The Calcutta High Court adjourned hearing on a stay-vacating application in the case involving alleged fraud by the directors of MIMEC India Ltd. Mr Justice Kanwaljit Singh Ahluwalia adjourned the hearing on the ground of indisposition of State’s Advocate General, Mr Anindya Mitra, who represented the accused directors of MIMEC till September last year. The High Court in December last year had stayed proceedings in the criminal complaints. Three ITC associate companies – Russell Investments Ltd, Divya Management Ltd and Antrang Finance Ltd – jointly hold 1,64,509 shares of Rs 10 each, representing 79.86 per cent of the paid-up equity of 2,06,006 shares of MIMEC India.

(This article was published on July 11, 2012)
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