Description
RTI appeal regarding status of payment process to investors of Sai Prasad Group of Companies dismissed as CPIO adequately responded with information about HPSC constituted by Supreme Court.
Summary
The Appellate Authority under the RTI Act dismissed Appeal No. 6678 of 2026 filed by Mukesh Joshi on January 21, 2026. The appellant sought information about the status and payment process for investors of Sai Prasad Group of Companies related to Writ Petition CRL No. 546/2023. The CPIO had adequately responded that the Supreme Court constituted a High Powered Sale Committee (HPSC) on July 15, 2024 to liquidate assets and refund investors, with procedures to be decided by the HPSC.
Key Points
- Appeal filed by Mukesh Joshi seeking information on Sai Prasad Group investor payment status
- Original RTI application dated November 4, 2025, received by SEBI on November 13, 2025
- CPIO responded on November 21, 2025 with information about Supreme Court order
- Supreme Court order dated July 15, 2024 constituted High Powered Sale Committee (HPSC)
- HPSC responsible for liquidating assets and refunding investors
- Appeal dismissed as CPIO provided adequate response
- Appellate Authority: Ruchi Chojer
Regulatory Changes
No regulatory changes introduced by this order. This is an administrative RTI appeal decision.
Compliance Requirements
No new compliance requirements. The order clarifies that:
- Asset liquidation and refund process is managed by the Supreme Court-appointed HPSC
- Refund procedures and modalities will be decided by HPSC
- Investors will be informed directly by HPSC about the process
Important Dates
- November 4, 2025: RTI application filed by appellant
- November 13, 2025: Application received by SEBI
- November 21, 2025: CPIO response issued
- December 26, 2025: Appeal filed
- January 2, 2026: Appeal received by Appellate Authority
- January 21, 2026: Appeal dismissed
- July 15, 2024: Supreme Court order constituting HPSC (referenced)
Impact Assessment
Market Impact: None. This is a procedural RTI appeal dismissal.
Investor Impact: Provides clarity to investors of Sai Prasad Group that the refund process is being managed by a Supreme Court-appointed High Powered Sale Committee, not directly by SEBI.
Operational Impact: Minimal. Confirms existing process where HPSC handles asset liquidation and investor refunds for Sai Prasad Group case.
Impact Justification
Administrative RTI appeal dismissal with no new regulatory changes or market impact; provides procedural information about ongoing investor refund process managed by Supreme Court-appointed committee.