By S A Ishaqui
Hyderabad,March 30: A division bench comprising Justice B. Prakash Rao and Justice R. Kantha Rao on Tuesday gave its nod to wind up Nagarjuna Finance Limited. The bench allowed a company petition filed by the Reserve Bank of India seeking a direction to wind up the company under the provisions of the Reserve Bank of India Act 1934, read with the Companies Act 1956. However, the court refused the plea of Mr Pappula Manohar and others who filed writ petitions seeking a direction to investigate into alleged diversion of funds by promoter directors and to take necessary steps for attachment and sale of the assets acquired in the personal names of the promoter directors.
HC adjourns Mahyco’s appeal
Justice Ramesh Ranganathan of the High Court on Tuesday adjourned a petition filed by Mahyco Monsanto Biotech (India) Ltd seeking a direction to the state government not to determine or interfere with the trait value royalty fee charged by the company for BG-1 and BG-II cotton seeds. While adjourning the hearing to April 22, the judge recorded the statement of Mr D.V. Seetharama Murthy, advocate-general, that the state government had so far got no such proposal and if it gets any such proposal the government will act in accordance with Section 11 of the AP Cotton Seeds Act 2007.
CAT seeks Centre stand on IAS posts
The Hyderabad bench of the Central Administrative Tribunal on Tuesday sought to know the stand of the Centre regarding management of cadre posts of IAS officers by the state government.
The tribunal was dealing with a petition filed Mr A.K. Goel, a senior IAS officer, against the appointment of Mr S.V. Prasad as Chief Secretary.
The tribunal did not agree with the argument of the Centre that it had nominal role in the dispute.
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