Companies

As court vacates ad-interim injunction, Eveready, McLeod free to sell assets

Our Bureau Kolkata | Updated on December 01, 2019 Published on December 01, 2019

Williamson Magor Group companies Eveready Industries India Ltd and McLeod Russel India Ltd have informed that the Calcutta High Court has vacated the ad-interim order of injunction, which had restrained both companies from transferring, alienating or encumbering any of its assets till the application filed by IL&FS was disposed off.

The Calcutta High Court had, on September 3, passed an ad-interim order of injunction restraining Williamson Magor Group companies, including Eveready Industries, McLeod Russel and Williamson Magor & Co Ltd, from transferring, alienating or encumbering any of its assets.

IL&FS had granted loan facilities of ₹170 crore to the group through Williamson Magor & Co Ltd.

However, both Eveready and McLeod Russel had earlier clarified that since it is neither a party to any agreement or arrangement with the petitioner, in respect of the said alleged dues, nor does any claim pertain to the said dues from the company, the said ad-interim order against the company would not be legally tenable.

In a notification to the stock exchanges on Saturday, McLeod said, “In this connection, the High Court at Calcutta, with regard to an appeal filed by the company, has been pleased to vacate the ad-interim injunction, thereby allowing the company to transfer or alienate or encumber the tangible or intangible assets of the company and use or usufruct the proceeds from the sale of any asset of the company.”

Both companies also clarified that the vacation of the said ad-interim order would have no impact on the operations or the day-to-day business of the companies.

Published on December 01, 2019
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