The Madras High Court permitted a person who had been sentenced to 20 years in prison for an economical crime to make a situation before it through video event from the Puzhal Central Prison rather than in the clothes worn by convicted captives.
Following a problem from him, a Division Bench of Justices R. Subramanian and R. Sakthivel ordered that the plaintiff, who is appearing party-in-person, be allowed to look via videoconference on April 3, 2024.
Since he continues to be confined to the prison grounds, the prisoner, R. Subramanian, the leader of the once-famous retail network Subhiksha, complained to the judge that the prison officials forbid him from wearing legal attire during court hearings.
Although he also requested a plea to allow him to speak to the court in person because he feared he might not be able to successfully present his arguments via video call, the Bench turned down that plea and said he could only be allowed to appear virtually.
The convict had two original side appeals challenging Justice Krishnan Ramasamy’s ruling on April 21, 2023, to wind up Viswapriya India Limited (VIL ) and start liquidation proceedings after rejecting a request to transfer all of its assets to a trust to be established for the benefit of debenture holders.
By changing a 2014 system and making the observation that the development of such a confidence and transferring assets damaged by dispute to it would only gain the directors of the company and not the debenture holders, the one judge had rejected a company’s application for the creation of such a trust filed in 2022.
Justice R. Sudhakar ( since retired ), according to Justice Ramasamy, only after being represented that VIL had assets totaling$ 171.64 crore had approved the 2014 scheme for paying the debts to debenture holders. Dues to securities buyers have not yet been settled despite the company law that was being laid out.
Although Mr. Subramanian cited the legal case that the Economic Offences Wing of Tamil Nadu filed against him and his organizations as the cause of the delay, the judge refused to accept the justification.
” The total amount exceptional to the bondholder holders is about 125 million, plus interest. The judge wrote that if VIL and its partners had actually had any intention of implementing the plan, they could have very nicely done so with the realization of the present resources alone.
He directed the Official Insolvent in the High Court to take command of VIL and begin the process of paying the securities buyers ‘ charges after passing the winding-up get on the company complaint filed in 2014.
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