Sai Prakash Assurance Bail, Rs 50L Honorarium Ordered

Case Name: Writ Petition(s)(Criminal) No(s). 125/2026
Parties: Pushpendra Singh Baghel (Petitioner) vs. State of Madhya Pradesh & Others (Respondents)
Court: Supreme Court of India, Court No.2, Section X
Order Dates: IA No. 91232/2026 (exemption), IA No. 149700/2026 (interim bail), Main order dated 29-05-2026; matter listed for 21-09-2026
Period of Custody: Petitioner has been incarcerated continuously for more than 11 years; multiple FIRs registered across jurisdictions.

Petitioner: Pushpendra Singh Baghel
Respondents: State of Madhya Pradesh & others
Special Committee Chairperson: Justice Manindra Mohan Shrivastava (Former Chief Justice, Rajasthan & Madras High Courts)
Regulatory Body: Securities and Exchange Board of India (SEBI) – impleaded as party respondent
Court Officials: Registrar (Judicial), Assistant Registrar‑cum‑PS (Neetu Khajuria), Court Master (Nidhi Mathur)
Counsel: Various senior advocates listed for petitioner and respondents
State Authorities: Nodal Officers appointed by each State where FIRs or lands are located; Chief Secretaries of concerned States

Alleged fraudulent activities by Sai Prakash Assurance Services Private Limited and its associate companies, resulting in multiple FIRs.
Investor claims arising from those activities are quantifiable and require monetary settlement.
Petitioner’s prolonged detention and the need to resolve investor grievances.

The Court observed that genuine settlement of investor monetary claims could lead to closure of multiple cases.
Recognised the petitioner’s continuous incarceration of over 11 years as a significant factor.
Determined that a Special Committee is necessary to identify, verify, and settle all investor claims and to manage asset liquidation.

Interim Bail: Granted for three months on condition of furnishing two surety bonds of Rs 10,00,000 each and a personal bond of Rs 10,00,000.
Special Committee Formation: Headed by Justice Manindra Mohan Shrivastava.
Honorarium: Chairperson to receive Rs 50,00,000, payable half upfront and half upon submission of the first report.
Expenses: Petitioner to bear all logistical and human‑resource costs of the Committee, amount to be decided by the Chairperson.
SEBI: Allowed to be impleaded; required to cooperate and provide all relevant records.

1. Details of all pending FIRs/criminal proceedings.

2. Investor details and claimed liabilities.

3. Particulars of movable and immovable properties of petitioner, family, and group companies.

4. Bank account, fixed deposit, and other liquid asset details.

5. All relevant title, revenue, company, and investor records.

6. Any additional material as sought by the Committee.

Registrar (Judicial) to issue release orders to all courts/prisons holding the petitioner.
Each concerned State to appoint a Nodal Officer to facilitate Committee proceedings.
Chairperson to submit an interim status report in sealed cover by 15‑09‑2026.
Matter listed for further hearing on 21‑09‑2026 to consider the Committee’s compliance/status report.

The Court’s order encompasses interim bail, formation and remuneration of the Special Committee, petitioner’s obligations, state‑level facilitation, and SEBI’s involvement.
Enforcement to be monitored through the interim status report and the scheduled hearing on 21‑09‑2026.