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A bench headed by Chief Justice Dipak Misra issued notice to former MP K C Palanisamy asking him to be personally present before it on November 28, failing which a non-bailable arrest warrant would be issued against him and his properties would be attached.
"Having heard counsel for the parties, we are of the considered opinion that the real contesting party is respondent no. 3 (Palanisamy)," the bench, also comprising Justices A M Khanwilkar and D Y Chandrachud, said and ordered issuance of notice to him.
It said the notice should be issued "with a stipulation that he shall remain personally present before this court on November 28, 2017, failing which a non-bailable warrant of arrest shall be issued against him, apart from attaching his properties."
The apex court was hearing a civil appeal filed against National Company Law Appellate Tribunal (NCLAT) order of July 5 this year in favour of Kasturi and Sons Ltd (KSL), owner of The Hindu newspaper whose subsidiary firm was sold to Palanisamy in 2004.
The former MP had allegedly failed to make the payment for purchasing KSL's subsidiary, Sporting Pastime India Ltd, a press note issued by KSL said.
However, after an arbitration between the parties, he was directed to return the firm to KSL. The order was upheld by the National Company Law Tribunal as well as NCLAT, it said.
The matter reached the apex court
when a firm, Cheran Properties Ltd, allegedly owned by Palanisamy, filed a special leave petition against the NCLAT order.
The case involves transfer of Sporting Pastime India Ltd, a 100 per cent subsidiary of KSL, to K C Palanisamy and his nominees in 2004, the press note said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)