New Delhi   

Reliance withdraws bid to revive Super Bazar

J. Venkatesan

Centre refuses to amend law to help private players

NEW DELHI: With the Centre not inclined to amend the Multi-State Cooperative Societies (MSCS) Act to enable private parties to take part in revival of Super Bazar at Connaught Place in the Capital, the Reliance Industries on Thursday informed the Supreme Court of its intention to withdraw its bid.

A Bench of Justice B. P. Singh and Justice H. S. Bedi accepted the submissions of senior counsel Soli Sorabjee, appearing for Reliance, that the company had decided to withdraw its Rs. 288-crore takeover bid as the Government had refused to amend the law to enable it to gain overall management control. The Bench permitted Reliance to withdraw Rs. 5 crore earnest money deposited with the official liquidator.

Indian Potash Ltd (IPL) and Indian Labour Cooperative Society (ILCS) have jointly made a bid while Reliance Industries made the other bid.

Revival scheme

The Bench also asked counsel appearing for the Government, IPL and ILCS to consult the Registrar of Cooperative Societies on the issue and submit a report in a week indicating the steps to be taken to work out the modalities of the revival scheme. The matter will come up for further hearing on March 21.

During the hearing last December the New Delhi Municipal Council (NDMC) expressed its willingness to let out the entire Super Bazar building to private parties to enable revival of the building, which is in disuse at present. The Court is hearing petitions filed by the Super Bazar Karamchari Dalit Sangh (SBKDS) and others for revival of the Super Bazar on the ground that the livelihood of over 1,000 employees is at stake.

At that time it was brought to the notice of the Court that the selected bidders could not have full control of the management since it was not permitted under the existing provisions of the MSCS Act. It was in this context that the Court had asked the Centre to amend the relevant provisions in the MSCS Act.

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

Congress begins final screening process
NGO demands law to protect rights of domestic workers
Workers feeling dejected with Congress leaders
A directorial debut with a difference
`More than just a biography '
Reliance withdraws bid to revive Super Bazar
Two held for cheating banks
BJP, BJS release first lists
A master of his craft
Publishers put their best books forward
RWAs condemn new MCD move to clear more roads
Roping in university students to check harassment
Confusion prevails over sealing issue
Details of phone, power bills sought
High Court upholds trustee's re-nomination
Sansui award for Zee News
High fashion
Textbooks of CBSE for sale
The Mahatma that Munnabhai did not meet
Panel demands fast track courts
Around the City
Briefly
In the Capital Today

Copyright © 2007, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu