The Calcutta High Court on Wednesday offered a final breather till Friday to ailing tyre manufacturing company Dunlop India to deposit Rs 10 crore before considering a prayer for stay on the winding up order passed by a trial court last week.
A division bench comprising Justices Girish Gupta and Tarun Kumar Das directed Dunlop counsel to take instruction from the management if it would be able to deposit Rs 10 crore and how it planned to bring back assets into the company.
Justice Gupta said there would be no further hearing on the stay petition unless the company deposited Rs 10 crore as this sum was nominal to show interest to stop the winding up when the company had syphoned off assets of over Rs 2,000 crore to its subsidiaries.
A division bench comprising Justices Girish Gupta and Tarun Kumar Das directed Dunlop counsel to take instruction from the management if it would be able to deposit Rs 10 crore and how it planned to bring back assets into the company.
Justice Gupta said there would be no further hearing on the stay petition unless the company deposited Rs 10 crore as this sum was nominal to show interest to stop the winding up when the company had syphoned off assets of over Rs 2,000 crore to its subsidiaries.