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Chennai
Court curbs on decisions at Sterling Resorts meeting
Special Correspondent
CHENNAI:
Any decision taken at the Sterling Holiday Resorts Limited's extraordinary general body meeting to be held on July 30 is subject to the Madras High Court's order dated April 12, 2005, the court ruled on Thursday.
Justice D. Murugesan passed the order on a company application filed by M. Rajendra Naidu of Tirupathi.
The petitioner said the chairman and managing director, R. Subramanian, had been declared insolvent on June 12, 2005, and that in spite of such a declaration he had been chairing company meetings "completely suppressing the fact regarding his insolvency."
"Mr. Subramanian is disqualified from being a director under Section 274 of Companies Act 1956 as he is an undischarged insolvent," he said adding that he must "automatically vacate" his office under Section 283 of the Act.
He prayed for an order of injunction restraining the respondent from discussing and taking any decision on the agenda scheduled for July 30.
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