The High Court of Bombay directed Williamson Magor and Co and its promoter Aditya Khaitan to deposit about Rs.15 crores in the court by march 31 in case filed by Kotak Mahindra Bank. The court was also restraint both the Kolkata based company and its promoters from transferring any of their immovable properties.
On march 5 Justice GS Patel, in his order while directing the BSE listed company to deposit Rs.14. 88 cores in the court also said the company can alternatively furnish a bank guarantee for the entire amount.
Williamson Magor has no defence at all. Khaitans defence is untenable and the settled law is unstable observed the court in its 15-page order.
So Kotak Mahindra Bank had approached the court against Williamson Magor and Co and its promoter Aditya Khaitan, after they failed to pay over Rs.23 crore including interest. But the companies first paid the amount. At last they don’t pay the money. But now The Bombay High Court Ordered to both companies deposit Rs. 15 core in the Kotak Bank.