CLOSURE OF SUPER BAZAR
Super Bazar, the Cooperative
Store Limited, New Delhi has been directed by the Central Registrar
of Cooperative Societies (CRCS), vide order dated 5.7.2002, to
be wound up, said Shri V. Sreenivasa Prasad, Minister of State
for Consumer Affairs, Food and Public Distribution in Lok Sabha
today.
While issuing order for winding up of Super Bazar, the CRCS observed
that, at present, Super Bazar is on the brink of financial collapse,
and that without continuous financial support from Government,
is not in a position to carry out its activities.
Super Bazar has reported that, at present, the number of retail
outlets is 125, which are all non-functional due to the winding
up process.
Super Bazar has negative net worth taking into account the depreciated
value of its assets and the losses accumulated over the years.
