Financial Daily from THE HINDU group of publications
Thursday, May 16, 2002
Financial Daily from THE HINDU group of publications Thursday, May 16, 2002 |
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Agri-Biz & Commodities
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Courts/Legal Issues Madras HC vacates stay on Tantea broker selection P.S. Sundar
COONOOR, May 15 THE Madras High Court has vacated the interim stay it granted in the Tamil Nadu Tea Plantation Corporation (Tantea) case on March 15 and posted the writ appeal for immediate hearing after the vacation. Mr Justice P. Shanmugham and Mr Justice F.M. Ibrahim Kalifulla, in an appeal filed by the TTBL Tea and Technologies Ltd, formerly called TTBL Brokers Ltd, ruled that there was no objection, legally and, in merits, in the Tantea decision revising the list of brokers to sell its tea. Observing that there was no specific procedure for selecting the tea brokers, the judges said the corporation could decide on its own. Tantea had, through an order on November 28, 2001, appointed three brokers, Contemporary Target, Best Tea and Imperial. However, in a letter dated December 3, 2001 it allotted the teas from its Pandiar factory to TTBL in respect of Coimbatore and Kochi auction centres.
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