Supreme Court directs Govt to call for fresh bids for Super Bazar

New Delhi, July 12 (UNI) The process to privatise Super Bazar located in Connaught Place here today suffered a setback when the Supreme Court directed the authorities to return Rs 65 crore deposited by Indian Potash within three weeks, and seek fresh bids.

The Supreme Court's direction came following a dispute between the Joint Bidders M/S Indian Potash and Indian Labour Cooperative Society on the issue.

The bench comprising Justice S H Kapadia and Justice S Sudarshan Reddy also directed respondents to invite fresh bids for Super Bazar within four weeks.

The Super Bazar was closed down by the government after it suffered heavy losses due to rampant corruption among its staff.

The employees union approached the Supreme Court, seeking directions for the revival of the institution on the grounds that livelihood of hundred of employees was at stake.

The Supreme Court decided to invite private players to run the cooperative society known as Super Bazar.

The diffrences between the Joint Bidders cropped up when Indian Potash refused to give 50 per cent shares in profits as well as control in management to the Labour Cooprative Society as the society has not ivested even a single penny and the entire sum of Rs 65 crore had been paid by Indian Potash.

UNI