While there have been a few hearings between our last update on the Winding up Petition No. 143/2015, most have been of little consequence.
Just to refresh our memory, in the order passed by the Single Judge in the said CP No. 143/2015, Helios and Matheson Information Technology Ltd. was ordered to be wound up for its inability to meet its financial obligations. However Helios and Matheson Information Technology Ltd. filed an appeal in OSA 19/2016 before the two Judge bench and obtained a temporary stay against the order of the Single Judge, pending the outcome of the appeal.
The matter came up for hearing today before the Single Judge. The arguments were basically on whether the temporary stay operates against the winding up order in CP No. 143/2015 or against the winding up order in all the CPs, i.e. 144 and 145. The Single Judge stated that the stay operates against all winding up orders passed and until that is not lifted, the Single Judge cannot do much.
However, the Single Judge is responsive and has ordered Helios and Matheson Information Technology Ltd. to file an affidavit stating the current affairs of the company, details of tangible and intangible assets and correct statement of amounts due to the depositors. Further the Single Judge has directed that the 7 crores already deposited shall be put into a Fixed Deposit until further notice.
Next hearing date is 23/09/2016.