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INDIAN RETAILER SUBHIKSHA SAYS HC HAS APPOINTED PROV. LIQUIDATOR
[April 05, 2009]

INDIAN RETAILER SUBHIKSHA SAYS HC HAS APPOINTED PROV. LIQUIDATOR


CHENNAI, Apr 06, 2009 (AsiaPulse via COMTEX) -- Indian retail chain Subhiksha on Friday said the Madras High Court has issued an order appointing a provisional liquidator to take charge of its assets, after one of its lenders Kotak Mahindara Bank filed a winding up petition against the retailer.



"We had come to know that Kotak Mahindra Bank has filed a winding up petition at the Madras High Court on Friday against our company on the grounds of alleged default of repayment obligations. We were also given to understand that an order was passed ex-parte appointing a provisional liquidator to take charge of the assets of the Company," Subhiksha MD R Subramanian said in a release here.

"While we have still not been served a copy of this order we had moved a application to suspend the order till we are heard", the release here said.


The court also observed that this order of appointment of provisional liquidator does not affect any rights of the company management except in respect of the company's assets and it would not affect the debt restructuring, Subhiksha said.

(PTI)

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