The Hindu Business Line : Jessop case: Titagarh Wagon moves court

TITAGARH Wagon Ltd (TWL) today filed a petition before Mr Justice Pranab Kumar Chattopadhyay of THE Calcutta High Court asking for appointment of a Receiver on the assets of Jessop & Co. Ltd (JCL).

TWL and its three associates had earlier filed a writ petition challenging the disinvestment process of JCL. The Court passed an order observing that any decision regarding disinvestment of J.C.L. would have to abide by the result of the writ petition.

Today the Court held that the question of passing any interim order would be considered after filing of affidavits. The Court directed the parties to file affidavits, fixing the case for hearing in the last week of November.

In the petition, TWL has alleged that after taking possession of the JCL, Ruia Cotex Ltd (RCL) was trying to dispose of the assets of JCL clandestinely. A Receiver would have to be appointed to make an inventory. TWL further asked that Bharat Bhari Udyog Nigam Ltd (BBUNL), the former holding company of JCL, be restrained from disbursing the sale proceeds of Rs 10 crore of JCL land to Metro Railway or to anybody else, and not change the nature and character of JCL.

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Jessop case: Titagarh Wagon moves court