Return
to Story Page
To print: Select File and then Print from your
browser's menu
Our Corporate Bureau
Calcutta, Dec 12: The Philips Employees Union has alleged that Kitchen Appliances India Ltd, which has been nominated by Videocon International to buy the Salt Lake colour television (CTV) factory, does not have any mention of television business in its memorandum of association. The Philips Employees union general secretary JV Bedekar has argued that therefore the agreement between Kitchen Appliances and Philips should stand null and void.
"One of the major grounds of challenge of the sale (of the factory) as a going concern is that the objects clause in the memorandum of association of Kitchen Appliances does not contain any reference to production of colour television sets, which makes it incompetent to enter into the deal which falls outside their scope. This makes the agreement null and void," Bedekar said.
The Philips Employees union general secretary also argued that the sale agreement is supposed to have the approvals from its board members, state government and the assessing officer forregistration of transfer of immovable property under section 230A of the Income-Tax Act.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
------------------------------------------------------------
This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
------------------------------------------------------------