The matter was heard today. As Helios and Matheson Information Technology Ltd. had still not moved the Division Bench on the Appeal and had not expedited the matter in appeal, the Single Judge expressed his inability to do much.
He advised the advocates on behalf of the depositors to take up the matter before the Division Bench in the appeal and lift the stay obtained by Helios and Matheson Information Technology Ltd. as the Company was not taking any action and was stalling the process of justice.
The advocates on behalf of Helios and Matheson Information Technology Ltd. expressed their desire to disburse the amount deposited in court to the depositors. The Single Judge stated that he would order the formation of a Committee comprising of the Official Liquidator and a few depositors and representatives of Helios and Matheson Information Technology Ltd. to ensure fair disbursement. However, as it seems this is unlikely and looks like a ploy to buy further time by Helios and Matheson Information Technology Ltd.
Order of the Single Judge will be uploaded once it is received.
Next date of hearing is 24.11.2016.
