New Delhi, Mar 15 (UNI) Reliance Group headed by Mukesh Ambani today withdrew its bid for Super Bazaar located in Cannaught place, following refusal of the Government to suitably amend the existing laws to give the group effective control and management over the bazaar.

A Supreme Court Bench comprising Justices B P Singh and H S Bedi also permitted the private business group to withdraw Rs 5 crore it had deposited as earnest money.

The court directed M/S Indian Pottash, the only bidder now left in the fray, to discuss with the Government whether it was possible to give effective management and control to a private player within the existing legal framework and report back to the court outcome of the discussion by March 21, the next date of hearing.

The total deal was of Rs 288 crore and the contention of the Government is that there is need to amend the exiting laws for handing over the Super Bazaar's effective management and control as the same is possible within the existing framework of law.

Today's directions came on a petition filled by Super Bazaar Karamchari Dalit Sangh and others.

The Super Bazaar, which was being run by the Government had to be close down in the late nineties after it suffered heavy loses due to rampant corruption and then the Government decided to revive the bazaar through the participation of private players.

Super Bazaar is governed by Multistate Cooperative Societies Act.

UNI