Based on a study of the National Consumer Cooperative Federation and property evaluation by ICICI Bank, the government has agreed in-principle to revive the erstwhile super-market chain Super Bazaar which was shut down two years ago.
"Properties of Super Bazaar have been evaluated by ICICI Bank while the NCCF has devised the revival plan which will now be taken up by the next government after the polls," official sources told PTI, adding the plan was prepared early last month under a directive of Consumer Affairs Minister Sharad Yadav.
They said Super Bazaar brand name is well established but after the value additions which will be made, it is proposed to call the revived entity Super Bazaar Plus. Its revival will provide consumer goods to the burgeoning middle class at affordable rates, particularly life saving drugs.
The action plan proposes to first reopen units dealing in medicine and pharmaceutical articles in the hospitals.
In places categorised as "A+" by the ICICI Bank, it is suggested these may handle grocery and provisions and also undertake supplies to government departments including hospitals, jails and municipalities.
At the outset, the order of liquidation issued by the Central Registrar (Cooperative Societies), needs to be recalled and the management of the Bazaar restored to the original board of directors, they said.
Thereafter, the board of directors can be superseded under Section 123 of the Multi-State Cooperative Societies Act, 2002 and an administrator appointed for revival.
