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New Delhi, July 23 (PTI) The Supreme Court today directed the government and Bhaskar group-promoted Writers and Publishers Ltd, which successfully bid for retail store Super Bazar last year, to sit together and sort out the issues relating to revival of the ailing shopping co-operative. A bench headed by Chief Justice S H Kapadia directed the Additional Solicitor General H P Rawal, appearing for the government, and senior advocate Rohington Nariman, representing the Bhaskar group, to sit togeather and correct the factual position of the ailing shopping co-operative. The bench, which also consisted of Justices K S Radhakrishnan and Swatantra Kumar directed the Bhaskar group to place documents regarding financial transaction. Court''s direction came after Rawal informed the court about the factual position of the money promised to be deposited by the Bhaskar group. He informed the court that the group has not deposited Rs 54.8 crores for worker''s liability and Rs 19.81 crores for spending. He also informed that out of the Rs 35 crore promised by the group for issuing shares, they have deposited Rs 20 crores in a fixed deposit in Bhopal. "We have reasons to believe that the court''s new offer to deposit Rs 20 crore for payment of dues would come from the same amount," he said. During the proceedings, the court asked the minority group of employees, protesting the take over, to cooperate with the company. It asked the members of the minority union to join the over 700 workers union who have supported the revival plan. "You are blocking the threshold of the scheme. you are proposing that it is a very cash rich firm with huge cash deposits. It is a sick company and for its continuity, you need to cooperate," the court said. The court further said that if the bidders would go out then Super Bazar would close down. Almost a decade ago, Super Bazar suffered massive losses and the apex court had given its nod for the chain''s revival by allowing Writers and Publishers Ltd to take over its management. The group had proposed to invest Rs 102 crore to make Super Bazar''s net worth positive and Rs 276 crore towards working capital after withdrawal of the liquidation order. It has pledged another Rs 126 crore for the revival and revamping of business of Super Bazar. The government had invited bids in May 2006 after the Supreme Court asked the Centre to examine ways to revive the cooperative super market. Super Bazar had around 40,000 shareholders, 156 branches, 15 mobile vans and other units functional in and around Delhi at the time of its closure.
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