Promoters of Loop Telecom Limited face court’s ire

The issue cropped up when erstwhile official liquidator, <g data-gr-id="29">Pratiba</g> Ramaswamy appeared before the court in pursuance to the notice issued to her and told Special CBI Judge O P Saini that she was no more the official liquidator in this matter since April 20, this year.

To this, the judge asked the counsel appearing for Loop Telecom Ltd’s promoters, Kiran Khaitan and her husband I P Khaitan as to why they had not informed the court about it when the notice was issued to her last month.

“This fact must have been in the knowledge of both the promoters, I P Khaitan and Kiran Khaitan, but they did not inform the court that she (Ramaswamy) has ceased to be the official liquidator since April 20, 2015,” the court said.

“I will cancel their (promoters’) bail and take them in custody. This is nothing but fraud on the court. Both the promoters are sitting here and they concealed this fact,” the judge said.

However, the defence counsel claimed before the court that they were not <g data-gr-id="22">aware about</g> the change of official liquidator.