COMMENTARY
INTERVIEW
SPECIALS
CHAT
ARCHIVES

Delhi HC asks Daewoo Finance for expenses details

The Delhi high court on Friday asked the Daewoo Finance Ltd, one of the 40 companies into which CRB Capital Markets Ltd allegedly placed its money, to submit within a week details about its requirements to conduct routine expenditure.

CRB Capital Markets Ltd Director Chain Roop Bhansali, his wife Manjula Bhansali, and a relative of theirs and vice-chairman of the company S S Jain are currently in custody. The company had collected Rs 12 billion from the public, but.

A division bench consisting of Chief Justice A P Mishra and Justice N G Nandi directed the Daewoo Finance Ltd to furnish details about its bank account and the amount required for paying its employees salaries, telephone bills, and other routine expenditure.

The counsel for Dawoo submitted that the company could not pay salaries to its employees for the past six months because of a high court order freezing its bank accounts.

Though a single bench of the court had ordered a partial lifting of freezing of its account, the banks were not paying them money, the counsel said.

Arguing that Daewoo was not a CRB group company as 76 per cent of the shares were owned by Daewoo and its associates, the counsel submitted that restrictions could not be imposed on the company only because of its association with CRB.

He said the company needed to withdraw an amount of Rs 5 million for providing six months salary to its employees and conducting other day-to-day activities.

Meanwhile, the Bombay police on Friday disclosed that CRB Capital Markets has entered into a buyout deal with Garware Petrochem Ltd and have furnished details to the official liquadator about its likelyhood liquidation.

The crime branch of state police's criminal investigation department said that the liquidation could be likely on the grounds that the major holding in the company is by the scam-tainted CRB Capital Markets Ltd.

It said that while investigating the Rs 12-billion scam, the police have impounded 23 cars and one scooter, the details of which has been provided to the official liquidator.

EARLIER REPORTS:
HC grants time to Daewoo
Delhi HC notice to Daewoo, official liquidator
CBI experts to help decode CRB cipher
CRB chief C R Bhansali arrested
CBI panel to probe CRB scam
'People like me will never invest in the stock market'
Action likely against SEBI, RBI officers
CBI seeks public's aid to nab CRB chief
RBI, CBI effort to judge extent of CRB scam
Official liquidator to take on CRB assets
RBI files winding up plea against CRB
CBI seeks Interpol aid to nab CRB chief
CRB group faces closure

UNI