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| Exchange Disseminated Time | Golden Tobacco Ltd has informed BSE that the Hon’ble Company Law Board, Mumbai Bench vide its order dated January 29, 2015 in the petition of filed by M/s. J. P. Financial Services Ltd and Ors. (Petitioners) against the Golden Tobacco Limited (the respondent), have not granted ad-interim stay on the petitioners, to alienate properties mainly on following grounds:
1. provisions of SICA prevail over the provisions of the Companies Act and
2. Proper recourse is available to the petitioners to seek approval/permission from BIFR.
Accordingly, the Hon’ble Company Law Board as per their order para 16 (page No. 13 ) ordered that "the petitioners may accordingly seek approval /permission from the BIFR for further prosecution of the petition, if so advised. With the aforesaid observation, the ad-interim prayers stand disposed off. |
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