CHENNAI: The First Bench of the Madras High Court has rapped the Disc Assets Lead (India) Limited for approaching a vacation court during last summer for obtaining a favourable order in relation to a committee formed to settle its dues to depositors. Formerly known as Disc Agro Tech Limited, the defaulter finance firm has to settle dues of `1,137 crore to over 12 lakh depositors.
The court made the observations, while dismissing an application from the company last week.
Moving such an application during vacation was to say the least most inappropriate considering that this court had on October 11, 2017, had clearly directed that the committee formed by it to take necessary steps to identify the properties of the company, its sister-concerns, directors and transferees and to ascertain their location, marketability and the titles thereto and further proceed to sell them.
Moreover, there was a specific direction to its directors to submit all the documents of titles to the properties, including originals thereof to the committee. The filing of the application during vacation was, prima facie, contumacious and a deliberate attempt at forum-hunting to try and get a favourable order from a different Bench. If any of the parties aggrieved by any direction passed by this court, he can only prefer an appeal or a SLP in the Supreme Court.
The company is bound to comply with the directions of the committee, which have in effect been issued pursuant to the orders of this court. “This court finds no ground at all either to modify its (earlier) order appointing the committee or to stay its directions,” the Bench said and dismissed the application.
