Case Details

  • Case Name: Writ Petition(s)(Criminal) No(s). 125/2026
  • Petitioner: Pushpendra Singh Baghel
  • Respondent(s): State of Madhya Pradesh & Ors.
  • Court/Authority: Supreme Court of India
  • Date of Order: 29‑05‑2026
  • Period of Violation/Dispute: Petitioner has been incarcerated continuously for more than 11 years; multiple FIRs registered across various jurisdictions relating to alleged fraudulent activities of Sai Prakash Assurance Services Private Limited and associate companies.

Parties Involved

  • Petitioner: Pushpendra Singh Baghel
  • Respondents: State of Madhya Pradesh & Others
  • Special Committee Chairperson: Justice Manindra Mohan Shrivastava (Former Chief Justice of Rajasthan High Court and Madras High Court)
  • Regulatory Body: Securities and Exchange Board of India (SEBI) – to be impleaded as a party respondent
  • State Nodal Officers: To be appointed by each State where FIRs or lands are located
  • Counsel for Petitioner: Mr. Vinay K. Garg (Senior Advocate) and others
  • Counsel for Respondents: Mr. Pashupathi Nath Razdan and others

Issues / Allegations / Violations

  • Alleged fraudulent activities by Sai Prakash Assurance Services Private Limited and its associate companies, leading to the registration of multiple FIRs.
  • Investor claims arising from these alleged frauds are quantifiable and require monetary settlement.
  • The petitioner is convicted in connection with these FIRs and has been in custody for over 11 years.

Findings & Observations

  • The Court observed that genuine settlement of investor monetary claims could address grievances and potentially close multiple cases amicably.
  • Recognised the peculiarity of the petitioner’s prolonged incarceration and the substantial investor losses involved.

Penalties / Settlements / Directions

1. Formation of Special Committee: To identify and settle all investor claims and resolve disputes related to Sai Prakash Assurance Services Private Limited and associate companies.

2. Interim Bail: Granted to the petitioner for three months, subject to furnishing:

  • Two surety bonds of Rs. 10,00,000 each
  • One personal bond of Rs. 10,00,000

3. Release Orders: Registrar (Judicial) to ensure release orders are issued to all courts/prisons where the petitioner is detained.

4. Honorarium for Chairperson: Rs. 50,00,000 (Rs. 25,00,000 payable upfront, Rs. 25,00,000 upon submission of the first report).

5. SEBI Impleadment: Interlocutory Application No. 166646 of 2026 allowing SEBI as a party respondent; SEBI to cooperate fully and provide all relevant records.

Corrective Actions & Future Obligations

  • Petitioner’s Obligations (upon release):
  • Submit complete particulars of all pending FIRs/criminal proceedings.
  • Provide details of investors and claimed liabilities.
  • Furnish particulars of all movable and immovable properties (including lands) owned by the petitioner, family members, and group companies.
  • Disclose details of bank accounts, fixed deposits, and other liquid assets in the names of the petitioner, family members, or associated companies.
  • Submit all relevant title documents, revenue records, company records, investor records, and any other material required by the Special Committee.
  • Registrar (Judicial): To provide contact details of the Committee Chairperson and issue release orders.
  • State Nodal Officers: Each concerned State to appoint a nodal officer to facilitate Committee proceedings; Chief Secretaries to act upon communication from the Chairperson.
  • Expenses: Petitioner to bear logistics and human‑resource expenses of the Special Committee; quantum to be decided by the Chairperson.
  • Reporting: Chairperson to submit an interim status report in a sealed cover by 15 September 2026, detailing progress on investor identification, liability verification, and asset valuation/liquidation.
  • Future Hearing: Matter listed for 21 September 2026 for consideration of the interim report.

Final Ruling & Enforcement

  • Interim bail granted for three months with specified surety and personal bonds.
  • Special Committee constituted, chaired by Justice Manindra Mohan Shrivastava, with authority to settle investor claims and oversee asset sales.
  • SEBI impleaded and directed to cooperate fully.
  • Petitioner required to cooperate fully and provide exhaustive documentation as listed.
  • Compliance to be monitored through interim reporting and a subsequent hearing on 21 September 2026.