Chennai, Mar 14 (UNI) The Hindustan Teleprinters Employees' Union (HTEU) has challenged the sale of 11 acres of land situated in Guindy, a prime location in the city through e-auction for the sum of Rs 298 crore by Hindustan Teleprinters TD (HTL).
A division bench comprising Justice S J Mukhopadhya and Mr Justice R Sudhakar, before whom the petition filed by the HTEU came up for hearing, directed the Union Government and four others to file their counters and adjourned further hearing of the case by two weeks.
The bench made it clear that if any sale deed was executed with regard to the land in question, the same will be subject to the result of the writ petition.
In its petition, the HTEU sought to restrain the HTL from executing or registering the sale deed in respect of the sale conducted by e-auction for 11.021 acres of the company's land situated at Industrial Estate, Guindy.
The petitioner said originally, the petitioner had challenged the Centre's decision to divest its stake in HTL to an extent of 74 per cent in favour of Himachal Futuristics Communication TD (HFCL).
The essential ground of challenge was that the valuation of the 74 per cent stake was perverse and that the said 74 per cent stake was virtually given free to HFCL.
During the pendency of the petition, 11 acres of land was proposed to be sold by the HTL and the petitioner had applied for an injunction to restrain the sale and during the pendency of this application, the said 11 acres of land had been sold through e-auction for Rs 298 crore, the petitioner added.
The HTEU submitted that it was just and necessary to protect the public interest to preserve the property of the company.
Irreparable loss would be caused to the public interest if the assets of the company are alienated pending decision relating to the validity of the transfer of 74 per cent stake of HTL in favour of HFCL.
The proceedings under the Sick Industrial Companies (Special Provision) Act was pending before the Board for Industrial and Financial Reconstruction(BIFR), the HTEU added and sought to restrain the HTL from alienating any of its properties situated in Chennai and Hosur, pending disposal of the writ petition.
UNI
A division bench comprising Justice S J Mukhopadhya and Mr Justice R Sudhakar, before whom the petition filed by the HTEU came up for hearing, directed the Union Government and four others to file their counters and adjourned further hearing of the case by two weeks.
The bench made it clear that if any sale deed was executed with regard to the land in question, the same will be subject to the result of the writ petition.
In its petition, the HTEU sought to restrain the HTL from executing or registering the sale deed in respect of the sale conducted by e-auction for 11.021 acres of the company's land situated at Industrial Estate, Guindy.
The petitioner said originally, the petitioner had challenged the Centre's decision to divest its stake in HTL to an extent of 74 per cent in favour of Himachal Futuristics Communication TD (HFCL).
The essential ground of challenge was that the valuation of the 74 per cent stake was perverse and that the said 74 per cent stake was virtually given free to HFCL.
During the pendency of the petition, 11 acres of land was proposed to be sold by the HTL and the petitioner had applied for an injunction to restrain the sale and during the pendency of this application, the said 11 acres of land had been sold through e-auction for Rs 298 crore, the petitioner added.
The HTEU submitted that it was just and necessary to protect the public interest to preserve the property of the company.
Irreparable loss would be caused to the public interest if the assets of the company are alienated pending decision relating to the validity of the transfer of 74 per cent stake of HTL in favour of HFCL.
The proceedings under the Sick Industrial Companies (Special Provision) Act was pending before the Board for Industrial and Financial Reconstruction(BIFR), the HTEU added and sought to restrain the HTL from alienating any of its properties situated in Chennai and Hosur, pending disposal of the writ petition.
UNI
Oneindia Login