Financial Daily from THE HINDU group of publications
Sunday, Nov 24, 2002

Port Info

Group Sites

Industry & Economy - Disinvestment
Corporate - Courts/Legal Issues

Hearing over in Jessop case; verdict reserved

Our Legal Correspondent

KOLKATA, Nov. 23

MR Justice K.J. Sengupta of the Calcutta High Court on Thursday heard the submission of the counsel of Jessop & Co Ltd Staff Association and concluded the hearing pursuant to an order passed by the Supreme Court. Judgement is kept reserved.

The association filed a writ petition challenging the decision of the Union Government to disinvest its share in Jessop & Co Ltd (JCL) and its contemplation to do so by selecting a buyer for it at Rs 18 crore.

After hearing, the court granted stay, restraining the Union Government to deal with its shares in JCL, and saying that the BIFR should not take any decision without the leave of the court.

Earlier, Bharat Bhari Udyog Nigam Ltd (BBUNL), under which JCL is operating, concluded its submission supporting the stand of the Union Government. While arguing the matter, the Government Counsel stated that though JCL is manufacturing EMV coaches and many other components for the Railways, it could not be said to be an industry in the strategic sector.

Railway transport is within strategic sector but the manufacturer of rolling stock relating to Railways cannot come within the meaning of strategic sector.

Ruia Cotex Ltd (RCL), the intending buyer, was not pleased with the High Court observation and went to Supreme Court, when a Division Bench of the High Court dismissed the appeal.

The Supreme Court, on November 12, 2002, also dismissed the SLP directing the single judge to dispose of the petition at the next date of hearing i.e., on November 21, 2002.

Send this article to Friends by E-Mail
Comment on this article to

Stories in this Section
Chinese imports hit Travancore Titanium — Stocks worth Rs 26 cr piled up: Union

Dumping duty likely on lamps from China, HK
No fears of financial crisis: Jalan
`Macro-economic indicators are strong'

PM clears hike in Plan allocation for sports
G-20 for caution on capital account convertibility
Truck, bus tyre production up In September
Meet on Nov 27 to study fund support aspect — Ministry initiates steps for revival of ECL
Project exports rise 5.4 pc
Tenth Plan aluminium growth target at 8%
Agri task force submits proposals to PM
New ISRO rocket series takes off
CCMB research facility for infectious diseases
Hearing over in Jessop case; verdict reserved
Jindal plan proves our point, say Salem Steel workers
`Trade barriers on services must go'
Rs 1,200-cr scheme to provide drinking water to villages
Tax rebates under Section 88 may be retained in limited manner: Tax assn

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |

Copyright 2002, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line