PINAKI MAJUMDAR
Jamshedpur, Feb 8: Supreme Court on Monday dismissed the pleas of two companies – Kamala Mills and Fasaqua – after they withdrew their claims.
Petition of both the companies filed by one Ramesh Ghamandiram Gowani was heard in a marathon hearing which continued for over two hours.
Both companies had challenged the order of the National Company Law Appellate Tribunal (NCLAT) which had earlier turned down the liquidation order of Incab passed by the Kolkata bench of the National Company Law Tribunal (NCLT).
The Supreme Court order came as a welcome relief for workmen.
The ailing company was referred to the erstwhile BIFR in 2020 as it was declared sick.
There were business sharks, in this case, having vested interests which tried their best in a sinister design to misappropriate all the assets and properties of the Incab Industries, once a bluechip company.
Incab has substantial immovable properties at Jamshedpur, Pune, Kolkata, Mumbai, New Delhi and Chennai.
M/s Leader Universal (Mauritius) Company Limited which holds 51% shares in the corporate debtor ( read Incab) abandoned its legal responsibilities mandated under the law of maintenance of accounts, preparation of balance sheets and getting the balance sheets audited annually.
Senior advocate Akhilesh Srivastava who is fighting the case in favour of employees said, “We are happy with the Supreme Court order. It is a victory for the employees.”
Now all eyes are fixed on the NCLT hearing scheduled on March 3.
Incab’s Jamshedpur plant currently has a strength of around 900-odd employees.
In the mid-1990s, Malaysian promoter Leader Universal Berhad Cables took over the firm. But, the company started suffering losses and slid deeper into the red.
As it was suffering losses Incab was referred to the BIFR in 1999, a year before Jharkhand was carved out of Bihar.
Since then the employees are deprived of their monthly salary and other benefits.
