9911796707
TMI Blog2006 (12) TMI 244X X X X Extracts X X X X X X X X Extracts X X X X ..... have released on 27-11-2006 and have been listed along with the decided Company Petition Nos. 19 of 1996, 111 of 1996, 77 of 1999 and 78 of 1999. 3. Now since all the matters have been connected, the order dated 1-9-2006, passed in Company Petition No. 48 of 1999, in the matter of United Western Bank Ltd. and in the matter of Khaitan Hostombe Spinels Ltd., have become relevant. 4. A perusal of the events as they have unfolded in this court in these 19 petitions shows that the Company Petition No. 25 of 1996 was filed by M/s. Hindustan Thompson Associates Ltd., to wind up Khaitan Hostombe Spinels Ltd. (KHSL), for non-payment of Rs. 38,76,000 as on 31-10-1995. Notices were issued on this petition on 19-8-1996. The company petition wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he order dated 27-5-1997, confirming the amalgamation petition. 7. The Bank of Madura filed Special Appeal No. 347 of 1997, challenging the order of amalgamation dated 27-5-1997, on the ground that it had no notice of the meetings and that the merger will deprive the bank of the security of pledge of the equity shares of KHSL Industries and that scheme was not approved by three-fourth of the majority under the law of merger. 8. By an interim order dated 14-8-1997, passed in the special appeal the effect of impugned judgment dated 22-5-1997, was stayed. 9. In the backdrop, without disclosing the filing of the company petition and that the amalgamation has been stayed, Khaitan Overseas and Finance Ltd., was wound up by this court ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... approved without informing the fact of pendency of the winding up petition and giving notice to all the creditors and thereafter in getting Khaitan Overseas and Finance Ltd., wound up without much contest. They did not file statement of affairs and it is reported that they have left the country. They appear to have succeeded. The law, however, is above all, must take stock of the situation, and punish those, who are guilty of misappropriation of crores of rupees or may be transferring crores of rupees outside the country. The public money should not be allowed to be siphoned off without fixing accountability and if possible recovery from the hands of all those, who possess the same. 12. In the circumstances, the court directs as follows ..... X X X X Extracts X X X X X X X X Extracts X X X X
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