9911796707
TMI Blog2000 (12) TMI 848X X X X Extracts X X X X X X X X Extracts X X X X ..... sity of Harvard, U.S.A. The applicant was a Union Cabinet Minister during 1990-91 and he filed several public interest litigations. In the affidavit, there is a reference to the steps taken by the applicant in filing a writ petition against the disinvestment of shares of the SPIC group held by TIDCO in favour of a few individuals and the order passed in the writ petition as well as in the writ appeal. According to the applicant, M.C.C. Finance Ltd. is a part of the group of companies of the late M.A. Chidambaram. In the affidavit, there is also a reference to the default committed by M.C.C. Finance Ltd. in the repayment of principal and interest to the depositors and the appointment of a Special Officer by the Reserve Bank of India with a v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the applicant is having vital information regarding diversion of funds of M.C.C. Finance Ltd. and if he is impleaded as a party/respondent, it would facilitate him to furnish the information known to him without filing independent applications. The learned counsel also submitted that the applicant is interested in the welfare of the deposi- tors of M.C.C. Finance Ltd. and since he has the capacity to gather information and he is in possession of important information relating to the diversion of funds, in the interest of general public and to protect the interest of various depositors, the applicant should be impleaded as a party/respondent in the company petition. 4. Mr. Arvind P. Datar, the learned senior counsel submitted that the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the company petition. His plea that the applicant has initiated proceedings against the disinvestment of shares held by TIDCO in favour of a few individuals has no bearing in consi-dering the question whether the applicant should be impleaded as a party/respondent in the company petition. Mr. G. Rajagopalan, the learned counsel for the applicant submitted that since the applicant is having certain vital information regarding diversion of funds of M.C.C. Finance Ltd. in favour of the group of companies headed by Mr. A.C. Muthiah and since M.C.C. Finance Ltd. is also one of the companies falling under the group, the applicant should be impleaded as a party which will facilitate him to disclose the information he is having in his possession ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to conduct the investigation on the affairs of the company and a provisional liquidator has been appointed to realise all assets of the company. Further, this Court is in seisin of the matter and in this situation, I hold that the application to implead the applicant as a party/respondent in the company petition is not entertainable in law. 8. The Supreme Court in National Textile Workers Union v. P.R. Ramakrishnan [1983] 53 Comp. Cas. 184 has held that the workers of a company against whom winding up proceedings have been initiated are entitled to appear and be heard both before the winding up petition is admitted and the workers are entitled to appear and be heard on the application for appointment of provisional liquidator. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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