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A matter of legal dispute

CHENNAI: With reference to the news report "Property development the Ozone Propex way" on the development in a 43 acre site belonging to Sri Krishna Tiles and Potteries (Madras) Pvt. Ltd. published on March 19, R. Raghunandan a shareholder and member of the founding family writes:

The right of alienation of the property in question belonging to Sri Krishna Tiles which is a closely held company with transfer of shares restricted is the subject matter of a dispute before the Company Law Board.

As mentioned in the public notice published in The Hindu of January 18, 2007, by our advocate R. Venkatavaradan, "The Honourable Company Law Board by its order dated 10-1-2006 had observed as follows: In the meanwhile, considering the interests of the company and safeguarding the apprehension of the petitioners it is directed that any sale of the properties of the company will be subject to the outcome of the company petition and further that the company shall furnish forthwith full particulars regarding any sale of the properties of the company.

"My clients have already filed C.A.No: 154 of 2006 praying, inter alia, for impleading the buyer of the property, M/s Ozone Projects Pvt. Ltd. The application and the Petition are pending consideration before the Hon'ble Company Law Board, Additional Principal Bench, Chennai."

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