Financial Daily from THE HINDU group of publications
Sunday, May 14, 2006
Financial Daily from THE HINDU group of publications Sunday, May 14, 2006 |
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Corporate
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Courts/Legal Issues Atlas Cycles asset division: HC upholds E&Y report Our Bureau
New Delhi , May 13 The Delhi High Court has passed an order upholding the valuation report prepared by consultancy firm Ernst & Young Pvt Ltd to divide Atlas Cycles (Haryana) Ltd's assets amicably among the three Kapur families, who jointly own the company. According to a company press release, the court has also vacated the stay order on implementation of the report and the families can go ahead with the consultancy major's suggestion of asset division by drawing lots among them. While valuing the company's assets at about Rs 175 crore, Ernst & Young had divided the assets in three clusters. The release further said the court has also imposed a cost of Rs 1.1 lakh on the plaintiffs for filing frivolous cases. The suit filed by claimant Mr Arun Kapur and his sons Mr Akshay Kapur and Mr Ashwat Kapur had sought permanent injunction to restrain the sale or disposal of the group's assets and stay on the implementation of the valuation report of the Kapur family group. The plaintiffs had alleged that they were deliberately kept out of the assets' valuation process by E&Y in order to dispose off the property illegally.
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