Dunlop gets Friday deadline to deposit Rs 10 crore
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The Calcutta High Court on Wednesday gave two days' time to Dunlop to deposit Rs 10 crore in the court, failing which it would reject its appeal to stay the order to wind up the company.
A division bench of Justices Girish Chandra Gupta and Tarun Kumar Das said there would be no further hearing on the stay petition unless the company deposited Rs 10 crore by Friday. The bench said the sum was a nominal amount for the company to show its interest to stop the winding up.
Advocate Utpal Basu, counsel of Dunlop, said the company could deposit Rs 2 crore within two days and Rs 3 crore within a month.
He asked the division bench for more time to collect the funds, adding that the Dunlop management was trying to reopen the factories at Sahaganj and Ambatur soon.
Hearing the arguments, the court pointed out that Dunlop had siphoned off Rs 2,300 crore, so it could deposit Rs 10 crore to the court.
The division bench also pulled up the counsel of the Provident Fund Commissioner for not taking police action against the Dunlop management for huge dues.
The counsel of the Provident Fund Commissioner said that an FIR was lodged with the police.
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