Companies

Don’t meddle with assets, Calcutta HC tells entities belonging to Williamson Magor group

Our Bureau Kolkata | Updated on September 16, 2019 Published on September 16, 2019

The Calcutta High Court has 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 their assets till the application filed by Infrastructure Leasing and Financial Services (IL&FS) was disposed off.

According to the petitioner (IL&FS) based on the negotiations entered into with the Williamson Magor Group it had granted loan facilities of ₹170 crore to the group through Williamson Magor & Co Ltd.

In a notification to stock exchanges on Sunday, Williamson Magor & Co said, “The matter is currently sub judice and the company is in the process of taking appropriate action against the said order based on advice from its legal advisors.”

‘Not legally tenable’

Both Eveready, the battery maker, and McLeod, the bulk tea producer, clarified: “The company has been advised 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 pertaining to the said dues arise from the company, the said ad-interim order against the company, should not be legally tenable.”

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

Published on September 16, 2019
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