HC asks official liquidator not to take charge of Pyramid Saimira
TE Narasimhan / Chennai Jul 29, 2009, 00:24 IST
The Madras high court has asked the official liquidator (OL) not to take charge of Chennai-based Pyramid Saimira Theatre Ltd (PSTL) for the time being. The court’s direction comes after the theatre chain informed the former that it would pay its entire dues to Patni Financial Services before October 31, 2009.
It may be recalled that on June 19, the Madras high court had appointed the OL to take charge of Pyramid Saimira’s assets. The order was passed on the basis of a petition filed by Mumbai-based Patni Financial Advisors, which had given a loan of Rs 5 crore by way of inter-corporate deposit to PSTL.
During today’s hearing, PSTL paid Rs 32.5 lakh, the interest portion, to Patni and said it would pay the entire amount before October 31. Following this, Justice P Jyothimani said the “appointment of PL stays in abeyance”.
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