In Brief
Writers and Publisher Pvt. Ltd. (WPL) had bid to revive the Super Bazar cooperative but the revival could not be completed. In March 2016, the Supreme Court directed WPL's exit with a full refund of its entire investment at 6% interest per annum, subject to deduction of WPL's profits. The CAG's audit report denied interest on the share capital component and adjusted all Super Bazar losses against the refund. The Court held the CAG report required correction: share capital was part of the 'entire investment' entitled to interest, and only WPL's profits (not all business losses) could be deducted. The contempt petition against the Official Liquidator was dismissed.
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