Our Bureau

Chennai, Feb. 17

THE Company Law Board has directed three branches of the State Bank of India (Erode Main; Leather and International branch, Kilpauk; and Adyar), Syndicate Bank and ABN Amro Bank (Nungambakkam branch) to furnish particulars of the bank account of Cheran Enterprises Pvt Ltd to O.R.E Holdings Ltd of Mauritius.

In an order passed on Wednesday, the board's Additional Principal Bench at Chennai, directed the banks to provide the details by March 7. The bench also took on record the memo dated February 15, 2006 filed by ORE Holdings regarding the general meeting held on February 6, 2006.

The statutory auditor appointed by the members shall complete the audit of the accounts for the year ended March 31, 2005 and serve a copy on both the petitioner and the respondent.

It may be recalled that the CLB had passed an interim order in December 2005 staying the sale or alienation of the immovable properties of Cherraan Propertiees Ltd, of which Mr K.C. Palanisamy is a director, and Vasantha Mills, on a petition filed by O.R.E. Holdings.

Subsequently, the CLB extended its order restraining the two Coimbatore-based companies from alienating or selling their immovable property to another company.

At a hearing on January 31, 2006, it was stated that Price Waterhouse had resigned as statutory auditor of Cheran Enterprises Pvt Ltd, following which the CLB asked the company to convene a meeting of its members to appoint an auditor and to get the accounts for the year ended March 31, 2005 audited.

(This article was published in the Business Line print edition dated February 18, 2006)
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