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Plea to wind up Sujana Industries admitted
Highlights
Justice A Rajasekhara Reddy of the High Court at Hyderabad on Tuesday admitted a company petition seeking winding up of Sujana Universal Industries Limited. As reported earlier, Mauritius Commercial Bank Limited filed a petition saying that the company owed the bank Rs 106 crore. The company promised to pay the due in instalments starting January 2015 to January 2017 that was rejected by the bank.
Hyderabad: Justice A Rajasekhara Reddy of the High Court at Hyderabad on Tuesday admitted a company petition seeking winding up of Sujana Universal Industries Limited. As reported earlier, Mauritius Commercial Bank Limited filed a petition saying that the company owed the bank Rs 106 crore. The company promised to pay the due in instalments starting January 2015 to January 2017 that was rejected by the bank. The company then refused to pay the amount saying that it was not liable under the company law. Admitting the petition, the judge granted 6 months time to Sujana Universal to publish the notification of winding up to facilitate repayment.
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