New Delhi: The Supreme Court on Thursday accepted the Rs504 crore bid of Bhaskar group-promoted Writers & Publishers Ltd to revive ailing cooperative, Super Bazar, after a consortium led by Pantaloon Retail opted out.
A bench headed by Justice S.H. Kapadia directed the Registrar of Cooperatives to keep its order for liquidation of Super Bazar’s assets in abeyance and initiate the process for its revival.
Super Bazar has been on the block for a while now. Reliance Industries had shown interest to pump in Rs288 crore to revive the cooperative, but had withdrawn the offer subsequently.
Cooperatives can be merged with other cooperatives but cannot be taken over by a private company.