SC Forms Committee for Sai Prakash Claims

Case Name: Pushpendra Singh Baghel vs. State of Madhya Pradesh & Ors.
Petition Type: Writ Petition (Criminal) No. 125/2026.
Court: Supreme Court of India.
Order Date: 29‑05‑2026.
Period of Dispute: Petitioner has been incarcerated continuously for more than 11 years; multiple FIRs registered across various jurisdictions.

Petitioner: Pushpendra Singh Baghel.
Respondents: State of Madhya Pradesh & Others.
Special Committee Chairperson: Former Chief Justice of Rajasthan and Madras High Courts, Mr. Justice Manindra Mohan Shrivastava.
Regulatory Body Implanted: Securities and Exchange Board of India (SEBI).
Other Entities: State Legal Services Authorities, Nodal Officers appointed by respective State Chief Secretaries, and the petitioner’s family members and associated companies.

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 monetary in nature.
The petitioner is in custody/convicted in connection with these FIRs.

The Court noted the petitioner’s prolonged incarceration (over 11 years) and the substantial monetary nature of investor claims.
It opined that genuine settlement efforts could resolve multiple cases amicably.
The Court emphasized the need for a structured mechanism to identify and settle investor claims.

Interim Bail: Granted for three months upon furnishing two surety bonds of Rs. 10,00,000 each and a personal bond of the same amount.
Special Committee Formation: Directed the formation of a Special Committee headed by Justice Manindra Mohan Shrivastava to identify and settle all investor claims related to Sai Prakash Assurance Services and its associates.
Honorarium: Chairperson entitled to Rs. 50,00,000 (half payable upfront, half on submission of the first report).
SEBI Impleadment: Interlocutory Application No. 166646 of 2026 allowed; SEBI to cooperate fully and provide all relevant records.

Petitioner’s Obligations: Upon release, must immediately approach the Committee Chairperson and provide:

1. Details of all pending FIRs/criminal proceedings.

2. Investor details and claimed liabilities.

3. Complete particulars of movable and immovable properties (including lands) owned by the petitioner, family members, and group companies.

4. Details of bank accounts, fixed deposits, and other liquid assets in the names of the petitioner, family members, or associated companies.

5. All relevant title documents, revenue records, company records, investor records, and any other material required.

6. Any additional material as sought by the Committee.

Registrar (Judicial): To issue release orders to all courts/prisons and provide the Committee Chairperson’s contact details to concerned parties.
State Cooperation: Each State where FIRs were registered or lands are located shall appoint a Nodal Officer from the State administration services; Chief Secretaries to act upon communication from the Chairperson.
Expense Bearing: 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, outlining progress on investor identification, liability verification, and asset valuation/liquidation.
Further Hearing: Matter listed for 21 September 2026 to consider the Committee’s compliance/status report.

Interim bail granted subject to surety bonds.
Formation of Special Committee with explicit mandate to settle investor claims of Sai Prakash Assurance Services and associate companies.
SEBI impleaded and directed to cooperate fully.
Detailed compliance obligations imposed on petitioner, Registrar, States, and the Committee.
Future monitoring through interim report (by 15 Sep 2026) and subsequent hearing (21 Sep 2026).