Arya Death Clears Decks For Incab Revival

Jamshedpur, April 24: | Updated: Apr 25 2002, 05:30am hrs
With the death of Mr Satya Prakash Arya on April 19 last (Friday) in Kolkata the decks seem finally to have been finally cleared for Incab Industries revival.

Mr Arya, who died of kidney failure in a nursing home in Kolkata, had, with his frequent stay orders and writ petitions before the Kolkata high court, been the stumbling block in Incab’s revival process.

Mr Arya, who had been claiming to have bought over Leader Universal’s 51.16 per cent stake in Incab, had, however, failed to convince the court regarding the deal. The last stay order obtained by Mr Arya, seeking to stall BIFR proceedings in search for a suitable bidder for Incab, was quashed by the Kolkata high court on May 3, 2001.

The court in its observations censured Mr Arya in strong words for hindering the revival process by way of bringing in mala fide writ petitions.