In Brief
The petitioners, directors of the Sai Prasad Group of Companies, sought Supreme Court intervention to accelerate liquidation of company assets attached by SEBI following fraudulent collective investment schemes that misappropriated investor funds exceeding ₹4,700 crores. The petitioners, imprisoned for over eight years across multiple criminal cases in six States, requested asset sale and investor refunds. The Court constituted a High-Powered Sale Committee with former Judges and government representatives to conduct transparent e-auctions of 498+ properties across India, ensuring fair market valuation. The petitioners were granted interim bail across all pending criminal cases to facilitate cooperation. The committee was empowered as a Civil Court to overcome jurisdictional fragmentation and expedite investor restitution within one year.
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