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Supreme Court reserves verdict on review plea by Mallya

Tribune News Service

New Delhi, August 27

Can a company's assets, attached by authorities following legal proceedings, be considered for liquidation to settle financial liabilities? The Supreme Court on Thursday said it would examine the issue after senior advocate CS Vaidyanathan, representing liquor baron Vijay Mallya's United Breweries (Holding) Ltd (UBHL), said the company's total assets were far greater than its liabilities.

The UBHL has challenged the Karnataka High Court's order upholding the decision of a single judge to wind up the company. Vaidyanathan told a Bench headed by Justice UU Lalit that the court should not uphold winding up of the company as it had far more assets than its liabilities.

The Bench also reserved its verdict on a petition of Mallya, who has sought review of its 2017 order holding him guilty of contempt of court for transferring USD 40 million to his children.

Vaidyanathan said the HC erred in not accepting its offer of settlement and gave its finding of upholding the decision to wind up the company.

Declines to hear exam plea

The SC refused to entertain a petition seeking to postpone the Foreign Medical Graduates Examination (FMGE), a licensure examination held for students who have done MBBS course from foreign countries, slated for August 31.

Refuses to take up petition on Coronil

The SC declined to entertain a petition challenging a Madras HC order staying a single judge's order that had restrained Patanjali Ayurveda from using the trademark 'Coronil'. "If we prevent the use of the word Coronil during the pandemic on the ground that there is some pesticide on its name, it will be terrible for the first product," a Bench led by JI SA Bobde said.



Source:- The Tribune postimageurlhttps://https://ift.tt/2ELDZCY
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