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Our Bureau

Chennai, Sept. 14

THE Madras High Court has ordered the winding up of the Coimbatore-based SIV Industries Ltd following the recommendation of the Board for Industrial and Financial Reconstruction (BIFR).

Mr Justice K. Raviraja Pandian, in his order, recalled that the Company petition filed by the BIFR, praying for an order to wind up SIV Industries, stated that the BIFR had recommended winding up the company under the provisions of the Sick Industrial Companies (Special Provisions) Act, 1985.

In his affidavit, company's counsel had stated that the Company could not be revived, and at least for the purpose of safeguarding the assets of the Company, an order for winding up was immediately needed from this Court and that the other procedural formalities were not necessary as the BIFR had recommended for the winding up of the Company.

While accepting the BIFR's recommendation and ordering the winding up of the Company, the Judge said that the Official Liquidator would be the liquidator of the Company forthwith and take charge of all the properties and effects of the Company. The directors of the Company were directed to file the statement of affairs within eight weeks. The Company was directed to deposit a sum of Rs 10,000 with the Official Liquidator towards initial expenses.

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