Financial Daily from THE HINDU group of publications
Sunday, Jun 30, 2002
Financial Daily from THE HINDU group of publications Sunday, Jun 30, 2002 |
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Corporate
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Courts/Legal Issues Corporate - Sick Units Hearing in MAMC case adjourned Our Legal Correspondent
KOLKATA: A Division Bench comprising Mr Justice Banerjea and Mr Justice P N Sinha of the Calcutta High Court declined to accept the proposition for granting authority to the Official Liquidator (OL) to take possession of Mining & Allied Machinery Corporation (MAMC), with an expressed fear of a public furore in Durgapur, West Bengal. The court held that such possession will create difficulty and ultimately will affect the rights of the employees. On an appeal filed by MAMC Retired and Super-annuated Employees' Association, the court passed the order adjourning the issue for 3 months. In the appeal, the appellants resisted the move of Union Government to transfer all the assets of MAMC to the Official Liquidator.
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