in pursuance of the directions issued by Supreme Court – Report submitted by CAG needs to be corrected on the said counts – OL has set out the steps taken in pursuance of the order of Supreme Court for valuation and sale of the properties of Super Bazar – Petition for contempt as against the OL, not entertained. |
Judge | N/A |
Neutral Citation | 2018 INSC 532 |
Petitioner | M/s Writers And Publisher Pvt. Ltd. |
Respondent | A. K. Mishra, Official Liquidator The Cooperative Stores Ltd. Super Bazar |
SCR | [2018] 5 S.C.R. 775 |
Judgement Date | 2018-05-17 |
Case Number | 8398 |
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