Monday, 14 December 2015

Winding Up Petition 143/2015 - Hearing Update (04/12/2015 and 11/12/2015)

Firstly, our good wishes to our advocates and their families for braving the worst of conditions in Chennai.

Hearings did take place (amazingly!) on the 4th and 11th of December 2015. As we could not establish contact with our advocates we could not update you on the same.

Helios and Matheson Information Technology Ltd. could not comply with the required condition, i.e. depositing further amounts in the High Court.

Our advocates pleaded that orders be passed either appointing Provisional Liquidator for the company or removing the interim order passed earlier protecting the company and its officers from arrest.

The Judge seems to be trying to balance the interest of recovery of money for the investors and taking a hard stance against the company and is therefore giving more time to the company.

Next date of hearing is 18/12/2015.